First time Buy - Mortgage on just my name or Couple ? Pls advise

ssm_3

We are planning to buy a house and we are wondering if I buy it just on my name or both of our name.

If we are buying as a couple - What will be the benefits?

If I go alone what are the adverse impacts if any?

Please can you advise the advantages and disadvantages!

ssm_3

Please can someone help me in knowing the advantage of a joint mortgage over a single mortgage or vice versa....

Your help would be MUCH APPRECIATED. Thanks.

hobo123

Hi

Don't have a lot of information all I can tell you is if you are buying jointly you can (obviously depending on salaries) get a higher amount for example on the first direct site it tells you if you are a sole applicant they will lend you up to 3.5 times your gross salary and if you are buying jointly they will lend you up to 3.5 times the higher salary plus 1.5 times the lower salary or 2.75 times the combined salaries.

Going by this say if you have a salary of 20000 and your partner 15000
on your own you could get up to £70,000
jointly you could get up to £96250

Obviously this varies by mortgage company and will be a personal choice if you are willing to buy a property together obviously there are issues which arise if you then split up, if you can afford it on your own salary then the mortgage will only be in your name.

Not sure if this is the kind of advice you were looking for but hope it helps in some way.