Joint Mortgage With Self Employed Partner?

Taff

Hi there

My parrtner and myself are looking to go for a joint mortgage.

I am in full time employment and have one mortgage in my name. My partner is a self employed mobile hair stylist and has only started her buisness approx 18mths ago and prior to this was emplyed in a salon.

What information will she need to provide and do you see any problems given the above.

Cheers

Thrugelmir

Are you looking to move the mortgage in your name into joint ones?

Taff

Looking to retain my exiting mortgage in my name plus addition borrowing for a 25% deposit on new property.

Then apply for a complety new mortgage in both our names.

Thanks

ACG

How much deposit do you have (percentage wise)?

How much are you looking to get a mortgage for?
How much is your income?

Taff

Approx 15% deposit on new proprty.

I earn 35k and my partner earns approx £10,000.00

New mortgage approx £125,000.00

My existing mortgage will be £95,000.00

Many thanks for your time in providing any replies. Much appreciated

bigadaj

Is the other house let out, or what is its status?

ACG

Presuming your existing property is self funding, your income alone should be ok for this.

Your partners income probably wont get taken into account to any great extent as she only has one years accounts.

I do think this might be one for a broker though as it wont fit with every lender.

Taff

Cheers peeps, please note I had to edit my figures in my last post as after I posted I realised I will ony hav 15% dep for new house.
Given I can only borrow upto 75% of current property value. I am correct on this? Current valuations approx £125,000.00

I intend to rent out the property that is in my name not the new property.

Thanks again

Thrugelmir

Taff wrote: »

Given I can only borrow upto 75% of current property value.

Lenders will ask the purpose of the equity withdrawl.

Taff

If the equity is for a deposit for another property is this a problem?
Thanks

kingstreet

I didn't realise there was an existing thread. Taff - can we use one of them as trying to run two threads on the same subject is going to cause a lot of confusion.

If the equity is for a deposit for another property is this a problem?

If you were going to reside in the current property and buy an investment property, the additional borrowing would be fine. As you want to let to buy, there is no way you'll get additional borrowing and consent at the rates you've disclosed elsewhere. Typically, consent to let means a higher rate for your whole mortgage.