Mortgage affordability checks

GlasweJen

My husband owns our current home and has had an offer accepted on another home.

He has been verbally told by a lender that they would be happy to give him a mortgage for what he needs pending a credit check which he’s told me will go through with no issue.

He’s now saying that he will fail on affordability. I’m fairly convinced he’s panicking about nothing but he’s adamant that he won’t get this house without adding me onto the mortgage.

He has a good job and income and has had a mortgage in his own name from this lender for years.

He does over think and has a mother who pushes him to do everything just how she wants it done. I have a feeling this is all coming from her as he was fine yesterday before visiting her.

Does anyone know how partners incomes are taken into account for affordability when they are not on a mortgage?

YHM

They aren't taken into account....

GlasweJen

Ok so at the moment I transfer him £X per month, an arrangement that’s been in place before we got married and that covers my share of the bills and mortgage.

Reasonably my X covers the Council tax, food bill, pet expenses, electric and gas.

Would the mortgage company expect my husband to be able to afford the mortgage plus 100% of those bills or would they see that he pays 50% of those bills?

Affordability wise, together we can easily afford this mortgage. Alone he can afford it and 100% of the bills but he would have nothing left after so would be deficit if the cost of living rose.

xyz123

GlasweJen wrote: »

Ok so at the moment I transfer him £X per month, an arrangement that’s been in place before we got married and that covers my share of the bills and mortgage.

Reasonably my X covers the Council tax, food bill, pet expenses, electric and gas.

Would the mortgage company expect my husband to be able to afford the mortgage plus 100% of those bills or would they see that he pays 50% of those bills?

Affordability wise, together we can easily afford this mortgage. Alone he can afford it and 100% of the bills but he would have nothing left after so would be deficit if the cost of living rose.

IMHO you should insist in getting in the mortgage. Paying 50% but nothing official to show doesn't sound right to me. Of course your decision in the end..good luck

GlasweJen

I have a rubbish credit history, I didn’t realise I would need credit and only took a credit card out last year which has a limit of £750. I’ve also recently changed job and have had a substantial chunk of my income disappear thanks to a bad benefits assessment so I don’t think anyone will jump at the chance to lend me thousands of pounds. I can’t even get an overdraft from my own bank!

stu2500

Check on the intermediaries affordability calculators on various mortgage provider sites and that will give you an idea of how much he can borrow.

YHM

The intermediaries affordability calculators that are supposed to be used by intermediaries?

bowlhead99

YHM wrote: »

The intermediaries affordability calculators that are supposed to be used by intermediaries?

If the only barrier to a non-intermediary using them is that they have to remember to put a "-intermediary." into a web address or have to click a button to say "yes I'm an intermediary, honest guv" then they are fair game IMHO.

However if using them without the context, knowledge and understanding you get from actually being an intermediary, then you might infer the wrong conclusions.

stu2500

YHM wrote: »

The intermediaries affordability calculators that are supposed to be used by intermediaries?

Yes those, as they're more accurate than the standard customer calculators. No need to be so precious about them, I'm sure it would be made a lot more difficult to access them by customers if we weren't authorised to use them.

I used a wide range of them before approaching a broker and used the Natwest calculator throughout my mortgage application and they were a great help.

Pixie5740

If the only thing that makes your credit history “rubbish” is a lack of history rather than a heap of defaults and insolvency then you should be on the mortgage with your husband.