Joint applicants to increase affordability

hklad

Hi all

Myself and my partner are slightly short on where we want to be in terms of affordability.

Can I add my Mum as a joint applicant and factor in her income? She has a decent job, a couple of BTL's and a small mortgage herself. What's the restrictions on this sort of thing?

I appreciate there are affordability limits for a reason but we just need to squeeze a bit more to help with home improvements when we get in.

Purchase price = £280k
We have = £90k
Max borrow at moment = £190k

We want to hold about £20k back of our £90k (for a small extension), so need to somehow boost the loan to £210k.

Any ideas welcome. PS - I have started doing overtime!

Many thanks

ExpertAdvice

Hi,

Most of the lenders don't accept 3 applicants on the mortgage. Even if they do, they might not consider all 3 incomes for affordability. They would take the first 2 incomes which doesn't solve your purpose. Also, depending on the age of your mother, it might restrict the term of the mortgage.

Have you checked the affordability with all the lenders? Different lenders would give different figures. What are the incomes and outgoings?

sam2015_2

You might have to take a short term mortgaging depending on your mum's age.
Is your mum going to live in your property?
Can she have 2 residential mortgage? I assume one of her property is on residential mortgage and you are looking to get a residential one with your mum.
Best to speak a broker.

GMS

Have you explored all lenders? Some are more generous than others.

hklad

Hi all. Thanks for the replies.

Myself and partner combined income is 44k.

Outgoings will be 179pm car lease. No other credit commitments.

Mum has 1 residential, 2 BTL's.

So far we have approached only Halifax and that isn't going too smoothly!

Many thanks

Typhoon2000

May be your mum could lend you the money for the extension when the time comes.

ViolaLass

Go to a broker.

hklad

She won't have that lump sum.

I am with a broker! Although my confidence is waining due to some incidents during the process so far.

Any recommendations? I'm in the South East.

Typhoon2000

hklad wrote: »

She won't have that lump sum.
.

May from increasing the mortgage on one of the BTL? Should be an easier process than a new application for a new residential property with both of you.

GoldenShadow

I found mine on:

https://www.unbiased.co.uk

I am in Essex as is my broker. Guessing you're further south...

ViolaLass

hklad wrote: »

She won't have that lump sum.

I am with a broker! Although my confidence is waining due to some incidents during the process so far.

Go to a different broker. (I used one from London and Country who did well for us)