Lying on mortgage application!

Monty Burnz

stevieob wrote: »

The problem is if they are married, then the girl becomes involved and the question of bad credit rateing arrises, and thay are aware of that and they want to fnd a solution to their predicament without breaking any laws.

It's a bit more complex than that as, from the lender's perspective, they aren't really then lending to a guy with a good credit record, they are lending to a couple where half of the couple has a history of not repaying debt. I think anybody who is in a long-term relationship knows that money is one of the things that has to be compromised over, and it could see this guy going off the straight and narrow as he is influenced by someone who has previously blown money without repaying it*.

*I'm not saying this with regard to the specific example of the OP, just looking at it from the perspective of a lender who does not know who they are dealing with and must assume the worst.

listermint

stevieob wrote: »

Read all the posts here and you all seem to be quite condescending as to why they "have to buy" and you would be better off waiting to save deposits and tax fraud and lying on mortgage application crap.

The fact of the matter is, they want to buy a house, and they have not indicated they want to lie or decieve anyone. They might not want to rent, or wait years more to buy. Maybe it is a family home that they would like to buy instead of letting it go to someone else? We don't know the circumstances, so why do people speculate so much!!!

They have indicated they would want to buy it in the fellas name due to girl having bad credit history. Then presumably the lad will be on a decent enough wage to be given mortgage approval in his own name. they might already have a nice wedge saved for a deposit.

It strikes me, that if thy weren't getting married, they wouldn't have an issue because, the lad could just buy the house and fill everything in legal and above board.

The problem is if they are married, then the girl becomes involved and the question of bad credit rateing arrises, and thay are aware of that and they want to fnd a solution to their predicament without breaking any laws.

Solution is to delay the wedding until after the house purchase. As it is only September now, there should not be to much difficulty in delaying the wedding for a couple of months.

You clearly have not read the posts that offer up actual solutions and reasons why. You chose to call intelligent posters condescending.

It has to be a hammered home to some people unfortunately. But no ones NEEDS to BUY a home, added to the fact that you are asking a third entity for a loan of extensive funds. They have every right to analyse the risk associated with giving out money.

Explain in detail why it is a bad idea to rent until their combined situation improves enough to validate a house purchase as apposed to 'We NEED a house because we are married now' attitude

Seve OB

Monty Burnz wrote: »

It's a bit more complex than that as, from the lender's perspective, they aren't really then lending to a guy with a good credit record, they are lending to a couple where half of the couple has a history of not repaying debt. I think anybody who is in a long-term relationship knows that money is one of the things that has to be compromised over, and it could see this guy going off the straight and narrow as he is influenced by someone who has previously blown money without repaying it*.

*I'm not saying this with regard to the specific example of the OP, just looking at it from the perspective of a lender who does not know who they are dealing with and must assume the worst.

I agree, of course it is more complex. We don't know the half of it and that was my point when I asked why people speculate so much. Of course the lender must assume the worst when they are giving a loan out, so that is why it is very difficult to get a loan these days. The OP has not indicated if they have or do not have the means to repay the loan, how much they want, how much they earn, all points which would be scrutinised very heavily by any lender.

Just because someone has found themselves in financial difficulty in the past, does not in any way mean that they blew money without repaying it. Neither does it mean that they are going to influence someone off the striaght an narrow!

If the guy applies to buy the place on his own as a single individual, he would be entitled to do so. He would not be lying on any application and if he did not have the relevant deposit or means to repay the loan then he will get refused. The OP has not indicated that there will be any issue in obtaining the mortgage so we don't know any more than that!

listermint wrote: »

You clearly have not read the posts that offer up actual solutions and reasons why. You chose to call intelligent posters condescending.

I read them all and was not indicating that everyone was condescending. My apologies if that was what you took out of my point. I did see some sensible arguements, but I focused on what I thought were unfair posts.

listermint wrote: »

It has to be a hammered home to some people unfortunately. But no ones NEEDS to BUY a home, added to the fact that you are asking a third entity for a loan of extensive funds. They have every right to analyse the risk associated with giving out money.

Why do you feel the need to hammer home to someone that they don't need to buy a home, especially when you know nothing about this person?
Nobody needs to buy a home, but eveybody does need somewhere to live. We do not know the financial position of the OP, and it might well be that they would be financially better to purchase than rent. I don't know as much as you don't.

