Turning fiance's mortgage into a joint mortgage. Will it be accepted?

MrsKrepsly

When we decided to live together we couldn't get a mortgage with me on it as I was a student with two dependents. Therefore my partner had to apply in his name only. He was accepted so 'we' or rather 'he' bought the house and we both moved into it. I have been contributing to the house since (and the initial deposit) but obviously have no legal standing with regards to the house.

We've been in it two years now. Have paid off nearly £4k and as of September, I will be working full time.

We are therefore going to reapply for a joint mortgage in October.

How likely is it to be accepted this time?

Also, the complicated bit is I start my job on £16k pa. After a month or so this will go up to £21k pa. Full time, permanent contract. Will they consider this as I have the paperwork to prove it?

Also, what kind of stuff do they look at these days on your bank statements? We have no credit cards and no store cards. We have one loan (£40 a month) but nothing else on credit. Is it right that they look at cinema trips etc these days?? we're about to spend £300 on the bathroom - will stuff like that go against us? we're never in the overdraft and can easily afford what we spend but I'm worried they'll look at it and think we're big spenders!

kingstreet

No-one here can tell you if you are now going to be accepted for a joint mortgage. You've given nowhere near enough information and TBH even if you did, it would be speculative at best.

Speak to an independent broker and establish if you should remain with your existing lender or remortagage to a new one to undertake the transfer of equity process.

Do not buy into media hype that says you have to eat nothing but beans on toast for three month before you apply for a mortgage. Most lenders use ONS averages for outgoings and are interested only in the big stuff like credit, childcare, maintenance etc.

betmunch

All depends on the lender. Some will take future earning into account some won't.

Some will analyse your bank statements some won't.

None of them will expect you to spend £300 a month on the bathroom, worst case would be you get asked if its a one off

PixelPound

You don't say why you are wanting a joint mortgage? Is it because you don't have any legal ownership in the house, or your fixed deal has ended/ending and looking to remortgage so as you are becoming full time, then may as well go joint at the same time.

MrsKrepsly

We want to jointly own the house rather than it just being in his name. The fixed rate contract has ended too and I'm finishing university and starting my new job so it seems the perfect time to reapply in both names so that we both have legal standing with the house.

Red-Squirrel_2

MrsKrepsly wrote: »

We want to jointly own the house rather than it just being in his name. The fixed rate contract has ended too and I'm finishing university and starting my new job so it seems the perfect time to reapply in both names so that we both have legal standing with the house.

Makes perfect sense to me, is your job on a permanent contract though? Any probation period?

Dird

Aren't you already guaranteed 50% now even without your name on the deeds?

MrsKrepsly

It's a permanent contract with starting wage of £21. However, there is a short gap between me finishing uni and having my pin number verified (of around a month) so they're taking me on at £16k pa for that 1 month gap. The £21k permanent contract is guaranteed though.

Dird, I don't understand your post?

westv

Dird wrote: »

Aren't you already guaranteed 50% now even without your name on the deeds?

The OP isn't married yet.

Dird

westv wrote: »

The OP isn't married yet.

Good point, the username made me think they were but thread title suggests not.
But after marriage isn't she guaranteed 50% so the deed change is unnecessary fees?

MrsKrepsly

I would be interested to know if that is true Dird, however I think I'd still like to be named on the mortgage/deeds either way as we're both paying towards the mortgage. It's just the principle of it really! :-)