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single or joint mortgage?
b1823
Posts: 6 Forumite
When speaking to my bank they advised that if we applied for a joint mortgage but where my partner's income was not included then they would lend less as my partner would be 'financially dependent' on me.
If I apply for a mortgage just on my single income will this make any difference? We're married, will be living together and using savings from both of us for the deposit, although I could easily afford the repayments on my wage alone.
Any advice gratefully received.
If I apply for a mortgage just on my single income will this make any difference? We're married, will be living together and using savings from both of us for the deposit, although I could easily afford the repayments on my wage alone.
Any advice gratefully received.
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Comments
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My partner is stuck on another mortgage, which his ex defaulted on so his credit rating is shot.
We bought our current house in my name only with no problems at all.0 -
We've now found out that a single mortgage but joint residence of the property is a problem as the person not on the mortgage has to waive all rights to the property to avoid being classed as financially dependent.
Are there any other complications people know about? Seems to be becoming a bit of a minefield!0 -
We've now found out that a single mortgage but joint residence of the property is a problem as the person not on the mortgage has to waive all rights to the property to avoid being classed as financially dependent.
Are there any other complications people know about? Seems to be becoming a bit of a minefield!
Only other complications I can think of, if the worse happens and you end the relationship for what ever reason.
How does your partner feel about waiving all his legal financial rights to the house?
Minefield - yes"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Could you afford them, and does the bank agree you could afford them, if your partner's contract doesn't get renewed?I could easily afford the repayments on my wage alone.
My thinking is that if you can easily afford the repayments just on your wage then the joint application with his wages disregarded might be ok?0 -
If "your bank" is being so helpful, why not speak to an independent broker and see what the alternatives might be?
Banks have a nasty nack of suggesting no-one does something if they don't and their customers believe them, for some strange reason.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We're going to hold off - too much of a minefield as you say. Thanks all for your replies.0
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