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Sole Loan Application with Joint Outgoings
I am looking to apply for a loan to get a new car. Intending on applying for the loan only in my name, however I have a joint mortgage with my partner.
When it comes to detailing my outgoings for mortgage and council tax, do I have to put the whole amount or can I put 50% of the amounts given my partner is jointly responsible for the outgoings?
Just thinking if they are only looking at my income and but looking at our joint outgoings then it may not pass their affordability checks.
In that case, is it better to apply for the loan jointly so that both our incomes are taken into account?
Also, when putting down our mortgage payments, we are choosing to make a regular overpayment. We have no obligation to do this and could easily stop. Do I need to tell them the amount of the mortgage including our overpayment or can I deduct the overpayment since its not an essential outgoing?
When it comes to detailing my outgoings for mortgage and council tax, do I have to put the whole amount or can I put 50% of the amounts given my partner is jointly responsible for the outgoings?
Just thinking if they are only looking at my income and but looking at our joint outgoings then it may not pass their affordability checks.
In that case, is it better to apply for the loan jointly so that both our incomes are taken into account?
Also, when putting down our mortgage payments, we are choosing to make a regular overpayment. We have no obligation to do this and could easily stop. Do I need to tell them the amount of the mortgage including our overpayment or can I deduct the overpayment since its not an essential outgoing?
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Comments
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Why are you making a solo application in the first place if your finances are entangled?0
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Only thinking was that it is a loan for me to get a new car so didn't want to tie my partner into it. However, if it's better to do it as a joint application I'm sure she wouldn't mind.0
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It sure makes more sense than that, as you have joined mortgage, expenses, and incomes. Your both files will come up during the credit check anyway, and you will be evaluated together, so may as well apply as both.Only thinking was that it is a loan for me to get a new car so didn't want to tie my partner into it. However, if it's better to do it as a joint application, I'm sure she wouldn't mind.0 -
Thanks. Any idea on whether we need to include the overpayment we are making when stating the mortgage outgoings?0
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