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Mortgage application, joint or not?
Comments
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Like you, I'm self-employed, and we've had mortgages with Virgin One and Nationwide in both our names but based on my husband's income only (we own the house as beneficial joint tenants). I assume it must be possible to do the same thing if only one spouse is working? I don't know if not being married makes any difference though.0
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jockosjungle wrote: »
Can you give us some figures? What does your partner earn? How much are you looking to borrow?
you say his income could cover the mortgage, do you mean his wages would only be 4.5 times the sum borrowed?
R
He earns a little over 60k and we are looking to jointly borrow £208. By my calculation, that's slightly under 3.5x his salary. I earn an additional £25k or so with my business.0 -
Let you other half take the mortgage out on his name alone, and then get his solicitor to put your name on the deeds after he has bought the house. This should cost approx £300 to arrange....
Just to let you know that you'll need the lenders consent if you do this.
hedgehopper - why don't you pop into a bank and ask one of their mortgage advisors? Or contact an IFA? Just say you're looking into this and need some advice.Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
SmlSave> I threw the question to our mortgage broker, and it looks like he'd already found us a deal similar to the one Jocko's jungle took - i.e. one that will take my more paltry income into account, but won't go overboard on the checking, because they would lend the same amount to my OH as a sole borrower anyway.
Seem to have fixed the problem and is a big relief, so hope this is helpful to anyone else who lands here!0
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