Can partners income be used for my mortgage?

kirstie27488

Hi,

Can anyone help with my question?

I currently have a mortgage in my sole name. My partner lives with me and we would like to extend the house and borrow more by way of extending the mortgage.

My partners credit rating is quite bad, however he earns quite a bit more than me, can we use his income figures to extend the mortgage?

The house currently has equity in excess of £140k.

Any help would be great.

Thanks

00ec25

not sure what answers you are looking for, your question is common sense

obviously you cannot ask for his income to be included with yours unless he is party to the mortgage itself

you can try to add partner to the existing mortgage and then try to re-mortgage to a higher amount. What impact that will have on the mortgage rate will only be clear when you get a quote

in re-mortgaging you may wish to try other lenders to see if their rates are better (bearing in mind any one off costs such as early redemption of current mortgage, and fees for new one)

also bear in mind adding partner to current mortgage would trigger SDLT payable by partner if half the amount of o/s mortgage is more than SDLT threshold of 125k

lisyloo

I believe you'd have to add your partner onto the deeds if you want them to be on the mortgage. I think this was implied in previous post about SDLT but not stated.
You might not want to do this considering you have a lot of equity and not knowing how committed your relationship is.


Could your partner officially become your lodge (I believe income is tax free) to increase your income?
I don't know whether this would work, it's just a suggestion to investigate.


Do you want your partner to be a joint owner with you?

Comms69

lisyloo wrote: »

I believe you'd have to add your partner onto the deeds if you want them to be on the mortgage. I think this was implied in previous post about SDLT but not stated.
You might not want to do this considering you have a lot of equity and not knowing how committed your relationship is.


Could your partner officially become your lodge (I believe income is tax free) to increase your income?
I don't know whether this would work, it's just a suggestion to investigate.


Do you want your partner to be a joint owner with you?

no.


a partner is not a lodger

hazyjo

lisyloo wrote: »

Could your partner officially become your lodge (I believe income is tax free) to increase your income?
I don't know whether this would work, it's just a suggestion to investigate.

You can't have a partner as a 'lodger' (presuming you sleep together and share a bedroom!).

lisyloo

hazyjo wrote: »

You can't have a partner as a 'lodger' (presuming you sleep together and share a bedroom!).

Thanks. Suggestion investigated !

00ec25

lisyloo wrote: »

Suggestion investigated !

:question: that could be rather lucrative. I'm sure a tabloid paper will love the results of your investigation s into how to be a partner, sleep together and yet still claim tax relief as a lodger. Did the camera I lent you work OK? Remember I'll want a share of the royalties