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Joint mortgage
cockerdoo
Posts: 5 Forumite
I have a joint mortgage & want to take out some equity for building repairs etc. 12k we have around 55k equity but was told we hadnt got sufficient funds to pay monthly. They had only calculated on one persons income not the two of us, is that right because its a joint mortgage. Monthly income about 2,500.00. Thanks.
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Comments
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Is there any reason why a lender would not take into account one borrower's income?
Recently self employed, for example?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They said that he hadnt sufficient funds? we use one a/c for all bills etc the other for odds and ends. So one a/c is used more than the other if you see where I coming from. Both in full time jobs.(lucky) Many thanks kingstreet.0
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It isn't clear from what you are saying what the problem actually is.
"Hadn't sufficient funds?" doesn't tell us if it's an income issue, an outgoings issue...
I suggest you ask your lender for a more meaningful response. If you don't understand how they explain it, ask them to explain it again more clearly.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They said "its out going issues" But why when we have 1500.00 at our disposal? dont they take both into account?0
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Find the lender's online affordability calculator.
Enter the items requested therein, income and outgoings.
Does the result show the amount you want to borrow as being affordable?
£1,500 means absolutely nothing as you've given us no context. If the mortgage is going to be £100 a month, £1,500 seems a lot, but by the same token, is the mortgage is £1,400 the perspective is completely different.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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