Using partners wage as other in-come in Co-Ownership

TeaAndToast_2

Hello,


My partner has a great credit history, mine not so much as I've just been in my new job four months. We are applying for co-ownership and looking at houses. Many houses seem to be just outside our price range due to their strict guidelines on housing quality Co-ownership apply. I asked the adviser if I could put put down £250-300 a month from me as an additional in-come. She said yes, but I don't want to get my partner rejected because of this i.e. picking a house at a higher price and it being out of her loan range. Anyone any advice if we should put this down?

Thanks
T&T

kingstreet

So, you want your income taken into account when you aren't party to the mortgage or the purchase?

If that's the case, it won't happen. Lenders only use the income of parties to the mortgage in establishing affordability.

TeaAndToast_2

Thanks for the reply, that's what I was thinking. I didn't want my whole income taken into account by the way, just what you would pay towards like if you shared e.g. rent and utilities. There was a section for guaranteed income and other income, I thought this might fall under the other.

saverbuyer

TeaAndToast wrote: »

Hello,


My partner has a great credit history, mine not so much as I've just been in my new job four months. We are applying for co-ownership and looking at houses. Many houses seem to be just outside our price range due to their strict guidelines on housing quality Co-ownership apply. I asked the adviser if I could put put down £250-300 a month from me as an additional in-come. She said yes, but I don't want to get my partner rejected because of this i.e. picking a house at a higher price and it being out of her loan range. Anyone any advice if we should put this down?

Thanks
T&T

Co-ownership can be taken out on any house below £175,000, for N.I. this is quite a bit considering the average sale price now is £98,000.

What sort of income do you have and how much are you looking to spend? What shares are you after?

Also if you have had a missed payment in the last 12 months or have debts greater than £5,000 you are automatically rejected.

TeaAndToast_2

Telephoned and confirm with an assessor what kingstreet. My partner has a great record, 999 with Experian. We have done the assessment tool and can get 100,000 on her at 50%. She has a card with about 1500 on it with a 15,000 limit. We had planned to pay this off but someone has crashed into her and just road off her car, so holding back on this. We are mixed religions and want an area with no bigotry, thus puts us to our upper limit.