weird mortgage help!!!!

everton09

hi,

Bit of a weird one. my partner and I , not married, wantto buy a property for 140000. we have a 7000 deposit and were going for a 95% new build purchase mortgage. However, my partner is on a dmp and cannot get a mortgage. We both earn 27000 a year. This means I can't get what we need on my wage, my question is, would banks consider our application solely in my name but with joint incomes and the mortgage be in my name? my partner pays me 800 per month for bills etc could I say this is a second income? this would then give me enough to borrow the full amount.

any help would be great

mike

Thrugelmir

You need to tackle the DMP. As it will hinder your chances of obtaining a mortgage until it is cleared.

How much is currently outstanding?

Dave_Ham

Sorry Mike absolutely not.

Being on a DMP is a dealbreaker in 99% of occassions.

You may get 5* your salary, although this is dependent upon credit score and not sure if on 95% products they will stretch this far.

Good luck

GMS

You cannot use somebody elses in come as yours.

95% mortgage not happening with adverse credit

Zero_Sum

everton09 wrote: »

hi,

Bit of a weird one. my partner and I , not married, wantto buy a property for 140000. we have a 7000 deposit and were going for a 95% new build purchase mortgage. However, my partner is on a dmp and cannot get a mortgage. We both earn 27000 a year. This means I can't get what we need on my wage, my question is, would banks consider our application solely in my name but with joint incomes and the mortgage be in my name? my partner pays me 800 per month for bills etc could I say this is a second income? this would then give me enough to borrow the full amount.

any help would be great

mike

if you don't have kids or other credit committments, then yes you can, I'm currently in the process of buying a house & both Halifax & Nationwide offered me a 5x salary mortgage

everton09

gutted , there is 12000 left

Dave_Ham

Zero_Sum wrote: »

if you don't have kids or other credit committments, then yes you can, I'm currently in the process of buying a house & both Halifax & Nationwide offered me a 5x salary mortgage

Typically Nationwide do not do 5* salary income multiple, so not sure how you got lucky?

Are these on 95% loan to value deals?

Zero_Sum

Dave_Ham wrote: »

Typically Nationwide do not do 5* salary income multiple, so not sure how you got lucky?

Are these on 95% loan to value deals?

it was for around 80%, went through a financial advisor. didn't need that much, but was suprised I could get that much, given their website only quotes upto 4.5x I think

Thrugelmir

everton09 wrote: »

gutted , there is 12000 left

Takes seconds to spend it but years to pay it back.

Time to make decisions as to what the priorities are in your lives. If buying a house is high on the list. Then tackle that debt head on. Will be worth the hard work in the long term. .