What counts as income for mortgage application???

Dougiedog1

Hi All,
My partner and I recently found out we can’t get a mortgage for around another 12 months due to some issues with my credit history / use of short term loans which I need to correct going forward. I am completely up to date with them now but because I have used in the past we won’t be touched. We have a really good deposit and no other borrowing however are blocked by this. I earn the majority of salary between us so the amount we can borrow on paper is largely driven by my salary. Is there any way my partner can apply for the mortgage on her own and I make a monthly payment to her which she declare as regular monthly income to prop back up the balance she can borrow? Her salary alone won’t allow us to borrow enough money. It would almost be like a maintenance payment?
Look forward to hearing thoughts.
Thanks

ACG

No that can not be done.

A pay day loan and/or missed payments and defaults should not prevent you from getting a Mortgage in itself. Have you spoken to a broker with experience in adverse?

Dougiedog1

Thanks for your reply. Yes we have spoken to a broker who advised we would not get one...

enthusiasticsaver

No, income needs to be salary not a transfer from you or anyone else. Your partner will either have to borrow a lower amount or you will need to wait until your credit report is better.

Thrugelmir

Dougiedog1 wrote: »

we can’t get a mortgage for around another 12 months due to some issues with my credit history / use of short term loans which I need to correct going forward. I am completely up to date with them now but because I have used in the past we won’t be touched. We have a really good deposit /QUOTE]

What's the source of the deposit? With savings should be no need for short term loans. Lenders will have concerns as to how you manage your personal financial affairs.