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App - Homeowner status & monthly rent/mtg amount - Partner live in my house, rents out his elsewhere

sillygoose1
Posts: 14 Forumite
Hi, couple of questions about the questions on the MSE credit card eligibility tool, and presumably the related questions that go with them on the actual application.
Situation:
I own (with a mortgage, lets say I pay £500 a month) my own house, in sole name. Partner now lives with me (I wasn't with this partner at the time I bought this house). Partner already had his own flat elsewhere which he is now paying the mortgage on (£1000 a month)* and renting out to a couple (not our family, found them through an agent)
Partner is currently a 'second cardholder' on my Nat West Rewards card, which is good for building up rewards but now also wants to build up his own credit history (has not lived in the UK very long). He would presumably be looking at "bad credit / build up credit" type of cards (he doesn't have adverse credit history in this country, but it's more a case of having 'no' history).
Questions:
- For partner's credit card application would he put 'homeowner' as residential status?
- For his "monthly amount in rent/mortgage" payments would we put the combined amount (my mortgage + his mortgage for the place which is now rented i.e. £1500), the amount he is paying in mortgage for the place he is renting out (£1000), or the amount 'we' pay for my mortgage (£500)?
- Would the rental income (annualised in some way) be counted within "other household income"?
Thanks in advance!
* as to why he's paying out twice the amount in mortgage on a flat as I am on a house. It's a long boring story involving deposits, %LTV, additional borrowing, the flat is worth much more etc.
Situation:
I own (with a mortgage, lets say I pay £500 a month) my own house, in sole name. Partner now lives with me (I wasn't with this partner at the time I bought this house). Partner already had his own flat elsewhere which he is now paying the mortgage on (£1000 a month)* and renting out to a couple (not our family, found them through an agent)
Partner is currently a 'second cardholder' on my Nat West Rewards card, which is good for building up rewards but now also wants to build up his own credit history (has not lived in the UK very long). He would presumably be looking at "bad credit / build up credit" type of cards (he doesn't have adverse credit history in this country, but it's more a case of having 'no' history).
Questions:
- For partner's credit card application would he put 'homeowner' as residential status?
- For his "monthly amount in rent/mortgage" payments would we put the combined amount (my mortgage + his mortgage for the place which is now rented i.e. £1500), the amount he is paying in mortgage for the place he is renting out (£1000), or the amount 'we' pay for my mortgage (£500)?
- Would the rental income (annualised in some way) be counted within "other household income"?
Thanks in advance!
* as to why he's paying out twice the amount in mortgage on a flat as I am on a house. It's a long boring story involving deposits, %LTV, additional borrowing, the flat is worth much more etc.
0
Comments
-
- Yes
- No. If it his application for a credit card, then he only needs to provide them with details of his mortgage
- Yes
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Thanks @Willing2Learn.
On (1) "homeowner" as residential status - would you (he) still put that if he was not a 'homeowner' of his flat e.g. if he'd been renting before moving into my place? i.e. is it because where he lives now is "owned" (by me), or because of having a mortgage elsewhere?
Asking out of curiosity, and wanting to understand.0 -
It is because your partner owns a flat and is therefore considered to be a homeowner on any credit application.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0
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