For all I know, the lad has 100k to put down as a deposit and might be looking to finance 100k over 20 years which could cost about 600 pm and rent could be 1,000

Are you against anyone and everybody purchasing houses?

listermint wrote: »

Explain in detail why it is a bad idea to rent until their combined situation improves enough to validate a house purchase as apposed to 'We NEED a house because we are married now' attitude

I never said it was a bad idea to rent as you describe but how do we know that their combined situation needs improvement? they could be both earning 100k per year or even more for all we know and sitting on a 100k cash in bank. The issue is poor credit history, not ability to pay going forward.

listermint

stevieob wrote: »

I agree, of course it is more complex. We don't know the half of it and that was my point when I asked why people speculate so much. Of course the lender must assume the worst when they are giving a loan out, so that is why it is very difficult to get a loan these days. The OP has not indicated if they have or do not have the means to repay the loan, how much they want, how much they earn, all points which would be scrutinised very heavily by any lender.

Just because someone has found themselves in financial difficulty in the past, does not in any way mean that they blew money without repaying it. Neither does it mean that they are going to influence someone off the striaght an narrow!

If the guy applies to buy the place on his own as a single individual, he would be entitled to do so. He would not be lying on any application and if he did not have the relevant deposit or means to repay the loan then he will get refused. The OP has not indicated that there will be any issue in obtaining the mortgage so we don't know any more than that!



I read them all and was not indicating that everyone was condescending. My apologies if that was what you took out of my point. I did see some sensible arguements, but I focused on what I thought were unfair posts.



Why do you feel the need to hammer home to someone that they don't need to buy a home, especially when you know nothing about this person?
Nobody needs to buy a home, but eveybody does need somewhere to live. We do not know the financial position of the OP, and it might well be that they would be financially better to purchase than rent. I don't know as much as you don't.

For all I know, the lad has 100k to put down as a deposit and might be looking to finance 100k over 20 years which could cost about 600 pm and rent could be 1,000

Are you against anyone and everybody purchasing houses?



I never said it was a bad idea to rent as you describe but how do we know that their combined situation needs improvement? they could be both earning 100k per year or even more for all we know and sitting on a 100k cash in bank. The issue is poor credit history, not ability to pay going forward.

Id have my distinct doubts the lad has 100K to put down,

Im not against everybody purchasing houses.

Id be fairly confident your last statement on earnings doesnt reflect the situation, (put it down to hunch).

The post smacks of the very regular reflection in this country that people feel pressured into owning a home because its the done thing. They are married they have to own a home its the done thing. Their parents think its the done thing. Their friends told them the market was rock bottom owning is the done thing.

Id prefer folks made a more educated decision rather that what appears to be here a very rushed decision to sign up to a mortgage before tying the knot.

Signing into a mortgage is not to be rushed.

Seve OB

listermint wrote: »

Id have my distinct doubts the lad has 100K to put down,

So would I, I was just emphasing a point.

listermint wrote: »

The post smacks of the very regular reflection in this country that people feel pressured into owning a home because its the done thing. They are married they have to own a home its the done thing. Their parents think its the done thing. Their friends told them the market was rock bottom owning is the done thing.

Id prefer folks made a more educated decision rather that what appears to be here a very rushed decision to sign up to a mortgage before tying the knot.

Signing into a mortgage is not to be rushed.

Fair points made here. Again though, for all we know, this couple both could be in their 40's and have previously owned numerous other properties between them, so who is to say that they are rushing any un-informed decision.

Again, the OP seems to be looking to find a loophole to facilitate them. This is no different that finding a loophole to avoid paying tax. A loophole is not illigal but infact they don't even need a loophole. All they hav eto do is delay their weedding.. Of course the OP needs to be aware of the consequences if they are not able to meet the terms of the mortgage agreement, but that is a seperate issue.

Bingbong31

Didn't mean to spark such a debate... But thanks again for the "constructive advise" our situation is he earns 70k per annum, I earn 55k. He's just about permanent and I am, bad credit relates to we went travelling nearly two years ago and I due to my own stupidity forgot a few loan payments. We have 65k saved over 5 years (not sure why someone doubted we had deposit)so yes missing loan was stupid. Paying 1100 rent, only need to borrow 150k, which will reduce our outgoings. As we're getting married I would like a home so our family can grow up in one house.........hardly a crime!

Monty Burnz

Bingbong31 wrote: »

Didn't mean to spark such a debate... But thanks again for the "constructive advise" our situation is he earns 70k per annum, I earn 55k. He's just about permanent and I am, bad credit relates to we went travelling nearly two years ago and I due to my own stupidity forgot a few loan payments. We have 65k saved over 5 years (not sure why someone doubted we had deposit)so yes missing loan was stupid. Paying 1100 rent, only need to borrow 150k, which will reduce our outgoings. As we're getting married I would like a home so our family can grow up in one house.........hardly a crime!

