First Time Buyer

helsbrooks

Hi everybody,
My husband and I want to buy the flat that we live in its approx £130,000.00. We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.
So what I want to do it buy our flat under my name only - I am a first time buyer. I have a £10k deposit and earn £27k so can't borrow quite enough, I have good credit.
Is it possible to get a mortgage that will take into consideration my husbands income - which is considerably more that mine at 60k

Can anyone direct me towards a lender who would help?

Thanks

kingstreet

helsbrooks wrote: »

We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.

Who has told you this?

It may not be accurate and you should consult an independent broker and seek advice.

_CC_

You may have already factored this in but I think you may be liable for the higher stamp duty rate depending on your husband's interest in his parents property?

marliepanda

helsbrooks wrote: »

Hi everybody,
My husband and I want to buy the flat that we live in its approx £130,000.00. We cannot get a joint mortgage as my husband has another residential mortgage on the house that his parents live in - he has to wait until next year to change to a buy to let as he is tied in until then.
So what I want to do it buy our flat under my name only - I am a first time buyer. I have a £10k deposit and earn £27k so can't borrow quite enough, I have good credit.
Is it possible to get a mortgage that will take into consideration my husbands income - which is considerably more that mine at 60k

Can anyone direct me towards a lender who would help?

Thanks

Well firstly he shouldnt have a residential mortgage on a property he is not resident in, so he's on wobbly ground there, potentially mortgage fraud.

You absolutely can have two residential mortgages if you have two homes. He doesnt..., however its the parents property that needs sorting, not the new one.

kingstreet

It is 'normal' for people to have residential mortgages for properties for family members to live in, or to be a joint mortgage applicant and not an owner; the joint borrower, sole proprietor scenario.

Here's Nationwide's crtieria as one example;-

Nationwide can consider lending for the following second property uses:

Holiday homes in the UK or abroad (where the property being purchased is abroad, the loan must be secured on a property in the UK).
Second homes due to work location (Pied a terre).
Accommodation for wholly dependent relatives.
A new main residence where the applicant wishes to let their existing property rather than sell it. For more information on the Let to Buy process with our subsidiary brand The Mortgage Works, visit our Buy to Let / Let to Buy page

Wake_up_call

marliepanda wrote: »

Well firstly he shouldnt have a residential mortgage on a property he is not resident in, so he's on wobbly ground there, potentially mortgage fraud.
.

This is not true at all. Some lenders permit 'family lets', meaning they can have a residential mortgage providing there is no tenancy agreement in place and no profit is being made on the let.