Mortgage in my name but b/fs deposit

edenbridge146

Hi folks
The b/f has. Bad credit rating over a revoked card in 2013. He’s still paying it though with €2k left
My rating is squeaky clean and can borrow €150k with current guidelines - civil servant, permanent job etc
The b/f can furnish the deposit of €60k
Can we work it that both our names on deeds but my name on mortgage
As with his bad credit rating it’s unlikely he’ll get the mortgage

Smee_Again

If he has a €60K deposit then why has he an outstanding credit card balance?

jlm29

I can’t see how this would work- if you stop paying the mortgage, how could the bank repossess a house that was only half yours?

random_banter

Interesting question but don't think the banks will do this. Makes no sense for them. The loan is against the property but they can't allow someone who doesn't qualify for the loan to have half the property.

As an example I've seen, if someone has a mortgage on their property and they then have a partner and wish to share that property officially, and get their name on the deeds, you need to apply for a whole new mortgage with the bank in both your names.

Also, the credit rating lasts for 5 years AFAIK, i.e. it could have been gone by 2018 if the debt had been paid off. If he'd used the money he's been saving to get rid of the debt, there would be no record of it with the credit bureau now.

Disclaimer: I'm not an expert, I've just been reading up about all of this stuff for a LONG time. Best that you talk to the bank. Also, clear the debt asap, it's honestly the most liberating thing you can do.

SozBbz

Your boyfriend is being an absolute moron for not cleaning that credit card. It will be on his credit report for 5 years from the point its cleared, so why is he sitting on €60k yet not paid off a 7 year old debt for a relatively small amount.

He needs to clear it TODAY. The longer its outstanding, the longer it will haunt him.

Rimmy

Have a look at previous posts from this user.

Story changes every time.

The Mighty Quinn

Rimmy wrote: »

Have a look at previous posts from this user.

Story changes every time.

A few elaborate posts at that!

Lives in a 550K house in one thread.

SteelyDanJalapeno

Clear the debt

Claw Hammer

The Mighty Quinn wrote: »

A few elaborate posts at that!

Lives in a 550K house in one thread.

It gained 50k in a few weeks if so. Outstanding mortgage went down from 75K to 68k very quickly as well.
The job changes quite often too. Interesting life!

TheChizler

Retiring in 1 post, starting uni in the next...

tippingpoint

They have an ex husband in one post, and an ex wife in another

The Mighty Quinn

Maybe being a bit harsh on OP here. I've sometimes fabricated bits and pieces to conceal possibly being connected with my real life identity. Frill details won't affect core answers given, so perhaps things have been changed about but the question remains genuine.

markfinn

Looking at the post history, the only plausible explanation is that Edenbridge is an extremely incompetent mortgage advisor who comes on here to ask the questions they are being asked.

Any other possibility is less polite.

thomas anderson.

He'd have to sign away his rights to the house. Was in the same situation. Mortgage is in my name only

irish_goat

Rimmy wrote: »

Have a look at previous posts from this user.

Story changes every time.

Seemed to change gender at one point too.

edenbridge146 wrote: »

Hi folks

Hope you can shed some advice

Back in 2014 myself and wife separated. At the time I earned 60k and she earned 20k.

SteelyDanJalapeno

irish_goat wrote: »

Seemed to change gender at one point too.

not necessarily. Somebody could have a wife and a boyfriend in later life.

irish_goat

SteelyDanJalapeno wrote: »

not necessarily. Somebody could have a wife and a boyfriend in later life.

True, but they also had a husband a few years before the wife.

edenbridge146 wrote: »

Hubby turning 40 soon and has never been to Anfield and wanted to get tickets for the Arsenal game on 3rd March.
Can anyone advise how I go about getting these tickets.
Much appreciated

Nijmegen

The entertainment factor of this thread is unexpectedly good.

To the substantive question in case someone ever googled the question and got this thread, the bank needs there to be no other people with a right to the property before issuing a loan against it that is secured against the same property. That's why your solicitor does PRA searches on a property, for example. There might be agreements where someone can not be a party to the loan but forfeit their right to the property if the loan defaults, but that sounds rather exotic and banks aren't much in the exotic mood.

And yes, if you have a bad debt but loads of savings you are really causing yourself trouble for nothing. Indeed, if you have a CC balance of any sort and a load of cash in the bank, you are a mug for not clearing the balance, arrears or no.

SteelyDanJalapeno

irish_goat wrote: »

True, but they also had a husband a few years before the wife.

Well I believe the OP is 67, so plenty time for life experiences, as an aside, how old can you get before the bank says no to an application

L1011

I do not believe this thread is genuine.

OP - do not create any further threads on this, or other potential scenarios as you have no consistent story