...which will reduce your outgoings as long as interest rates stay at unsustainable historical lows, below the banks' cost of borrowing...

hmmm

Someone with a poor credit history wants advice on how to lie on a mortgage application because they "need" to buy a house.

2006 is calling, and they'll probably be back here in a few years asking for advice on "debt forgiveness" because the bank didn't stop them.

Bingbong31

Hmmm I wont justify your comment by getting annoyed but it must be so much fun sitting at home acting all high and mighty on your couch behind a keyboard, I'm glad at least some people give good decent advise on this which I will take on board

Monty Burnz

Bingbong31 wrote: »

Hmmm I wont justify your comment by getting annoyed but it must be so much fun sitting at home acting all high and mighty on your couch behind a keyboard, I'm glad at least some people give good decent advise on this which I will take on board

Remember that sometimes the advice you don't want to hear is the good advice.

Thoie

Bingbong31 wrote: »

due to my own stupidity forgot a few loan payments. We have 65k saved over 5 years (not sure why someone doubted we had deposit)so yes missing loan was stupid. Paying 1100 rent, only need to borrow 150k, which will reduce our outgoings.

Have you cleared that original loan now? I have no idea if it's possible, but can you get in touch with the original lender and ask if it's possible to have your credit rating adjusted, as it's now cleared and sorted out?

Have you actually seen your credit rating, or are you just assuming it's bad? For €6 you can get a copy here.

Have you spoken to a mortgage advisor (try one not connected to a bank) to ask if your credit history would outweigh your savings record?

killers1

Bingbong31 wrote: »

Didn't mean to spark such a debate... But thanks again for the "constructive advise" our situation is he earns 70k per annum, I earn 55k. He's just about permanent and I am, bad credit relates to we went travelling nearly two years ago and I due to my own stupidity forgot a few loan payments. We have 65k saved over 5 years (not sure why someone doubted we had deposit)so yes missing loan was stupid. Paying 1100 rent, only need to borrow 150k, which will reduce our outgoings. As we're getting married I would like a home so our family can grow up in one house.........hardly a crime!

You have strong incomes, a proven repayment capacity for the amount you are looking to borrow and an excellent savings record. The missed loan repayments were at a time when you were travelling and would appear to be out of character for how you manage your finances. I think if your honest and upfront in relation to the missed payments and have a reasonable reason why you had a blip you've a good chance of securing approval now. Banks will listen to applicants reasons for poor credit history and make a judgement taking into account all other factors relating to your application.

TwoShedsJackson

OP, will you be paying half the mortgage even though the house will be in your fiancee's name? If you were to break up at some point in the future the house will be his and you would have no claim to it (as far as I know).

One would hope that would not happen but you should consider that from a legal standpoint.

Seve OB

Blingbong. I think I was closer to the mark than most here but I also think I made a mistake. You might get approval in both names and there may well be no need to delay the wedding. I agree with Thoie, and your position may not be as bad as you fear, especially if you cleared your loan in time, despite missing a couple of payments.

Speak to an advisor, ( I could put you in touch with someone quite good if you like, you can PM me), and they will give you good advise on what you need to do. Realistically, you are not looking for a lot in relation to your savings and and your incomes, so you might have a chance.

Best of luck and keep us posted how you get on.

slickmcvic

Quick question,
If your married I'm guessing making a single mortgage loan application is ruled out?
Eg. Married couple, wife with previous mortgage with another party, husband no prior mortgage. Both in good permanent jobs & good credit history,deposit saved. Monthly repayments cheaper than renting:
Is it possible for husband to get mortgage approval on his own,
Possible with joint application only
No hope of either

Baralis1

Zamboni wrote: »

Ok honestly what I would do in your situation, is get a copy of your credit report and wait five years from the last 'bad' record.
During that five years I would rent in the area that you wish to live in and build up a greater deposit to reduce financing requirements.
Then when your record is clean apply for a mortgage with an institution that you do not have any previous history and buy a house with your husband and live happily ever after.

How does one get a copy of their credit history report?

I agree with posters here, the OP really shouldn't rush into anything. I know she wants a family home but with house prices still falling and the economy uncertain, I really would want to be 100% certain that I can meet the repayment on time every month no matter what goes wrong, including one spouse losing their job/source of income. Lying on the form over a previous bad credit history doesn't sound like a good start. Sorry, OP not having a go at you, just calling it as I see it.