Joint Mortgage Application with 1 x Self Employed 1 x PAYE

Jordan13_2

Hi, i am in the process of buying a property with a friend, we both have the money for the deposit sorted and have had an offer accepted and are about to apply for a mortgage.

The issue is that while i have been employed for the past 5 years earning between 35-50k, last year he went self employed. I want to make sure the mortgage will be 50/50 and i have no more liability (if thats the right term?) than he does etc. I say this because for the mortgage in principal we only submitted my earnings, (payslips etc), the principal agreement showed I could borrow around 280k, this property is only 70k. I only submitted mine because he doesn't have 3 years worth of earnings (self employed).

So my questions is, even though we want a joint mortgage would i be any more responsible for the mortgage than he will if we only submit my earnings to the mortgage lender? He has said that both our names will be on the mortgage but I'm wary as i don't want to be in a position where i will struggle to buy again in 12 months because it looks like i am the owner of another property outright?

Sorry if this is basic, I've never bought before so would be grateful of some advice.

Thanks.

betmunch

You are both Jointly liable for the whole debt. If you are repossesed the lender will chase you both for the whole debt