Quick question (hopefully)

Becksies

If a couple are looking to get a mortgage but only have it under one parties name, do the lenders consider the other parners income or does it go solely on the applicant?

I've probably just asked a really dumb question

SimbaSimon

Becksies wrote: »

If a couple are looking to get a mortgage but only have it under one parties name, do the lenders consider the other parners income or does it go solely on the applicant?

I've probably just asked a really dumb question

If a couple were going to get a mortgage but only have it under one parties name it wouldn't be a joint mortgage. Only the named persons income would be taken into account.

Becksies

Yeah I thought as much, I had just read somewhere that if you're married they will take it into account, and thought I'd just ask.

Thank you for your answer

serious_saver

I am freelance so in a similar situation. I can't get a mortgage myself at all.

The best thing would be to speak to your mortgage adviser. If you go through a broker I'm not sure about this but I saw a bank mortgage adviser and I was told that they can put forward a recommendation to the underwriters to increase the morgage slightly to take into account that someone else is contributing. This is done entirely on a case by case basis and it would still be the other persons mortgage entirely and under their name. In my case it was only an increase 10% and barely worth doing despite the fact that I earn considerably more than my OH.

papermoney

They would only take into account the person on the application (so in this case one person, married or not)

Becksies

Yeah the reason we are doing it this way is because according to credit agencies I dont exist, we tried a year or so ago and they demanded i get a full drivers license before the mortgage went through, was never going to happen.

beecher2

Becksies wrote: »

Yeah the reason we are doing it this way is because according to credit agencies I dont exist, we tried a year or so ago and they demanded i get a full drivers license before the mortgage went through, was never going to happen.

Why would they demand you got a driving licence? If it is for ID, can't you get a passport?

Will your name be on the deeds? You need to make sure you protect yourself in case the relationship breaks down so might be worth getting some professional advice.

Conrad

I've met people who don't exist, fall under all the radars. Typically they are well off market gardener types.

Becksies

I'm hoping to get a drivers license, actually get some sort of credit score and be put on the deeds in a couple of years.

As it stands at the moment I pay all the rent and bills so him getting a house and me moving in with him would half everything and I'd be better off than renting.

Becksies

Conrad wrote: »

I've met people who don't exist, fall under all the radars. Typically they are well off market gardener types.

I think it may have been because my mum moved us around alot and I didnt settle down in one place till I was 21.

Strange though because I've got credit for things before.

beecher2

Becksies wrote: »

I'm hoping to get a drivers license, actually get some sort of credit score and be put on the deeds in a couple of years.

As it stands at the moment I pay all the rent and bills so him getting a house and me moving in with him would half everything and I'd be better off than renting.

If you're not on the deeds, what would happen if you split up in the next 2 years? I thought you could be on the deeds, but not on the mortgage but I don't have a clue about these things - just make sure you get real professional advice.