Sole mortgage as married

Dinan

Looking for advise on mortgages... Me and my husband are looking to buy a flat/house in London, however he is in the construction industry so does not have a "secure employment" and therefore I assume would have a bad credit score. The plan is for my name only to be on the mortgage, however he will contribute to the monthly expenses. It made be wonder about if I some how could include his contributions in the mortgage applications - would this be accepted as an income by the mortgage providers? In the same way having a tenant would generate an income.

Thanks for advise

BoGoF

Is he employed or self-employed (CIS scheme)?

Retired_Mortgage_Adviser

Having irregular/casual income will have no impact on his credit history directly but yes it will have an impact on mortgage affordability.

If his income needs to be considered for the affordability, he needs to be able to prove it appropriate evidence (tax returns), etc.

Dinan

He is self-employed, not sure what CIS is but he has a UTR number. He's been self-employed less than a year so he has not yet done any taxes. Maybe worth mentioning is that a lot of the jobs only pay cash in hand, which he will declare end of year. Would he be eligible for any mortgage? If he is, would it be a smaller sum or higher interest due to a higher perceived risk?

[Deleted User]

Dinan wrote: »

He is self-employed, not sure what CIS is but he has a UTR number. He's been self-employed less than a year so he has not yet done any taxes. Maybe worth mentioning is that a lot of the jobs only pay cash in hand, which he will declare end of year. Would he be eligible for any mortgage? If he is, would it be a smaller sum or higher interest due to a higher perceived risk?

Cash in hand is when someone is paid for a job and has no intention of declaring the income to HMRC or paying tax on the money. A customer/contractor choosing to pay him in cash rather than say bank transfer will make no difference to any other type of payment if it is declared on his tax return or if the tax had already been deducted.

CIS is not the same as a UTR. UTR is a unique reference issued by HMRC that he will use on his tax return. CIS (construction industry scheme) is a scheme where contractors deduct the tax from a payment to a sub contractor.

https://www.gov.uk/what-is-the-construction-industry-scheme