Will income of previously bankrupt partner count?

SkylarN

Hi,

I'll just quickly explain the situation, my partner was made bankrupt due to a failing business 4 years ago and it was cleared 3 years ago (obviously it's still on his credit file).

I earn 23k a year and have a very good credit history and he earns 34k - we are looking to buy a house in the next year or so and have saved a 5% deposit at the mo. We wanted to spend around 120k which is very do-able on our wages, however on my wages alone the mortgage companies are only willing to lend me around 95k (haven't actually spoken to any companies directly, just researched online).

We don't have a joint bank account or anything but we can prove that we are (unofficially) linked financially due to transfering each other money and paying regular amounts in our bills account.

My partner says that we could put the mortgage all in my name to get the best deal and that they will take his wages into account - is this actually true? He earns a good wage and is very good with his money, neither of us are in debt but obviously with his previous bankruptcy, I am not sure they will take his wages into account but put it all in my name.

Could anyone shed a light on this for us?

Thanks in advance,

Skylar

P.S. Not sure if this matters, but I am not from Britain originally, I am a EU citizen however and have lived here for more than 3 years.

_Andy_

A partners wage will only be taking into account if they're on the application as a joint applicant.

SimbaSimon

SkylarN wrote: »

Hi,

I'll just quickly explain the situation, my partner was made bankrupt due to a failing business 4 years ago and it was cleared 3 years ago (obviously it's still on his credit file).

I earn 23k a year and have a very good credit history and he earns 34k - we are looking to buy a house in the next year or so and have saved a 5% deposit at the mo. We wanted to spend around 120k which is very do-able on our wages, however on my wages alone the mortgage companies are only willing to lend me around 95k (haven't actually spoken to any companies directly, just researched online).

We don't have a joint bank account or anything but we can prove that we are (unofficially) linked financially due to transfering each other money and paying regular amounts in our bills account.

My partner says that we could put the mortgage all in my name to get the best deal and that they will take his wages into account - is this actually true? He earns a good wage and is very good with his money, neither of us are in debt but obviously with his previous bankruptcy, I am not sure they will take his wages into account but put it all in my name.

Could anyone shed a light on this for us?

Thanks in advance,

Skylar

P.S. Not sure if this matters, but I am not from Britain originally, I am a EU citizen however and have lived here for more than 3 years.

You can either use just your wage, have your name on the mortgage and house and get 95k.

Or you can attempt to put both names on the application but I'd be shocked if you got accepted after going bankrupt.

You cannot apply for a mortgage in your name only and take income from two different people.

SkylarN

Thanks for the replies guys, that's what I thought.

So what if he would be paying me a certain amount in my account every month, say for "maintenance allowance" that would make up for the gap and raise my income to say 30k a year, would they count this towards my income and would this increase the mortgage I could get?

beecher2

SkylarN wrote: »

Thanks for the replies guys, that's what I thought.

So what if he would be paying me a certain amount in my account every month, say for "maintenance allowance" that would make up for the gap and raise my income to say 30k a year, would they count this towards my income and would this increase the mortgage I could get?

I can't see how this would be accepted by the bank as it is not income. Maybe a better idea would be to save more of a deposit - say 20%?

I'd go to a mortgage adviser and see what they say.

_Andy_

SkylarN wrote: »

Thanks for the replies guys, that's what I thought.

So what if he would be paying me a certain amount in my account every month, say for "maintenance allowance" that would make up for the gap and raise my income to say 30k a year, would they count this towards my income and would this increase the mortgage I could get?

No, as stated above, his income will only be taken into account if he is an applicant on the mortgage.