We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage based on Household Income, not individual
cmaclean55
Posts: 9 Forumite
My partner and I are renting a house at the moment and are more than able to afford a mortgage up to say 500quid per month. My Credit rating is very poor and I am currently in a Protected Trust Deed for a few more years yet. I am the main "bread winner" in the household.
My partners Credit rating is however, relatively good and we got a Car on finance easily.
Does anyone know if there are mortgage lenders out there that would take us on? The mortgage applicant would be my partner.
My partners Credit rating is however, relatively good and we got a Car on finance easily.
Does anyone know if there are mortgage lenders out there that would take us on? The mortgage applicant would be my partner.
0
Comments
-
I don't see anything to stop your partner taking out a mortgage in their own name.
However, the amount your partner can borrow will be based solely on your partner's income, not yours. From the sounds of it, that wouldn't help you all that much.0 -
Not really what you think you could afford each month either, it's up to the lender to say 3x salary or whatever they offer (dependent on other things like debt, loans, credit cards, outgoings - especially if kids involved, etc).
Jx2024 wins: *must start comping again!*0 -
cmaclean55 wrote: »My partner and I are renting a house at the moment and are more than able to afford a mortgage up to say 500quid per month. My Credit rating is very poor and I am currently in a Protected Trust Deed for a few more years yet. I am the main "bread winner" in the household.
My partners Credit rating is however, relatively good and we got a Car on finance easily.
Does anyone know if there are mortgage lenders out there that would take us on? The mortgage applicant would be my partner.
If only one person is going to be on the mortgage then only that person's income will be taken into account.
In terms of whether a joint mortgage would be achievable it's impossible to say as you haven't stated things like deposit amount and property value.
Also you haven't said what your partner's income is and the mortgage amount.0 -
Save, pay off debts, sort out the credit rating.
Save big deposit. then look at a mortgage.0 -
Partner is on SMP at moment and when returns to work salary will be around 16k, mine is 25k and house value is around 130K
cheers for the reply though guys
:beer:0 -
£16K wont get a mortgage of £130K (or anything within 25% of that figure assuming a deposit) - and nor would you want to...!0
-
Nope, you've haven't got a cat's chance in hell. Partner would only be able to raise a £48k max mortgage. Remember that very poor credit rating? It's biting you on the bum right now. Get saving0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards