Married person seeking a mortgage on their own

Blahbla

Blahbla

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Hi all,

My husband has a dire financial history dating back to some poor financial decisions circa 2006.

From 2008 he was unable to repay his debts (two secured loans). We consistently engaged with the banks trying to reach settlement, and finally reached agreement for combined settlement of debts for himself and his brother in 2020. That took a while to formalise but was signed off in April 2021, with it only being fully resolved this time last year when a security property was sold.

We were married in 2011. I have a good credit history, decent job paying 60k gross for 30 hrs per week with scope for more hours if I want, 70k savings.

My husband has a very successful business of his own. We have 3 kids. We're in our 40s now. I want to buy a forever home. I'm so tired of the stress and insecurity of renting. My only financial mistake has been my choice of partner. I know that banks don't typically loan to one person out of a couple for their family home, but has anyone experienced or heard of exceptions to this rule? Could he sign something to say the bank's rights take precedence over his rights or something?

Can anyone recommend a good broker who is experienced in working with previous insolvencies?
 
DannyBoyD said:
Can you raise sufficient mortgage on your own income?
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A broker stress tested me as a single applicant as part of a consult for both of us a little while back and my earnings plus our savings are sufficient to raise mortgage. But he didn't think it was a runner for me to be treated as single due to it being a family home.
 
Strategic separation in that case.

Your husband can give you a lump sum as part of the separation agreement and pay child maintenance & you buy a home in your name.

As long as you pay the mortgage without fail every month, no one needs to know or care who else is living with you.
 
DannyBoyD said:
Strategic separation in that case.
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:rolleyes:Please don’t take this advice seriously.

Plenty of folks got into trouble during the tiger years and it looks as though your husband has resolved/settled his historic financial issues.

It may take a little while longer but I’m sure you will get there.

Maybe talk to one of the main lenders directly. Or to another broker.
 
Its perfectly serious & entirely valid.

A strategic separation will allow one party to be treated as financially independent; and purchase the home the entire family need.
 
DannyBoyD said:
Strategic separation in that case.

Your husband can give you a lump sum as part of the separation agreement and pay child maintenance & you buy a home in your name.

As long as you pay the mortgage without fail every month, no one needs to know or care who else is living with you.
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Sounds like fraud that the OP is likely to get away with.
 
DannyBoyD said:
A strategic separation will allow one party to be treated as financially independent; and purchase the home the entire family need.
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It would take years and at least four figures in costs. Both parties would need legal advice and an ethical solicitor would turn the work down if they knew the motivation. Also lots of potential for a mess with pension and survivors’ benefits if one of you drops dead.

Sarenco said:
Maybe talk to one of the main lenders directly. Or to another broker.
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I fully agree. There is possibly a lender out there today, and if not there will be in future.
 
DannyBoyD said:
Its perfectly serious & entirely valid.

A strategic separation will allow one party to be treated as financially independent; and purchase the home the entire family need.
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Fraud…sounds like a great plan!

Get yourself out of trouble with the banks, only to perpetrate a fraud next time around.

Wonderful.

Better to engage with lenders, including credit unions as someone suggested.

Also worth highlighting that it’s possible to take a loan from one’s own company at an effective rate of around 2.25% for a home purchase. That’s cheaper than any bank.
 
Gordon Gekko said:
Fraud…sounds like a great plan!
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It’s not a fraud to tell a bank you are judicially separated if indeed you are judicially separated.

It is presumably an offence to make false representations to a court that you satisfy grounds for a legal separation when in fact you do not.

Either way it’s a daft idea.
 
1. A separation agreement will not take years or cost a four figure sum.

2. Legal costs are incurred where the couple cannot reach a settlement agreement, that is not the case here.

3. A judicial separation is not required.

4. Two men, who are not in a relationship, and have no intention of doing so, can marry solely to avoid inheritance tax, and it is not fraudulent. Neither is this.

5. Widow / widowers pension is not impacted by separation agreement, neither is life assurance.
 
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