Individual mortgage and joint deeds

Ajay1987_2

Hi myself and my partner are in the process of buying our first house and the mortgage is only in my name. The reason for this is that I work for a bank and qualify for a very attractive staff rate and also he is recently self employed. His parents have gifted us around 25% of the property value and I need to know if I am able to have the house deeds in joint names to provide him with some security due to the large amount of funds given by his parents.

Can anyone help or provide any advice?

Thanks

Simon_gloster

No. Sole mortgage, sole name on deeds. Silly really, you should have just added them anyway with no income declared. What did you say your marital status was?

kingstreet

A lender may not be happy with a gifted deposit from someone who is not a relative of the borrower.

A joint application and purchase should have been made, regardless of his income position.

LUXURIOUS_HAIR

Hi thanks for replying! I managed to log myself out on the above account! I haven't signed missives etc so it is still possible to have him added? How does this affect my application if he effectively has no income?

Thrugelmir

What's your employers stance on joint applications?

LUXURIOUS_HAIR

I believe that the mortgage is based on my salary upto a certain value (more than I need to borrow) and partners then have further contributory power. My issue is that he is in the process of going self employed has no evidence of income and I do not want him to be seen as a dependant?

LUXURIOUS_HAIR

Any other advice?

Bufger

He wont be seen as dependant. As long as your wage covers the loan amount with the relevant multiplier thats all that matters in terms of risk. The only negative to this would be if he had a poor credit rating.

LUXURIOUS_HAIR

Thank you! His only credit is an overdraft of 100 and a mobile contract which he took around 4 months ago to build a credit score, he has never had anything else and is 25 years old. Will this be ok? I don't need him for the mortgage I need?

Thrugelmir

LUXURIOUS_HAIR wrote: »

I do not want him to be seen as a dependant?

If he is living in the property then this is highly likely. Easier and also better to be upfront at the outset.

If you can obtain the mortgage in your right then shouldn't be an issue.

As its your employer granting the mortgage. Then even more reason that you don't appear to be hiding him.

LUXURIOUS_HAIR

Thanks ;-) I have advised the mortgage adviser and the house builder if the situation at the outset and neither mention this would be an issue, luckily I mentioned it to someone and they mentioned the possibility of there being a problem