Mortgage - single applicant but living with partner?

gigi7

Hi all

I am planning on buying a property in the next couple of months and thought I had researched enough about my situation but have come across something that could pose as a hiccup..

The mortgage will be solely in my name, it will be me and my partner living in the property(and a relative) have come across some very old threads where people have stated that as a couple, many lenders are not likely to accept a single applicant? We are not married, if this makes a difference and do not hold a joint bank account.


As far as I was aware, if not an applicant then not relevant.
Logically if lenders are not taking into account the said partners income then why would they take into account credit
Do I legally have to inform them of my partners credit and are there any repercussions if I dont? Is it better to mention or not?

ACG

Where has the deposit come from?

MFWannabe

Don't panic; its perfectly doable to get a mortgage just in your name. Your partner and anyone else living in the property will need to sign to say they have no claim on the property if you fail to keep up repayments. Lenders will insist on this so they are able to repossess with no one legally entitled to claim rights to stay in the house
Speak to a good independent mortgage advisor. They will ask why it will just be in your name but its not something they haven't heard before. A mortgage advisor will know all the ins and outs of applications and the best lenders to approach
Its not something you have to declare on an application as far as i'm aware as you are not requesting a joint application

Thrugelmir

Who is the relative, are they contributing to the deposit?

gigi7

Hi.. the deposit my partner and I have saved deposit together but it is in my sole account. Essentially my wages pay for a small amount of bills and the rest has been left to build up and have lived off his wages for every thing else. Relative is my nan.. no contributions.

ACG

Some lenders may have an issue with your partner contributing towards the deposit but not going on the Mortgage.
There are a couple of lenders who would not mind, but the majority would.

If they pick up on it, it may result in your application being declined.

Thrugelmir

What bad credit does your partner have?