Mortgage without spouse

Ailvz

My partner and I are engaged. I have a bad credit rating and have previously owned a house. My partner has a great credit rating and would be a first time buyer. Can anyone tell me if he would be able to get a mortgage on his own without my details after we are married and still be able to be down as a first time buyer? Or does a spouses details have to be included. Should he buy the house before we get married?

coylemj

Ailvz wrote: »

Can anyone tell me if he would be able to get a mortgage on his own without my details after we are married and still be able to be down as a first time buyer?

If his income satisfies the lender as to his ability to pay to pay the mortgage and he has a good credit record, your history shouldn't matter at all.

In terms of first time buyer, if he buys the house in his own name he will qualify as a first time buyer but not if you buy it in your joint names.

You'd really only be taking a risk if he bought the house in his own name and you did not get marrried but if you do marry, your interests will be protected.

B.A._Baracus

The way I see it is that he buys the house. Your bad credit rating doesn't come into it as it's just "him" and he is then a first time buyer. Get married afterwards.

Trish56

It is best to apply for the mortgage in his sole name before you get married. As a first time buyer he can borrow up to 90% of the purchase price if you apply in joint names you will only be able to borrow 80% as you are a 2nd time buyer. Also if you have a bad credit rating it's unlikely you will get a mortgage.

He can borrow up to 3.5 times his gross salary plus a % of additional earnings depending on the lender. He will need to show the deposit of 10% saved in his own name or can show part as a gift. As a single person he will need to have €1400 PM net disposable income after stressed tested monthly repayments and any other short term loan repayments plus €250 per dependent. As a married man this would be €2500 per month plus €250 per dependent. He will also have to demonstrate savings of monthly stressed repayments over a 6 month period.

So definitely worth applying in his sole name before you get married as based on the above he probably wont qualify when ye are married.

Ailvz wrote: »

My partner and I are engaged. I have a bad credit rating and have previously owned a house. My partner has a great credit rating and would be a first time buyer. Can anyone tell me if he would be able to get a mortgage on his own without my details after we are married and still be able to be down as a first time buyer? Or does a spouses details have to be included. Should he buy the house before we get married?

coylemj

Trish56 wrote: »

So definitely worth applying in his sole name before you get married as based on the above he probably wont qualify when ye are married.

Can a married man not buy a house in his own name? Assuming its the house where they both will live and there is no other house.

I know the wife willl have protection under the family home acts but does the legislation require that if he is married and neither he nor his wife currently own a home, he can only buy a house in their joint names?

I'm not challenging you on this, I genuinely don't know. But you seem to be suggesting that once they get married, the OP's husband (as he will be) cannot buy the house in his own name only.

phormium

coylemj wrote: »

Can a married man not buy a house in his own name? Assuming its the house where they both will live and there is no other house.

Bank policy rather than a law, in general most banks insist that a married person when borrowing for the family home must do so in joint names. No bother purchasing a buy to let for example in a sole name when married.

While there are protections for the family home there under law etc much simpler and more clear cut for bank to just have both borrowers on mortgage and be done with it!

Either spouse can buy a house in their own name if they don't need a mortgage but if a mortgage is required then bank policy will usually dictate that it must be joint.

Trish56

Yes it's lenders policy, I am aware of one lender that will allow it however see my figures above that make it harder to qualify as a married person regarding net disposable income. It's much simpler to do it now. A married person can borrow to purchase an Investment property in their own name no problem.

coylemj wrote: »

Can a married man not buy a house in his own name? Assuming its the house where they both will live and there is no other house.

I know the wife willl have protection under the family home acts but does the legislation require that if he is married and neither he nor his wife currently own a home, he can only buy a house in their joint names?

I'm not challenging you on this, I genuinely don't know. But you seem to be suggesting that once they get married, the OP's husband (as he will be) cannot buy the house in his own name only.

Marcusm

coylemj wrote: »

Can a married man not buy a house in his own name? Assuming its the house where they both will live and there is no other house.

I know the wife willl have protection under the family home acts but does the legislation require that if he is married and neither he nor his wife currently own a home, he can only buy a house in their joint names?

I'm not challenging you on this, I genuinely don't know. But you seem to be suggesting that once they get married, the OP's husband (as he will be) cannot buy the house in his own name only.

Realistically a lender will not do this as unless both spouses are liable for the loan and grant the mortgage charge, the Family Home Protection act will stymie enforcement of the charge. A non-family home such as a BTL would be different.