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Advised by broker to put Single instead of Married on Application For mortgage

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  • 19-06-2013 5:26am
    #1
    Headscratcher
    Registered Users Posts: 4 ✭


    Recently myself and wife have been looking into getting a mortgage. My wife has a bad credit rating . I have a good credit rating and have managed to save what would be about 30 % of our mortgage.I work abroad and am out the country most of the time while my wife is at home and we are now renting and have been for 5 years.
    My question is that recently i spoke to a mortgage advisor who informed me that because of my wife's credit rating we would not be able to get a mortgage for a family home. So he has advised me that i should apply as an expat invest property on my own and that i should put single on my application.
    The last piece here is what i am asking about. What are the implications of putting single on the application when i am married. I understand that the interest rate will be slightly higher and that i have to sign a declaration that it will be Buy to Let property. Also is it necessary to put single could i apply for this type of mortgage as married.
    Cheers


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    #2
    jodaw
    Registered Users Posts: 691 ✭✭✭jodaw


    When it comes to the legals you will have to sign a declaration to say that all info is correct. Falsely declaring you are single when you are married is viewed as fraudulent and legislation is in place with stiff penalties.

    However, I am not sure how you would be caught out if you say you are single.


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    #3
    Victor
    Registered Users Posts: 78,397 ✭✭✭✭Victor


    That sounds like fraud.

    There is a difference between applying as the sole borrower and applying as a single person.


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    #4
    Headscratcher
    Registered Users Posts: 4 ✭Headscratcher


    This is my worry i'm gonna speak to a few more brokers but i think the jist of his suggestion was that i would not be able to get a mortgage as a sole borrower even as an investment property because i was renting..ie am a first time buyer and the banks would not believe the fact that the fact that i was buying to rent and that it would be the family family home.
    Its all very messy i know my head is wrecked trying to figure out the best option.


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    #5
    Layinghen
    Registered Users Posts: 1,552 ✭✭✭Layinghen


    The best option at all times is to tell the truth. I can't believe a so called professional adviser could come up with such a suggestion.


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    #6
    roro2
    Registered Users Posts: 412 ✭✭roro2


    Brokers like this were one of the main reasons for the subprime mess in the US.


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    #7
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    roro2 wrote: »
    Brokers like this were one of the main reasons for the subprime mess in the US.

    Also for subprime here as well and was big in the UK also. The US had it really bad though.

    Be honest with all dealings.


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    #8
    Headscratcher
    Registered Users Posts: 4 ✭Headscratcher


    I am pretty sure of the fact that saying i'm single is a NON runner so my next question is. Is is possible to get a mortgage while married as a sole applicant. Either as an investment or the family home


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    #9
    phormium
    Registered Users Posts: 3,339 ✭✭✭phormium


    As an investment property maybe, as a family home probably no, most banks require joint applications for family homes.


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    #10
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    Headscratcher wrote: »
    This is my worry i'm gonna speak to a few more brokers but i think the jist of his suggestion was that i would not be able to get a mortgage as a sole borrower even as an investment property because i was renting..ie am a first time buyer and the banks would not believe the fact that the fact that i was buying to rent and that it would be the family family home.
    Its all very messy i know my head is wrecked trying to figure out the best option.


    Let me introduce you to the Criminal Justice (Theft and Fraud Offences) Act 2001! You seem honest, the broker is a joker who deserves to be reported. No point in obtaining funding on this type of basis as it won't last long if discovered. If it's for a non family home, there is nothing precluding a married person applying on his/her own behalf and based on their own resources. You cannot falsely claim to be single, however.


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