Applying for Financial products with no income, but of "independent means"

xylophone

What about state pension? https://www.gov.uk/new-state-pension/overview

Anthorn

Sea_Shell wrote: »

OH is due to give up work ...taking early retirement/career break (depending on how much DIY needs doing!!). He'll therefore have no wages, but our joint household income (inc interest/dividends) will still be about £18K p.a.

We have saved a good 'nest egg' , which if i've done the maths right, we hopefully won't have to touch, as above should cover most, if not all, outgoings, even with continuing to contribute something to our pensions.

My question is....will his lack of a wage mean he won't be able to apply for the best banking products (accounts/cc's etc), regardless of our overall financial situation.

Cheers :beer:

You say £18K p.a. which is income so all that remains is to prove where it's coming from. If you can't prove where it's coming from I'll bet money that more sooner than later money laundering controls will be raised. I think most lenders will aggregate income whether earned by either or both partners as household income.


It's not actually necessary for either or both partners to have their own credit card account. One partner could have the account with an extra card for their partner. But in that case difficulties can be expected if the relationship breaks down.

Sea_Shell

xylophone wrote: »

What about state pension? https://www.gov.uk/new-state-pension/overview

State pension - when we get it, will be a nice bonus. We'll look into paying up any missing 'stamps', more for me, nearer the time, but planning on being able to make our own provisions via savings, personal pensions, and even Equity Release if it comes to it, way down the track.

Sea_Shell

Anthorn - I can prove where all wages, and interest comes from which makes up the £18k, so not worried on that front. That's why i didn't think it would be a good idea to try and 'fudge' the figures, as this is the only NEW money into the household (the rest is just shuffling!!).

As for credit cards, we have one each, with additional cards on both....but wanted to have options with regards balance transfers and purchases offers available (0% etc), when to our advantage.

Sea_Shell

Well, we just rang Santander to see about a 123 Credit card for hubby, and apparently they don't take household income into account. You have to have personal income of £7500 to qualify. So that scuppered that idea for a bit of extra stoozing!!!!

starM

I just gone through Santander application and it ask annual income before tax and then partner/spouse annual income.

Sea_Shell

Star M - How much personal income did you put? Because when we put in only £3000 under personal income, it came up with a warning message to say " Are you sure you've entered this right?" this message didn't disappear, even when we then put £15,000 under Spouse.

We didn't want to proceed and get rejected, so we rang the bank and they confirmed that Personal Income must be £7500 regardless of household income. So if we had of hit "proceed" it would have been an auto-reject.

No_6

Retired and applying for CC's and accounts, with no problems.
No bank/cc has asked for details about our incomes,
though I have only added slightly inflated figures into the applications ! just encase !
Have got a unblemished record though, as have been stoozing ie fast/slow since
it fist began, many/many years ago.


Blast....@@ f/u... just paid off my NO FEE 0% Tesco BT for £7k,
now have OH's £4.5k to pay soon
Mainly slow at the moment


6
still smiling though from free money.

tommybjorn

I completely agree with that @Archi Bald

InsideInsurance

Archi_Bald wrote: »

Income the banks are asking about doesn't have to come from employment or pension. You could pay him an income once he stopped working, or all his income could come from investments and savings etc etc

Giving him an income then causes a problem if the lender also asks for other household income. Say for example she claimed the £36,000 a year I pay her as income my gross income remains £X and thus the sum of the two suddenly has created an extra £36k which the household isnt receiving.

Assuming the OP is PAYE and thus cannot legitimately employ their husband then the husband should declare their income as any savings/ investments in their name alone + 50% of any in joint names. The remainder of the income into the household should be listed under the "other household income".