Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • helsbrooks
    • By helsbrooks 11th Oct 17, 12:49 PM
    • 1Posts
    • 0Thanks
    helsbrooks
    First Time Buyer
    • #1
    • 11th Oct 17, 12:49 PM
    First Time Buyer 11th Oct 17 at 12:49 PM
    Hi everybody,
    My husband and I want to buy the flat that we live in its approx £130,000.00. We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.
    So what I want to do it buy our flat under my name only - I am a first time buyer. I have a £10k deposit and earn £27k so can't borrow quite enough, I have good credit.
    Is it possible to get a mortgage that will take into consideration my husbands income - which is considerably more that mine at 60k

    Can anyone direct me towards a lender who would help?

    Thanks
Page 1
    • kingstreet
    • By kingstreet 11th Oct 17, 1:30 PM
    • 32,075 Posts
    • 17,169 Thanks
    kingstreet
    • #2
    • 11th Oct 17, 1:30 PM
    • #2
    • 11th Oct 17, 1:30 PM
    We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.
    Originally posted by helsbrooks
    Who has told you this?

    It may not be accurate and you should consult an independent broker and seek advice.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • _CC_
    • By _CC_ 11th Oct 17, 1:51 PM
    • 259 Posts
    • 233 Thanks
    _CC_
    • #3
    • 11th Oct 17, 1:51 PM
    • #3
    • 11th Oct 17, 1:51 PM
    You may have already factored this in but I think you may be liable for the higher stamp duty rate depending on your husband's interest in his parents property?
    • marliepanda
    • By marliepanda 11th Oct 17, 2:08 PM
    • 4,723 Posts
    • 9,512 Thanks
    marliepanda
    • #4
    • 11th Oct 17, 2:08 PM
    • #4
    • 11th Oct 17, 2:08 PM
    Hi everybody,
    My husband and I want to buy the flat that we live in its approx £130,000.00. We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.
    So what I want to do it buy our flat under my name only - I am a first time buyer. I have a £10k deposit and earn £27k so can't borrow quite enough, I have good credit.
    Is it possible to get a mortgage that will take into consideration my husbands income - which is considerably more that mine at 60k

    Can anyone direct me towards a lender who would help?

    Thanks
    Originally posted by helsbrooks
    Well firstly he shouldnt have a residential mortgage on a property he is not resident in, so he's on wobbly ground there, potentially mortgage fraud.

    You absolutely can have two residential mortgages if you have two homes. He doesnt..., however its the parents property that needs sorting, not the new one.
    Survey Earnings 2017 - £163
    • kingstreet
    • By kingstreet 11th Oct 17, 3:27 PM
    • 32,075 Posts
    • 17,169 Thanks
    kingstreet
    • #5
    • 11th Oct 17, 3:27 PM
    • #5
    • 11th Oct 17, 3:27 PM
    It is 'normal' for people to have residential mortgages for properties for family members to live in, or to be a joint mortgage applicant and not an owner; the joint borrower, sole proprietor scenario.

    Here's Nationwide's crtieria as one example;-

    Nationwide can consider lending for the following second property uses:

    Holiday homes in the UK or abroad (where the property being purchased is abroad, the loan must be secured on a property in the UK).
    Second homes due to work location (Pied a terre).
    Accommodation for wholly dependent relatives.
    A new main residence where the applicant wishes to let their existing property rather than sell it. For more information on the Let to Buy process with our subsidiary brand The Mortgage Works, visit our Buy to Let / Let to Buy page
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Wake up call
    • By Wake up call 11th Oct 17, 4:24 PM
    • 75 Posts
    • 312 Thanks
    Wake up call
    • #6
    • 11th Oct 17, 4:24 PM
    • #6
    • 11th Oct 17, 4:24 PM
    Well firstly he shouldnt have a residential mortgage on a property he is not resident in, so he's on wobbly ground there, potentially mortgage fraud.
    .
    Originally posted by marliepanda

    This is not true at all. Some lenders permit 'family lets', meaning they can have a residential mortgage providing there is no tenancy agreement in place and no profit is being made on the let.
    Last edited by Wake up call; 11-10-2017 at 4:27 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

281Posts Today

1,851Users online

Martin's Twitter
  • I was surprised to see the three people in front of me in the newsagents were all shocked their old £1 coins were no longer taken.

  • RT @natdebtline: If you?ve been visited by a bailiff since April 2014 we want to hear your story for our #bailiffreform campaign https://t.?

  • Well so far it seems there's one thing remainers and leavers agree on - the EU is getting the better of the negotia? https://t.co/70z5ffpG8S

  • Follow Martin