How to fill in a loan application

bengutt

Hi,


I'm after some advice about how to fill in a loan application.
We are looking to do some home improvements, and are looking to get a 10k loan.


My wife has a car loan at 0% which is around £200pm, other than that we are debt free.


We have 10k saved, and will be putting this towards the cost of the improvements.


During the loan application I'm asked for my income. Do I put only my income in here? Do I put my partners income in the "Other" box?


When it comes to outgoings, do I put all the outgoings I am liable for, i.e. mortgage, energy, etc or do I half them?


If I put just my earnings in and all the outgoings for the household in the form, then it looks like I have very little left at the end of the month. Which isn't the case.


Do I:-
A. Put both incomes in the application and all our outgoings.
B. Put just my income and all our outgoings.
C. Put just my income and half our outgoings.
D. Something else.


I don't want to be dishonest when applying for the loan.


Thanks for your advice!

Pixie5740

Are you applying for a joint loan with your wife or a loan in your name only or is your wife applying for a loan in her name only?

bengutt

Good point, I was looking for a loan in my name only.


I don't have a problem getting a joint one if that's what would be expected in this situation. We'd both consider it a joint one, even if it only had one name on the paper work.


Should that be the way we should go?

Tixy

Whether to apply in a single name or joint name is usually a combination of who you want to be legally responsible for the loan and the individual finances of each.

If the house is jointly owned then in many ways a joint loan would make sense in terms of liability.
In terms of chances of acceptance, which would be best would depend on the income and finances of each party. If you are both well paid or similarly paid then applying jointly may well increase your chance of acceptance. Or if you earn a lot more than your spouse, and they have more existing personal debt, than a single name application may be preferable.