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Pep1952
(@pep1952)

Hi all

We are fortunate that my partner’s dad will gift us a good amount so we can afford a deposit and buy our own place rather than continue renting. Of course the money will go to my account and partner is happy with this. We will have to take the mortgage loan together as we need to combine income. His credit score is good (his dad paid off debt and he’s paying his dad off every month without fail). Question is, what precautions should i take? I was advised here never to link my credit standing with him but i can’t apply for a mortgage on my own. I access his credit report every day and check his Monzo daily too, gambling block on. Please let me know if there is anything i need to do?

This topic was modified 4 weeks ago by Pep1952
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Posted : 8th July 2020 8:14 pm
Chris.UK
(@chris-uk)

Hi @pep1952

If you aren't able to get the mortgage just in your name and need your partner as co-mortgagee, can I suggest that you have something written up by a solicitor or a caveat put into the mortgage that says you need both of you to sign in person for any additional loans or money taken out against the house.

My house with my wife was purely in her name so my actions had no impact on her, but when I subsequently took over another house in a mortgage in my name it instantly gave me a better credit rating and I was able to draw funds from it which I just added on to the mortgage. Eventually there was nothing left, I'd gambled it all and when it sold for less than the mortgage I was liable for the shortfall.

if I had access to the equity in our house, when I was desperate, I would have taken all of it, I'm sure, so I'm glad she kept it all in hers.

Chris.

ReplyQuote
Posted : 8th July 2020 9:03 pm
Pep1952
(@pep1952)

Thanks Chris that’s really helpful. Would it be worth disclosing to the solicitor that partner is recovering from a gambling addiction so they know where i’m coming from? Not sure how my partner will take that but he usually relents if i explain the reasoning behind my actions..

ReplyQuote
Posted : 8th July 2020 9:10 pm
Chris.UK
(@chris-uk)

No, I don't think you need to tell them that, besides I think that's on your boyfriend to disclose, not you. 

Gambling isn't illegal and neither is borrowing money so I don't think having a reason as to why you would have the caveat is, in my opinion, unnecessary.

You can have it written without disclosing why. The reason I mentioned having you sign in person is that if done via post it's easy to forge but in person it's fairly foolproof. I know it sounds extreme but I know the extremes I went to!

Just my opinion.

Chris.

ReplyQuote
Posted : 8th July 2020 9:55 pm
Pep1952
(@pep1952)

Sorry i should have made it clear in my question - should WE tell the solicitor he is recovering from a gambling addiction, i will never disclose any info against partner’s decision or behind his back.
Thanks Chris and i really appreciate your advice. 

This post was modified 4 weeks ago 2 times by Pep1952
ReplyQuote
Posted : 8th July 2020 10:01 pm
Joydivider
(@joydivider)

Hi pep.

I would say get plenty of financial advice and I have to be honest with you that Im a little worried about anyone talking about mortgage applications on gamcare.

We are not financial advisors and the decision is yours. We can tell you about this addiction and that you will need your eyes wide open. Both of you can never be complacent again so the decision to take on a joint mortgage based on what you feel about your relationship and the signs he is showing you

Im not trying to over worry you but you need to be fully aware that this is an addiction that comes back at people without a strong recovery process.

Are you looking after all the money? Obviously a mortgage is a long term loan. I understand why you want a mortgage but food for thought is that the gambling issue must be dealt with and you must be fully confident you are protected.

You have to consider a worst case scenario and go and get private advice. We dont know enough to advise you like for example can you cover any payment if he were to default.

My view is this and with full respect, you cant ask us to give you the green light for this venture...You need professional financial advice from someone who knows the financial law,risks and can discuss default options with you.

The problem there is who you tell in the financial world about gambling because I would not agree a mortgage loan to include someone with a recent gambling problem...so you have to be careful who it would be harmful to tell. Therefore we can not be advisors because we know the core problem that the banks may not know

Its a difficult one. Its your decision and I can only repeat its a powerful addiction which needs a monitored recovery and no complacency that its all history.

Best wishes

This post was modified 4 weeks ago by Joydivider
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Posted : 9th July 2020 9:18 am
Pep1952
(@pep1952)

Thanks joydivider appreciate your comments. And no i wasn’t asking for the green light because we’re definitely going anead, just some additional suggestions/precautions to take such as what Chris said about requiring signatures from us both in person before either of us can take a loan against the house. Well aware of the addiction and this is a lifetime process. But also need to be pragmatic as our mortgage application will not be approved if using my sole income. We will definitely seek advice re this from a financial advisor. Xx 

This post was modified 4 weeks ago 2 times by Pep1952
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Posted : 9th July 2020 9:45 am
Merry go round
(@merry-go-round)

Hi pep1952

financially things have changed over the years. Sometimes financial advisors don’t know all the legal ramifications.

’Tenants in common’ is a legal way to safeguard you against debts against your partner. It secures your share of the house.

Stepchange can offer advice for free and in confidence.

Going forward you need to ensure that your partner pays his share and not just his debts. 
 
Banking apps and credit score notifications are all options. 

A few things I’ve learnt is you too can put blocks in place, like signing up to gamstop in your name. Looking at your accounts on a regular basis and your credit score/report.

Access to bank accounts and large amounts of money is temptation. Even just knowing the money is there!

Cifas is another thing to look at.

As said we are not advisors we can only offer suggestions. 

Personally I would get legal advise not just financial.

Be on your guard, he knows that money is there/coming.

 

ReplyQuote
Posted : 9th July 2020 12:04 pm
Pep1952
(@pep1952)

Thanks Merry go round. Yes i’m registered with gamstop as well and checking both our credit report on a daily basis. We will consult a legal advice as well just to be on the safe side. Xx

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Posted : 11th July 2020 6:27 pm
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