Mortgage Help

uk_honey

hi we have been told we cant get the mortgage we were after and wondered if anyone had an ideas

situation :
Cost of house £90000
deposit from partner : 50% £45000
My Income : £14000 per annum £6000 savings
Partner : currently right now unemployed , living on his savings, has a buy to let mortgage and waiting for tenants to move in

reason we cant get a mortgage was we thought we may be able to put the deposit in my account and get the mortgage ( of max 45000 ) in my name but he would also be on the deeds on the house, but we cant do it that way. We seem to not be able to lend the 50% as it seems to mortgage advisors we are living on my salary as he has no wage slips coming in, which is understandable but not the case.

anyway around this?

someone suggested borrowing 45000 from parents, and after 6 months 're-mortgaging' and paying back the 45,000.

Leon_W

Get your partner a job. Some lenders will take this income into account from day one.

ACG

I would have thought this would be possible :S

Maybe im missing something.

dashetlandexile

Most lenders aren't okay with the deposit being gifted by someone unless they are your family or spouse.

If your parents were to gift you the £45K and you were to apply for the mortgage in your own name, I don't see this being a problem. Your parents would have to write a letter saying it was a gift, not a loan, and would need to provide proof of where the money came from for anti-money laundering reasons.

Then if your partner was to gift the money to your parents.

I guess that all relies on your partner being comfortable not being on the title deeds. But you could get something drafted up by a solicitor or, once he has a job and can evidence income, you could ask your current lender to then add him to the title (called a transfer of equity - although this would cost you some legal work).

ACG

As a joint application - this should fit.

Thrugelmir

Does your partner have sufficient savings to fund the BTL if you purchase the new property and the BTL generates no income?