adding value to what i could borrow??

fj101

Hi all, would like some advice if possible.

I am considering getting myself on the property ladder for the first time. However my salary isnt enough to borrow the amount i need to get a mortgage large enough to actually buy a house (I dont fancy living in a shoe box).
My partner isnt able to currently commit to a mortgage, but we would be living together.
Is there a way i can count his contribution as a additional earning for myself, to increase the amount I can borrow?
And if so will this be limited/restricted? i.e. might i have to pay tax on it in order to count it as an earning/additional income?
I already have a reasonable deposit, its just about maximising the amount i can borrow (without overstretching myself)
Any advice would be great.
Thanks

herbiesjp

What are the figures you are looking at?

What is the purchase price? What is the deposit you have? Do you have a good credit history? Do you have any other debts currently?

fj101

my credit history is good, I have a student loan which i am paying via tax/national insurance contributions.
i'm looking to buy at around 220,000, with a 5% deposit, but could probably get 10% if stretched.

what do you think?

ILW

Are you earning £60k plus?

bacardi.

think you will need more than 5% deposit.


good luck

herbiesjp

What is your income?

Why is your partner unable to commit to a mortgage currently?

Have you considered a guarantor mortgage?

fj101

between my partner and i we earn more than 60K. But his credit is bad, very bad. he can easily afford the repayments, but we would not be able to get a mortgage in the first place. so thats why i want to know if there is a way to consider his income, in a way for example that he is my tenant, but in a property we both live in.
I havent considered a guarantor mortgage,and to be honset, i havent got anyone to guarentor it anyway!

beecher

fj101 wrote: »

between my partner and i we earn more than 60K. But his credit is bad, very bad. he can easily afford the repayments, but we would not be able to get a mortgage in the first place. so thats why i want to know if there is a way to consider his income, in a way for example that he is my tenant, but in a property we both live in.
I havent considered a guarantor mortgage,and to be honset, i havent got anyone to guarentor it anyway!

If his income is to be considered then so will his credit rating. Isn't it a better option to improve your partner's credit rating and then look for somewhere to buy? Meanwhile you can build up your deposit to have a safe 10% rather than stretching yourself - hopefully prices will continue to fall while you do so.