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Loan Application & 'Additional Income'
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philipo51617
Posts: 21 Forumite


in Loans
Hi
I've recently bought a property with my gf and looking to get a loan to do some home improvements that are needed.
Due to my gf's credit rating, the mortgage and bills are in my name but she contributes.
When applying for a loan does it ask about additional income, and would I be warranted in saying that her contribution to bills etc is 'income'.
My credit rating is V Good, just worried they will think I'm too stretched when in reality it is affordable.
Having done a soft search I have a 95% chance of approval but obviously that hasn't taken into account all in and outgoings.
Cheers
I've recently bought a property with my gf and looking to get a loan to do some home improvements that are needed.
Due to my gf's credit rating, the mortgage and bills are in my name but she contributes.
When applying for a loan does it ask about additional income, and would I be warranted in saying that her contribution to bills etc is 'income'.
My credit rating is V Good, just worried they will think I'm too stretched when in reality it is affordable.
Having done a soft search I have a 95% chance of approval but obviously that hasn't taken into account all in and outgoings.
Cheers
0
Comments
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No one can estimate the outcome. Their credit check involves more than the figures provided to them on the application form and will use all available data from credit reference agencies and fraud prevention databases such as CIFAS and National Hunter to reach an outcome.
As for the additional income, if the lender provides a box designated for overall household income or income not elsewhere classified (e.g excluding employment and/or benefits) then it would be appropriate to input the amount received from her. This information must be true though, otherwise it will be passed on as fraud. Even if the lender asks for evidence of the extra income, a bank statement should backup the figures, provided these are deposited in that account from the person in question.Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.0
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