First time buyer with second applicant living abroad

Lorenzo94

Good morning,
After speaking to my dad, he agreed to help me to buy a house in London. I was looking into the shared ownership or the help to buy scheme as I see them as the only viable way to get a house in the capital at the moment.
He would cover the money for the deposit, but my question is if it would be possible to have him as second applicant in the mortgage. He lives in Italy and all his incomes are in Italy as well. As well as his income, he has a few properties which usually in Italy are taken into account when purchasing another property or to get a mortgage.
I’ve been living in the UK for just over four years, and I managed to keep my credit score (Experian) above 920.
I would be the main applicant, while my dad the second one with the only purpose to boost the earnings.
Also if I have agreed to rent the second room to a very close friend of mine, can I state on the application that he will pay a £ sum per month in order to get the room?
Many thanks!

Nicosy

Funnily enough Trussle announced yesterday they now advise on shared ownership mortgages so might be worth asking to them...

https://www.mortgageintroducer.com/trussle-to-start-advising-on-shared-ownership/

MortgageMamma

Hi Lorenzo

Its not something I've done before, but I do have a lot of experience so I could check it out for you if you like? However, if you are using the help to buy scheme I'm not sure someone who is not resident could go on the mortgage - if they can go on it they would have to waive any financial interest in the property.

Lorenzo94

Good Evening,

And thank you for helping. I thought the same about the shared ownership scheme, that's why I am more likely to opt for the help to buy.
Also would there be any disadvantaged rate given the fact the he wouldn't live in the UK? I would be living in the house and be the main applicant.

Thank you very much again!

amnblog

These schemes are not open to ‘buyers’ who own, or will own multiple properties.


The property purchased must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy property after completing their purchase.

Caz3121

Lorenzo94 wrote: »

I would be the main applicant, while my dad the second one with the only purpose to boost the earnings.

you could look at "joint borrower sole proprietor" mortgages

amnblog

Caz3121 wrote: »

you could look at "joint borrower sole proprietor" mortgages

Not on these schemes

Caz3121

amnblog wrote: »

Not on these schemes

I should have been clear - i meant as an alternative to the schemes (which cannot use father income)

haras_nosirrah

I am a broker who has specialised in shared ownership for 11 yrs and am on the panel for 3 housing associations.

You won't be able to put your dad on a shared ownership mortgage as he will not be residing in the property.

Is the reasoning because of affordability or because he wants some security with the deposit? If it is due to the deposit then there are lenders who will allow a loan as a deposit so he can lend it to you. Shared ownership lenders will not use lodger income for affordability and neither will the housing association