Deeds, mortgages and fiance

kingstreet

I have no way of knowing if your advisor has explored the possibility of doing a joint application, or has simply decided it won't work with the lender they want to use, so they are telling you it's impossible.

You can have as many residential mortgages as you can afford. I can say no more than that.

If the monthly cost of the current mortgage means you cannot go the joint mortgage route because of affordability, that is fair enough. However, if your partner had a car loan for the same monthly payment, unless it was more than she earned, she would still be able to cause an increase in the amount of any possible joint mortgage.

That is what doesn't make sense.

If, for example, your advisor wants to use Nationwide, Nationwide adds the two mortgage balances together old and new to see if the affordability calculator produces a figure above that. If it does, you can proceed. However, that is not the way every lender does it, hence my point about some lenders treating the existing mortgage as a credit commitment and deducting the monthly cost from income instead. This results in a much lower impact on affordability.

At the end of the day, doing a joint mortgage and purchase now may mean a fee saving of £500 to £600 later and you could also have stamp duty to pay depending on the size of the mortgage she would be joining in the transfer of equity, if above £250k.

I don't know if your advisor is doing a good job for you or not. But the comments about not being able to have more than one residential mortgage and use of "main residence" do not represent the market as a whole...