Mortgage in DH name only?

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We currently have a mortgage in both names. Since getting this my credit rating has gone downhill and is now low. We are looking to move and will need a new, smaller mortgage. Will have a big deposit as we have a fair chunk of equity and DH salary ample to cover payments. Will it be possible for the mortgage and new property to be in his name only?

Yes, I imagine it would be possible, but it would be more secure for you if it was in both names and I'd strongly advise you to do that.

Mortgage can be in his sole name, ensure the title deeds to the new property are in joint names.

Thank you for replying but we would be refused due to my credit rating. We have been together a very long time but I know things can change. Obviously he would get a will done and in the event we split wouldnt we have to split assets anyway regardless of whose name it's in?

Speak to a broker, my credit was (far!) less than perfect and I managed to secure a joint mortgage with my DH. A big deposit will go in your favour.

DMI209 is it possible for me to be on the deeds but not the mortgage?

I have a default with 2 years left to run so pretty bad. He would be eligible for a good rate as his score is excellent. If we did it just in his name would it be better to have separate bank accounts?

In terms of dividing assets, it depends on how long you’ve been married, if you have children, etc. If a short marriage and no children, a court would look at how much each party contributed financially. Even in a long marriage, it’s not always as straightforward as splitting things 50:50. I think if there’s any way you can get your name on the deeds, do it

I've got a very poor credit rating owing to a CCJ but I managed to get a mortgage with my DP, although we had to go through a broker.

It's difficult but not impossible.

I'm really not clued up at all. Thanks for all the advice. If we see a broker to decide the best route to take do you pay there and then for advice or only if they sort your mortgage? We have been married a VERY long time and have 4 DC. 2 are adults and 2 still at home.

I have a mortgage in my name only due to DH's poor credit rating. According to the solicitor it wasn't possible to put him on the deeds because the mortgage is in my sole name. However should we separate he would still be entitled to claim 50% of all our assets. So you could look at it like this; he has all the benefit of the security of ''owning' a marital property, but none of the resposibility for payment of the mortgage. Because we are married I couldn't just chuck him out on the street either as he has a right to stay in the marital home.
If you being on the mortgage would jeopardise your family being able to buy a new home then I would go with the plan of your husband remortgaging in his name only if he can afford to do so. This will give a lot more choice of mortgages, but the risk to you is low as you're married.

Smileandsing, that's what I was hoping to hear. It would be the way to have the best chance and the better rate. We have a joint current account, should we close this and open single ones?

And to answer your bank account question, it's better to have seperate accounts if one of you has a poor credit rating/CCJs as this could affect the other person's ability to get credit.
Best to speak to a financial advisor or mortgage broker for information that applies to your paticular situation

You can still get a mortgage with a lender with a crap credit rating. It'll actually help you overall to improve your rating quicker. The interest will be slightly higher, but it won't be forever. I'd still be twitchy about not having my name on the mortgage

I do trust DH completely ....but I've read enough threads on here to know that doesn't count for much sometimes! Do you know if we can we get free mortgage advice or does it cost?

We bought a house with both the mortgage and property in my name only - no issue though DH had to sign a form stating bank would be repaid first in the event of repossession

Most financial advisors will give you free advice. They can then look for the best deal for you with your history

Go through Which? mortgage advisors, that’s who we used and the fee was £400 on completion of mortgage.

I had a default also.

When we took out our mortgage I was working on a fixed term contract so my income wasn’t future proof. We took the mortgage based on DH earnings only, but the mortgage statements are addressed to both of us, so I must be on the documents. My name is definitely on the deeds.

Thank you for all the very useful replies. I'll have a look at Which?now.

Hi op, I was in the same situation when my credit was bad and I had 2 years that was left on my default. I was refused to be on the mortgage and I was advised to wait until my the 2 years was over so my default could be removed. So after 2 years of Interest free mortgage in my husband’s name alone was finished and also my default was removed and then I was allowed to go on the mortgage when it was time to remortgage and we are both on it now. We also had a large deposit and we were only getting a small mortgage but they still said no. Good luck