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Joint mortgage: one person unemployed but proceeds from house sale
Mkaa
Posts: 10 Forumite
Hi all
Well looking for some ideas on this scenario.
Would we be able to get a mortgage?
Joint mortgage
Person one: employed , about 70K towards deposit
Person two: unemployed for 3/4 months, BUT approx. 90K from property sale recently. Credit history not so good.
Looking to apply for around £40-50K, to purchase property in region of £190-200K.
Many thanks for your input
Well looking for some ideas on this scenario.
Would we be able to get a mortgage?
Joint mortgage
Person one: employed , about 70K towards deposit
Person two: unemployed for 3/4 months, BUT approx. 90K from property sale recently. Credit history not so good.
Looking to apply for around £40-50K, to purchase property in region of £190-200K.
Many thanks for your input
0
Comments
-
Hi
Are there any experts on mortgage here who can give me an indication please0 -
Assuming person two wants to go on the mortgage (I would with that kind of deposit) then they'll likely be classed as person ones' dependant, which will reduce the amount they can borrow. Then you need to factor in debt, affordability.
However, the amount needed is extremely low LTV so probably not an issue anyway. Quite a few mortgage calculators on line which will give you an idea, or talk to a broker, or try and get an AIP (agreement in principle) assuming you are ready to proceed.0 -
yes - you will. This is how it works when you have a homemaker / housewife / househusband - they can still own jointly, but the lender will only take into account one income, and as said above, will look at dependents from that perspective.0
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