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  • FIRST POST
    • THS
    • By THS 13th Jul 17, 5:41 PM
    • 15Posts
    • 2Thanks
    THS
    Can a spouse income be included when applying for a sole mortgage application?
    • #1
    • 13th Jul 17, 5:41 PM
    Can a spouse income be included when applying for a sole mortgage application? 13th Jul 17 at 5:41 PM
    Hi

    I currently have a mortgage on the house that I live in with my wife.
    We would like to move but don't want to rely on my house having to sell in order that we can buy another.

    I've been told there are now a few financial implications of getting a second mortgage so I'm wondering what our alternative options are.

    We have a good deposit but my wife's wage alone would not get us a big enough mortgage. Can my income be taken into account but the mortgage just be in her name?

    If it's a joint mortgage would I still be 'penalised' for having two houses even if none are rentals or we live in one each?

    Hope that makes sense to someone. Thanks!
    Knowledge is power.
Page 1
    • ACG
    • By ACG 13th Jul 17, 5:50 PM
    • 15,762 Posts
    • 8,058 Thanks
    ACG
    • #2
    • 13th Jul 17, 5:50 PM
    • #2
    • 13th Jul 17, 5:50 PM
    You can apply jointly with jut your wifes name on the deeds with a handful of lenders..
    However your Mortgage payments would be taken in to account when assessing affordability.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • glosoli
    • By glosoli 13th Jul 17, 5:55 PM
    • 673 Posts
    • 386 Thanks
    glosoli
    • #3
    • 13th Jul 17, 5:55 PM
    • #3
    • 13th Jul 17, 5:55 PM
    No - she would have to be able to evidence that she alone could manage the debt, as the debt would be in her name only. If it was a joint mortgage, and if you were not selling your existing property by completion, then they would have to factor in expenditures applicable to that property to ensure that it was serviceable to have two properties, i.e the mortgage repayment, council tax, water rates, insurance costs, etc.
    • Thrugelmir
    • By Thrugelmir 13th Jul 17, 5:58 PM
    • 55,824 Posts
    • 49,191 Thanks
    Thrugelmir
    • #4
    • 13th Jul 17, 5:58 PM
    • #4
    • 13th Jul 17, 5:58 PM
    Wouldn't be a sole mortgage application if one could do this.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • THS
    • By THS 13th Jul 17, 6:13 PM
    • 15 Posts
    • 2 Thanks
    THS
    • #5
    • 13th Jul 17, 6:13 PM
    • #5
    • 13th Jul 17, 6:13 PM
    You can apply jointly with jut your wifes name on the deeds with a handful of lenders..
    However your Mortgage payments would be taken in to account when assessing affordability.
    Originally posted by ACG

    I've just read somewhere that, even if the mortgages were in different names, it would still be counted as a second home because we are married so I guess it wouldn't make a difference anyway.

    It seems that we will just have to take the 'second home' hit! That's if they will even let me get a second mortgage. Can I do that without changing my current product? Such a can of worms when we just want a new house.

    The alternative is not looking until this house has sold but that could take years!
    Knowledge is power.
    • THS
    • By THS 13th Jul 17, 6:15 PM
    • 15 Posts
    • 2 Thanks
    THS
    • #6
    • 13th Jul 17, 6:15 PM
    • #6
    • 13th Jul 17, 6:15 PM
    Wouldn't be a sole mortgage application if one could do this.
    Originally posted by Thrugelmir
    That's what I thought but my father-in-law swears he did this! Some kind of guarantor type of thing maybe??
    Knowledge is power.
    • glosoli
    • By glosoli 13th Jul 17, 6:17 PM
    • 673 Posts
    • 386 Thanks
    glosoli
    • #7
    • 13th Jul 17, 6:17 PM
    • #7
    • 13th Jul 17, 6:17 PM
    You should be able to so long that you are not looking to rent your existing property out. If you proceed with the same lender you have now they may have specific criteria in regards to second residential properties, i.e max LTV criteria.
    • ACG
    • By ACG 13th Jul 17, 6:39 PM
    • 15,762 Posts
    • 8,058 Thanks
    ACG
    • #8
    • 13th Jul 17, 6:39 PM
    • #8
    • 13th Jul 17, 6:39 PM
    I've just read somewhere that, even if the mortgages were in different names, it would still be counted as a second home because we are married so I guess it wouldn't make a difference anyway.

    It seems that we will just have to take the 'second home' hit! That's if they will even let me get a second mortgage. Can I do that without changing my current product? Such a can of worms when we just want a new house.

    The alternative is not looking until this house has sold but that could take years!
    Originally posted by THS
    Speak to a solicitor about it.
    I have done 2-3 Mortgages where there are 2 (or more) applicants and only 1 on the deeds and higher rate stamp duty was not paid.

    Its not my job to advise on whether or not it is due. Solicitors tend to take different views on it, but it is a grey area as there are a few lenders offering to do it now - more than before the stamp duty changes.

    But nobody is going to do what you asked in your first post.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • THS
    • By THS 13th Jul 17, 6:51 PM
    • 15 Posts
    • 2 Thanks
    THS
    • #9
    • 13th Jul 17, 6:51 PM
    • #9
    • 13th Jul 17, 6:51 PM
    Thanks everyone!

    Done more research- unless I'm being really daft, it seems I can claim the extra stamp duty back if my house sells within 3 years? So that wouldn't be that bad providing we get the second mortgage in the first place.
    Knowledge is power.
    • ACG
    • By ACG 13th Jul 17, 6:52 PM
    • 15,762 Posts
    • 8,058 Thanks
    ACG
    Yup. Thats normally an option.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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