2 names on the mortgage, 1 income, is it possible?

doubleangel

I went to a broker - and they weren't very helpful with regards to calling round and seeing if it was possible to have 1 income and 2 names on the mortgage. Think if its box standard mortgage they can be quite good as they know the market but once there's a quirk then they might not be as good.

Brokers do not sell for Natwest and HSBC who are direct only...and have very good mortgage helplines (I used both). I got mortgage in principle with Natwest within 15mins.

I went with Natwest and have to say so far their service has been very good...they text you every time your mortgage application moves on a stage - I even have a name and email address for the person who took my application and will be responsible for the coordination of my mortgage.

New builds might be a different story as I've read they require a lower LTV...but think 70% should be good enough.

Mrs_Bumble

doubleangel wrote: »

I went to a broker - and they weren't very helpful with regards to calling round and seeing if it was possible to have 1 income and 2 names on the mortgage. Think if its box standard mortgage they can be quite good as they know the market but once there's a quirk then they might not be as good.

Brokers do not sell for Natwest and HSBC who are direct only...and have very good mortgage helplines (I used both). I got mortgage in principle with Natwest within 15mins.

I went with Natwest and have to say so far their service has been very good...they text you every time your mortgage application moves on a stage - I even have a name and email address for the person who took my application and will be responsible for the coordination of my mortgage.

New builds might be a different story as I've read they require a lower LTV...but think 70% should be good enough.

Thats a real shame that you have been left feeling like that by the service that you received from the broker approached. Out of the ordinary enquiries like these should be where a good whole of market, independent broker comes into their own. Sadly though like all occupations sometimes you get people that are very good at what they do and sometimes ......

Mrs_Bumble

bluemrchimp wrote: »

(only when we asked) that my name could not go on the deeds! Was very angry about that. So my advice is go to a broker and spell out as crystal-clear as you can that you must both be on the mortgage (even with one of you not earning) and you must both be on the deeds.

If the lender processes the application in only one name then only one can go onto the deeds. So if you want to have the deeds in joint names then the mortgage does need to be joint as well.

As long as affordability is there in these cases then they are placeable with some lenders and a good, whole of market, independent broker should be able to help.

Kyrae

Thanks everyone for coming up with so much helpful advice!

Hiya bluemrchimp, glad to meet someone in my situation who managed to get a mortgage in both names We hadn't considered RBS/Natwest but are going to speak to them soon to see if they can help us, thanks for the advice!

Doubleangel, interesting to hear that Natwest and HSBC aren't sold through brokers, probably why we hadn't heard anything about their mortgages. Looking into it now though thanks

starbump

We have joint names and one income on our mortgage with RBS. Maybe it helps to deal with a bank that you already have a relationship with? We also considered HSBC and they didn't think it a problem either but we have pre-existing relationships with both RBS and HSBC. Anyway, I hope they are able to help the OP and am happy to recommend both banks.

Soot2006

We've just done this through Northern Rock - one income and very little credit record (no debt) ... We got it through a broker as he said he'd had success with NR recently -- GOOD LUCK!

adandem

We have a joint mortgage with one income, it's with Alliance and Leicester.;)

provista_2

we have 1 with the co op

Kyrae

We haven't had any luck finding a mortgage in both names yet, but after talking to our solicitor we're considering my partner getting a mortgage just in his name and us both completing a declaration of trust to state what money we've both put in so if anything should happen and the house had to be sold we'd both get our fair share. Then when I find employment we'll add my name to the deeds and mortgage hopefully.

If anyone thinks this isn't a good idea, feel free to speak up!

brianrhill

Kyrae wrote: »

Doubleangel, interesting to hear that Natwest and HSBC aren't sold through brokers, probably why we hadn't heard anything about their mortgages. Looking into it now though thanks

This is a common misconception, so here are a few pointers on the types of broker/adviser you can get:

• Tied: Can only recommend one company's products, most often found in the banks
• Multi-tied: Can only recommend from a limited number of providers
• Whole of Market: This is often actually "representative" of the whol eof market, and is oftentimes a panel of 20-30 lenders
• Independent: Not tied to any provider, providers, or panel

The first 3 above are restricted advice, the last one is unrestricted advice.Your choice.

Interestingly, a fees free broker cannot be independent as they will only access providers who will pay them, which therefore excludes Britannia, Yorkshire, HSBC.

Most lenders are involved in what is called dual-pricing, which can be summarised as different deals for different channels. Around 90% (IMO) of deals are available across all channels (branch, telephone, internet, intermediaries, networks, new customers, existing customers), but there will always be deals which are exclsuive to each channel.

As IFA's we charge clients a fee for the advice we provide separately to the implementation of any advice, and any commission paid by the provider is offset against the fee. This ensures complete transparency and is the true definition of independent financial advice.

Brian