Mortgage application on my own without my husband???

S

sonorikefi

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I was hoping to get some advice. Myself and my husand want to get a mortgage. I have a permanent government job with decent pay but my husband lost his business last year and had arrears in his loans with the bank. Is it possible for me to get a mortgage on my own or is there some way around this? We have a deposit.
 
Would this be for a family home? Or an investment?

You might be considered for an investment property but if it is to be where you both live, I suspect a bank will require both names on title and mortgage to secure their position.

mf
 
Thanks a million for your reply. It would be a family home. We would probably be hoping to build. I presume though that I could not get an investment mortgage on a build? There must be some other way round this though, surely????
 
If it is a family home the banks will insist on joint mortgage. If your husband has outstanding debts though can you really afford taking on a mortgage?

You might get an investment mortgage on a build in theory but unless you have another family home and the new property is in a good rental area then the bank are very likely to see through what you are trying to do, not to mention that it might be at a higher rate. Not sure what the banks are doing for investment mortgages these days.
 
Thanks a million Monbretia. It wasn't what I wanted to hear but its good to know. I really need to find some way around this as there's 5 of us living in a 2 bed flat and its starting to get a bit crowded!
 
Monbretia said:
If it is a family home the banks will insist on joint mortgage. .
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It was ruled by the Equality Tribunal in 2013 that insisting on a joint mortgage was a breech of the Equality Act. In effect, a married person whose spouse had a poor credit record was refused when they applied on their own due to AIB's practice of insisting on married couples applying jointly. The tribunal ruled that this was discriminatory since if the couple had not been married, the bank would not have insisted on a joint application. I'm not aware of the decision being appealed or overturned


https://www.workplacerelations.ie/en/Cases/2013/March/DEC-S2013-001-Full-Case-Report.html

Obviously the bank still have to make a decision based on the OP's ability to pay but this case would suggest they cannot simply refuse her application on it's own.
 
thedaddyman said:
Obviously the bank still have to make a decision based on the OP's ability to pay but this case would suggest they cannot simply refuse her application on it's own.
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No bank will approve a mortgage to a married couple in one sole name. This is primarily due to the FHPA & associated legislation where if problems arose there could be extreme difficulties in gaining possession of a property should a claim be entered by the non owing party.
 
Thanks for all your replies. Thedaddyman - you've given me some hope. I'm not really sure how to proceed. I'm gathering all my statements, payslips etc. at the moment and was thinking of going to a mortgage broker to see if there was some way around this. Is this a good idea or should I approach individual banks? We had a mortgage several years ago with BOI and never missed a payment but my husbands loans are with BOI and AIB. He is paying money towards those loans but not the amount required.
 
Afaik loans on a ppr for a married couple have to be in joint names due to family home laws, and it makes total sense.
 
Thanks for reply coolhandluke. Things are not looking good for me to get a mortgage on my own so:(
My husband has a job currently and as I said I have a good permanent government job,. Would the bank ever overlook arrears (knowing that he is paying money off these loans every month) and give us a mortgage based on both our current incomes?
 
I was in almost the same position. I ended up having to take an investment mortgage and the higher interest rate. It's a complete disgrace.
 
Thanks for that Damuint. At least there is some hope. I know investment mortgages are a higher rate but its a better option than not getting a mortgage at all.
 
Hi Pat,
Just spoke with AIB. Even though we can afford a mortgage they say that once the credit rating is assessed we will be refused on that. Due to the fact that I have 3 kids the bank states that we would need 2600 every month to live and that just leaves me with a few hundred euro and therefore I cannot get a mortgage on my own. I asked the bank was there any way around this and he said to me that there is something if you've been refused a mortgage by several banks you can appeal it/apply to the state???? I don't know anything about this. I have googled it bu can't seem to come up with any relevant info. Does anybody else know about this? Might put up a separate post on this to see if I can find out any answers.
 
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