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joint or single applcaiton? fixed term contract
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noelraff
Posts: 1 Newbie
hi,
i've just put an offer on a house at £107,000 and am looking for a mortgage of £96000 with an £11000 deposit. i currently earn £22000 a year basic and my girlfriend earns same wage only thing is she is on an fixed term contract with the NHS which keeps getting extended. If i apply for a mortgage is it better to go on my own (single) or joint even though her salary wont be taken into account? also does she then become a dependent if i apply on my own.?
any help would be greatly apprecaited.
i've just put an offer on a house at £107,000 and am looking for a mortgage of £96000 with an £11000 deposit. i currently earn £22000 a year basic and my girlfriend earns same wage only thing is she is on an fixed term contract with the NHS which keeps getting extended. If i apply for a mortgage is it better to go on my own (single) or joint even though her salary wont be taken into account? also does she then become a dependent if i apply on my own.?
any help would be greatly apprecaited.
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Comments
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You're unlikely to get a mortgage of 96k without her salary - that would be 4.36x your salary: most lenders tend towards a maximum of 4.5x combined salary for couples, with single salary being somewhere around the 3.5x level
That's not to say it's impossible to find one, but I suspect you'll struggle."You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."0 -
I've just done similar figures for a single lady and found the loans to be much lower than I expected.
I would suggest you apply jointlyI am a Mortgage Adviser
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.0 -
Joint application.
OFABI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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