Joint or sole with one partner on zero income

Molehill

My partner and I spoke to a skipton mortgage advisor about their 95% product and started the application in her name. We realised that if we did that I wouldn't be able to be listed as an owner of the property. So we went back this morning and changed this. But the issue is I am a student coming to the end of my studies with zero income and (of course) my partner has the income. I know the skipton mortgage is hard to get so I wondering if it might have been more sensible to leave it in a sole name? We still need to get a few more details back to him before it is finished so can change.

Also I noticed, for example, that the barclays mortgage calculator does 4x single or 3x joint which is rather bizarre as our scenario wouldn't change. So if this sale falls through (250k) we may be looking at others more around 280k. How much they would lend is an issue and we forgot to ask him how this would change the maximum they would lend - it was 340k as a sole applicant, obviously the product is limited to 300k.

Thrugelmir

If you can afford properties above the £250k threshold then you can afford a bigger deposit by buying a cheaper property. That's below £250k.

Obviously your partner has a high income so why not build a larger deposit.

Molehill

Thrugelmir wrote: »

If you can afford properties above the £250k threshold then you can afford a bigger deposit by buying a cheaper property. That's below £250k.

Obviously your partner has a high income so why not build a larger deposit.

The property is a repossession that needs some love so we wanted to use the cash for doing the place up. Also we don't quite have a 10% on it and my partner fell in love with the 60foot garden which is not so common in London in our price bracket.

We have just got fed up with renting. Would be nice to do something as simple as choose the colour of a wall. Also £1400 a month going to our landlord. It didnt go up last year when we renewed the contract but they have all shot up to £1550/£1600 in this area, so we will be paying more. The initial interest part on the skipton mortgage would only be ~£1200 a month.

Thrugelmir

Molehill wrote: »

The initial interest part on the skipton mortgage would only be ~£1200 a month.

And the capital repayment?

Molehill

Total repayment is ~£1550 which initially leaves ~£360 being paid off the loan a month. As we are saving around £750 a month we would overpay the mortgage with the goal of having more than 10% when we come to the end of the fix.

Molehill

Well to answer my own question our Skipton mortgage advisor has stated adding me to the application has no affect on borrowing or affordability.