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Multiple Applicant Mortgages

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Ladyhawke
Ladyhawke Posts: 6 Forumite
in Mortgages & endowments
I am looking at buying a property together with my daughter and her husband. So far we have only approached the Halifax to get an idea of the amount we could borrow. We found that they still base the amount you can borrow on two of the applicants rather than all three of us. Does anyone know of any provider who will calculate the amount on a multiple of three incomes?

Comments

  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You won't get 4ish x the three incomes anywhere you go. Most lenders offering multiple applicant cases will do 4x1 + 1x2 + 1x3 or similar.

    What do you need?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • The_J
    The_J Posts: 1,250 Forumite
    Natwest can do it.

    THE J CRUSHES KINGSTREET MAGNIFICENTLY :rotfl:
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I see I don't warrant a place in "The J" hall of fame. Ah well.

    By the way, it's "whose" in the context you are using it in your signature. "Who's" indicates "who is."

    So there... :D
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • The_J
    The_J Posts: 1,250 Forumite
    I've added you, not enough space to say that you're added as the Grammar Man so make sure your keep the advice standard high :grouphug:

    Generally OP, kingstreet is right. Speak to a broker/IFA
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TBH I haven't done a multiple applicant case for ages, so I thought I'd find out what they needed before I committed myself.

    Kingst? I guess I'll have to live with that... ;)
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kingstreet wrote: »

    Kingst? I guess I'll have to live with that... ;)

    The J?

    Jack*rse perhaps........
  • Ladyhawke
    Ladyhawke Posts: 6 Forumite
    LOL thanks for the replies!
    we dont need a specific amount,wewere trying to get an idea of what we could borrow to see if it is a feasible plan - ie can we buy something that will work for us to live together.

    We live in Devon so wages low, prices high! We would probably have around 70k deposit.
    gross earnings are per annum are:

    1. 25750
    2. 21500 plus 9000 overtime as standard
    3. 19858

    any help and info would be great.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How much are you hoping to borrow?

    Could you borrow less than this, and phase your plan into 2 stages instead.
  • Ladyhawke
    Ladyhawke Posts: 6 Forumite
    we need at least 300 to 320k really in total and have probably 70 - 75k equity in present property.

    There will be four of us to pay the monthly repayments,but only three to go on the mortgage.

    What do you mean two stages?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Buy a smaller \ cheaper property first. Then build further equity up until such time as you can buy your dream home.
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