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Wife has Poor Credit & need a Mortgage

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  • 21-02-2011 1:57pm
    #1
    aquarius10
    Registered Users Posts: 239 ✭✭


    Hi

    We need advice on how to get a Mortgage, the problem is that My wife has a poor credit rating due to missed payments on 2 loans from about 4 years ago. The loans are now paid off, however the ICB still records the missed payments. We both own houses in our names which are up for sale.. however we just got planning permission to build a family home and need to get a mortgage to fund the new house. One house is mortgage free and being rented currently and the other has a balance of 100K which we are living in. This is the only "loan" in my wife's name at at the moment and she has never missed a payment on this. I have no loans.

    Can I get a mortgage in my own name to avoid a credit check on the wife or will they smell a rat ?

    Does anyone have a similar experience or any advice ?

    Thanks


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    #2
    marywary
    Closed Accounts Posts: 44 ✭marywary


    Advice I'd give is be honest with your Bank all the way because they'll find out in the end. If you apply for mortgage in your own name then surely they'll base repayment capacity on you only & not both of you, that means the amount you can borrow is only based on your salary only. There must have been a genuine reason why your wife missed her loan repayments, its paid off now, which is a plus. I would say go into your mortgage advisor, tell them everything, but don't put in an application untill they advise you & then this won't show on your record. We all have times in the past when we might have not paid something off according to terms etc but reasons might have been genuine, see what bank says, believe it or not, banks are in the business for mortgages, just tighter to get them, good luck.


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    #3
    BostonB
    Closed Accounts Posts: 18,056 ✭✭✭✭BostonB


    Could you not sell the house with the 100k debt first (then rent yourselves). Then get the new mortgage. Though in the current climate, you'd have to make sure you have the ability to pay it, if your income falls.


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    #4
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    I went through similar about 5 years ago.
    The wife had missed payments on a car loan that had since been written off.
    They could only use me for the mortgage plus a guaranteed rent a room but those fiddling days are probably well gone.


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