Could a joint application be harder than a single application?

Glastoun

We've had the thumbs up from a broker that they could get us a mortgage at a rate/LTV that we like, based on a single application - good credit history and salary and a permanent job.

But ideally we want both names on everything, as it's a team effort. The second person has a similar credit history and salary but works on a contract basis, the most recent one being 7 months into a 12 month contract.

In these circumstances could it harm the application to make it a joint mortgage? The broker seemed to think it would complicate things, but not sure whether they meant more forms and stuff (which is fine) or whether lenders would take a different view of the risk.

amnblog

It can be 'more risk' for the Lender (and less likely to succeed) if applicant two has a poor credit record, a lot of debt, or their income source is not satisfactory to the lender.

If the lender has a problem with the second applicants income type, but that income is not needed for the success of the application then simply apply without including the second applicants income for consideration in the application.

If the single application is just a matter of convenience for the broker - hard luck and make them get on with it.

If you are married some lenders insist that your spouse is on the application.

Glastoun

amnblog wrote: »

If the lender has a problem with the second applicants income type, but that income is not needed for the success of the application then simply apply without including the second applicants income for consideration in the application.

Didn't realise we could do that. So we could have two names on the mortgage, but only one person's financial details (income/expenditure/credit check etc)? That would probably solve the problem.

Wh05apk

Also is the second person contributing to the deposit? if so most lenders will insist they are named on the mortgage/deeds.

Unless there is a good reason they are not named I would always recommend everything is done in joint names, this gives both parties added protection.

Thrugelmir

Glastoun wrote: »

So we could have two names on the mortgage, but only one person's financial details (income/expenditure/credit check etc)? That would probably solve the problem.

If no income declared. Then would be considered a dependent of the first applicant. So would have a negative effective.