Can it be joint application?

DevonFella

There are some really good loan deals on MSE. Joint income including my wife's would be good enough I believe, but starting process with M & S and Zopa I get the impression that it would be just my income as the 'applicant' that can be entered. (I'm retired and just have state pension as income.) Maybe I could just enter our joint income??

Candyapple

DevonFella wrote: »

There are some really good loan deals on MSE. Joint income including my wife's would be good enough I believe, but starting process with M & S and Zopa I get the impression that it would be just my income as the 'applicant' that can be entered. (I'm retired and just have state pension as income.) Maybe I could just enter our joint income??

Unless the application asks you if you are making a joint application and you have to enter your partner's details too - then no, you can't just enter your joint income.

Well, that is, unless you want a CIFAS marker for application fraud.

DevonFella

Thanks for that. Presumably your CIFAS scenario would only come about if we subsequently defaulted on the loan? The loan would principally be used for the purchase of a family car. My wife's earnings are growing exponentially and we have income from AirBnb (in her name). She will be taking a final salary pension in September, including a lump sum approaching £40k, so we would be able to pay off any loan early. So maybe we need to look elsewhere for a loan on which our family income can be used.

[Deleted User]

No, the CIFAS scenario would come about at any time. Most likely shortly after you press the submit button and they find the anomaly in your declared income.

Candyapple

DevonFella wrote: »

Thanks for that. Presumably your CIFAS scenario would only come about if we subsequently defaulted on the loan? The loan would principally be used for the purchase of a family car. My wife's earnings are growing exponentially and we have income from AirBnb (in her name). She will be taking a final salary pension in September, including a lump sum approaching £40k, so we would be able to pay off any loan early. So maybe we need to look elsewhere for a loan on which our family income can be used.

There are lots of lenders who accept joint applications - just go with one of those.


Nope, as zx above has stated, as soon as you hit submit and their algorithm assesses your application, it would throw up the anomaly in your income/current account turnover and you would more than likely be asked to provide proof of your income before they could make a final decision. Once you fail to provide this to them or worse, if you provided them with your wife’s income details, they would decline you and report you to CIFAS for a Cat4 application fraud marker which would stay on your files for 6 years.

4 - Application Fraud (Facility Refused) - Use of a name reasonably believed to be genuine, but with one or more material falsehoods in personal details or other relevant information; the facility was refused.

Ebe_Scrooge

DevonFella wrote: »

The loan would principally be used for the purchase of a family car. ... She will be taking a final salary pension in September, including a lump sum approaching £40k, so we would be able to pay off any loan early.

Can you not then just wait a couple of months before buying the car for cash ? You'd save yourself a wedge of interest/early repayment fees, as well as saving yourself the stress of trying to find ways to fiddle the system.