I knew my husband had no idea about money and debt before I married him but I assumed it had all been dealt with. We live together but I also own a house, now we want to buy a house together after a credit check we’ve been denied approval for a new mortgage due to “red flags”. I know we need to sort his debt out before going into debt more but is their a way I can get a mortgage on my own. I really don’t want to miss out on my dream family home I’ve worked years for.
9 Replies
It’s possible, but it will depend on how much you earn, how permanent/how long you’ve been working at the same place and your credit history. Your borrowing power maybe very low depending on your income.
You may have to get a guarantor or mortgage insurance.
It really just depends.
I purchased my first home off a smaller Deposit and wage, so financially I’m way better off now. I just wasn’t sure if it was allowed if you were married. I’ll see seek some assistance.
What are the "red flags"? Paid defaults? Unpaid defaults? Bankruptcy?
You would be best to consult a broker and financial counsellor to find out what it is that's happened and how to fix it? If hubby's useless with money, then you need to get things on track with him first. You *could* get a mortgage with just you, but if you're married and something happens, he might still be entitled to a share, even if his name isn't associated with it.
He’d just used multiple loan sharks with high interest rates to pay off his debts and missed a couple repayments during covid. I’ve asked him to see the broker we went through to help him sort it out. I’m very particular with our money so I feel like me taking charge will insult him.
I think you need to look at your marriage before you plough on with your dream home. By turning him down theyre protecting you but youre looking for a way to get around it, instead you should be making sure youve protected yourself from him financially.
It’s not our marriage that’s a problem, as I said I knew he had debts before me, I’m very particular with my money and I don’t want to be a controlling wife anymore than I have financially, we both had lives before us. He’s just been brought up very uneducated around money. He’d fallen into the loan shark with high interest to cover the next loan, and the next and obviously hasn’t known how to deal with it. He’s very embarrassed and feels like he’s let our family down. Just because he has debts doesn’t mean anything about our love for each other!
No but being married does mean he can sink you.
Originally in order to borrow I needed to pay out my partners small credit card debt.
When we remortgaged it was based solely on my capacity to pay because my partner had recently become a contractor so you can apply solo if you can service the loan.
The problem lies in him still being entitled to half if you split, and it being counted as an asset against his debts - not sure where you stand there so IMO you need legal advice before treading this path.
As I know I’m more educated with money then he is, he said he was intimidated by that so tried to fix it himself and I don’t want him to feel like that so I’ve asked him to see a financial planner.