Sole Mortgage whilst engaged

MartinSpoon

Hello,

I'm looking for your thoughts on my situation, and the best approach for getting a mortgage!

I am currently a full time student, training to be a teacher - I have a guaranteed job for 1 year starting in August, but as far as I can tell, mortgage lenders won't want to account for that now - they'll be more concerned about my status now. I've had a student loan coming in until this month which I've supplemented with savings from a previous career, and I'll be unemployed for the summer unless I find some work - which I'm optimistic about getting, but obviously that's not confirmed.

My financee has a permanent full time job.

We have a deposit of approx. 50% on the value of the property we want to buy.

We have no joint accounts.

We moved in together a few months ago, and we get married in July this year. Bills, shopping etc is shared so far, some of it out of my account, some of it out of hers, we're regularly moving money between each others accounts.


The calculators make it clear that they'll lend more to my financee as a sole applicant with one dependant, than they would if we jointly applied with me earning £0. So we wondered if we could do a sole mortgage in her name only, with me as a dependant?

Here are the key questions:
- Overall, how does that sound? Will it work?
- Is there any advantage if we get an agreement now before we're married?
- Does the fact that we've had outgoings coming from my account, and money moving between us, affect things?
- Is it a problem if I contribute to the deposit?


Thanks for your help

ACG

The deposit coming from you will stop it in its tracks.

It would need to be a joint application.

GMS

Speak to a broker. There may be lenders who will take your income from the job not yet started.

If the deposit is coming from you or any part of it is you will find issues with residing in the property and not being party to the mortgage. Much better to try to get it together from the start

MartinSpoon

Ok, thanks for the replies so far. Right now, our arrangements are such that the deposit could come from her entirely (that is, the money she has in her own accounts today, plus a gift to come from her parents) - that said, as we've already been moving money back and forward for our bills, and the cost of our wedding for that matter, I wonder if we might have problems explaining that?

Thrugelmir

At the end of the day all that matters is your total income and total outgoings. How or which account this is paid from makes no difference.

kingstreet

If you have a written job offer and a commencement date, your income will be taken into account by some lenders, as GMS said.

A joint purchase and mortgage application makes most of the issues you raise go away.