First Time Buyer Conundrum - HELP!

shach7

I have removed this message

Regards

herbiesjp

YOu may well be able to get a mortgage based on your own income, assuming no other major debts and a good clean credit history - so your partner's income would not be a problem as far as the lenders would be concerned

whitewing

Herbie,

Just as a matter of interest, if OP takes out a sole mortgage, what happens when they actually get married? (Does it automatically become jointly held?)

Also, could OP get a self cert mortgage and use fiancee's 'mortgage' pymt as 'rental income'? (And maybe get a legal agreement to cover this?) As you can see, I don't really have a clue!

Some of these answers may be relevant to me too if things don't go smoothly next week...(although IVA doesn't apply in our case).

shach7

Anyone else?

Melissa177

In addition, I think you'd be quite pushed to find a one-bed flat for 120K in greater London... You'd have to go fairly far out.

shach7

I have removed this message

herbiesjp

shach7 wrote: »

I should have been more specific... lol

Greater London is a bit of an exaggeration, I've been looking at close (to London) parts of Essex, Hertfordshire and Enfield...

You should be ok - but make sure you get an agreement in principle first in order to be 100% certain that the lender you want to go for will agree the mortgage in your sole name.

herbiesjp

whitewing wrote: »

Herbie,

Just as a matter of interest, if OP takes out a sole mortgage, what happens when they actually get married? (Does it automatically become jointly held?)

No it does not - you would need to get a transfer of equity done and get the spouse added to the mortgage (provided the lender is happy with the spouse as an applicant)

Also, could OP get a self cert mortgage and use fiancee's 'mortgage' pymt as 'rental income'? (And maybe get a legal agreement to cover this?) As you can see, I don't really have a clue!

Your fiancee's income is not your income and therefore cannot self certify for that amount - you may be able to do a rent a room scheme, but that limits the amount of rent you could get.


Some of these answers may be relevant to me too if things don't go smoothly next week...(although IVA doesn't apply in our case).

Hope the above helps

shach7

herbiesjp wrote: »

You should be ok - but make sure you get an agreement in principle first in order to be 100% certain that the lender you want to go for will agree the mortgage in your sole name.

So lenders hearing my situation may be inclined to lend me slightly more, even though I will not be doing an official "joint application"?

herbiesjp

shach7 wrote: »

So lenders hearing my situation may be inclined to lend me slightly more, even though I will not be doing an official "joint application"?

Not quite

BAsed on the figures, you may fall inside the standard lending criteria of some lenders based on your income alone.

If the mortgage application is in your sole name, they will not take any of your partner's income into account

However, you should get a whole of market adviser to make sure that this is indeed the case and possible