Advice please-will partner living with me affect mortgage application?

blues

I currently live with my partner in a flat I bought on my own some years ago. We are now looking to buy a house. I have approximately 80k equity/savings to use as a deposit for a house. My partner is self employed with a limited income and has nothing for a deposit. I believe it best if I apply for a mortgage on my own.

My question is this, when I tell the lender that my partner will be living with me & paying towards the mortgage will they take this into account when considering how much they will offer me? or will they just offer me an amount based on my income and outgoings?

Will lenders look at my partner living in the house as a positive/negative factor?

Thanks for any advice.

Contemptuous

If you apply for the mortgage in your sole name, only your income will be taken into account.
There is the possibility of your partner being named in the application/on the mortgage but not using his income - if the mortgage is affordable on just your income alone then it's not necessary. This is assuming he doesn't have a bad credit score.

kingstreet

Even if the partner is not a party to the purchase/mortgage, you still need to declare them as an occupant so they will sign a consentor form to prevent an implied tenancy should the lender need to repossess.

Neither their income, nor their input into the household is noted if you apply solely.

blues

Thank you-that's very helpful!

Tena

blues wrote: »

Thank you-that's very helpful!

I maybe told otherwise on here depending on who reads, but I was told it was a good idea to have my partner on the mortgage as long as it didn't effect me obtaining it in the first place. Reason being in the unfortunate event that either was to pass away then the property could simply revert to the name of the other person rather than going down the long winded will/probate route. Not advice as such as there's more to it than that but just something to think about.