One income mortgage application

taylor86

If I give up my employment then my house sells (currently on the market) and me and my husband purchase another one how would we apply for a mortgage?

Would it be in his name only as I would have no proof of income or would I be on the application with a nil income?

Are there any mortgage advisors that would be able to give me a very rough indication of what we may be able to borrow? 2 kids and inc of £28k with no debt at time of completion? If not possible that's ok I'm just in limbo at the moment with this decision.

dimbo61

Why not carry on working until you have sold and bought a new property?

If only your husband is working he will have three dependants to support on his income alone.
They may take into account WTC,CB, CTC etc some lenders do and some dont

Wh05apk

Apply in joint names, but with you as no income other than child benefit presumably?


Possibly about £120k mortgage? but at this level lenders start at about £60k - probably best to speak to a broker to see who will lend the most if that is what you require.

taylor86

I'm trying to continue working as long as possible but we have 2 young children and are having major childcare issues and we can't afford to start paying for nurserys. The house hasn't sold after 5 months on market, we thought we would have moved by now.

That is correct I will only have child benefit.

If we asked a broker e,g L&C to look into this before I made a decision to give up work would this be ok? Could it cause any problems? Can a broker advise us on affordability without requesting a DIP?

Wh05apk

Yes a good broker will be able to run affordability checks for several lenders to give you an idea of max borrowing.