Joint mortgage; one income

sarahs999

Hello

We're about to move house and are looking at what mortgages to go for. My husband works full time; I took redundancy last year while on maternity leave and am now at home looking after the children full time. I do also run my own kitchen table business but it's a negligible income (at the moment!).

My credit score is very good (just had a look at Experian, 999) and I of course want to be included on the mortage. When we're filling in the forms, how do I explain that the redundancy pay is what is contributing to the monthly finances? I received a large payout and we decided to use a percentage of it every month to help us through the next few years on one income. Do I call it my 'income'? Will it harm our chances of being accepted doing it like this?

Thanks
Sarah

kingstreet

Enter £0 income for you and note you are a homemaker.

His income will need to be sufficient to evidence affordability for a joint mortgage with you as non-working and the dependents.

stephenni1971

Drawing from your savings is not income.

You will only be able to use the one salary.

sarahs999

OK, so we apply jointly but say my income is £0?

kingstreet

Yes. If the affordability fits.

sarahs999

Thanks. We would need to borrow £117k; household income is £55k. Do they still look at multiples of income to decide your suitability or is it something else now? Ages since we had a new mortgage. We have no other debts, btw.

kingstreet

Depends on overall case.

Mortgage term, number of dependents, outgoings etc.

Only way to find out is to enter the details in your chosen lender's affordability calculator.

Income multiples are pretty much a thing of the past, used only as a "broad brush."