Virgin Money 'Joint' mortgage

Mariacas

I applied for a mortgage with Virgin money to help my son get a property. He would live on his own. I would carry on renting where I am with my husband.
I wanted a joint mortgage between my son and me. However, Virgin would not take my son's earnings into consideration even though it would be a joint mortgage and he would be living at the property. We also have a deposit of approx. 15%.
Virgin wanted to take into consideration my current rent, household bills etc but not take my husbands earnings into account.
Needless to say, I couldn't get the mortgage solely on my salary.
Is this right? I feel I've been fobbed off by Virgin money who didn't even ask what my son earns!
Thanks.

kingstreet

Why weren't his earnings taken into account? Is there something unusual about his employment?

Who was going to own the property?

As you will be party to the mortgage but won't live there, your living expenses will be taken into account in establishing affordability. As your husband isn't party to the new mortgage, his income won't be taken into account.

Mariacas

I couldn't understand why they wouldn't take his earnings into account. He is 21 years old and works as an electrician. Nothing unusual there. The lady I spoke to said that he may decide to leave the property and I would need to prove I could pay the mortgage on my own! Bizzare!
I understand my husband's income won't be taken into account as his name wouldn't be on the mortgage. However, they painted an unrealistic picture of my outgoings as my husband and I share our rent /bills.

amnblog

You have approached an unsuitable lender for this situation.

Consult a mortgage broker.

ACG

You are looking to do something out of the ordinary, so you need to be looking at criteria over rates.

It is difficult to know why they would not accept his income - is he self employed/contractor maybe?

They would take your rent into account as it is an ongoing commitment. If you said they would take his income into account but not yours, I could possibly understand a little more depending on your age and term of the Mortgage but it is difficult to give an answer without all of the facts.

Mariacas

No, he is not self employed. Like you, I could understand more if they only took his income into consideration.
Thanks for your replies.
I shall book an appointment with a broker to get this sorted.
Surprised at Virgin though ~ I thought they would have been more straightforward. What would Mr Branson say?!!

Thrugelmir

Sounds as the lender has concerns as to your motives. Nothing personal of course. Just business to them. There's a big concern over your ability to fund 2 households. The fact that your husband isn't a party then would add a further layer of uncertainty as he is an unknown quantity financially.

Mortgage lenders aren't interested in complexity. Lending margins aren't big enough to spend the time underwriting such cases. Remove the smoke screen and you may make better progress.