Need help with mortgage advice

Princessinabox37

Me and my partner not married are looking to getting a mortgage.... We live apart at the moment while saving into a joint account for the deposit.. We are both savin the same amount each month totalling to £1000 a month, he works full time and I'm a student on benefits (like I said we live separately he lives with his mum)... We have both been improving our credit rating and been doing so well. We have been to see a mortgage advisor and they have said no lender will borrow me the money but will my partner on his own..

My worry is the security side of it for the future for me and the kids (mine not his)... Can we get a mortgage where he's on the mortgage but we are both on the deeds...... Its a worry because I want the security but also don't want to be putting in or payin to run a house that I don't own as I've never owned my own property and have always rented... Can we do this and what lenders will allow this?

[Deleted User]

Princessinabox37 wrote: »

Me and my partner not married are looking to getting a mortgage.... We live apart at the moment while saving into a joint account for the deposit.. We are both savin the same amount each month totalling to £1000 a month, he works full time and I'm a student on benefits (like I said we live separately he lives with his mum)... We have both been improving our credit rating and been doing so well. We have been to see a mortgage advisor and they have said no lender will borrow me the money but will my partner on his own..

My worry is the security side of it for the future for me and the kids (mine not his)... Can we get a mortgage where he's on the mortgage but we are both on the deeds...... Its a worry because I want the security but also don't want to be putting in or payin to run a house that I don't own as I've never owned my own property and have always rented... Can we do this and what lenders will allow this?

Lots of couples are able to jointly purchase property where one of the couple isn't working so I don't see why that's not an option for the pair of you unless your partner's income isn't enough to meet affordability with you as a dependent.

I think there might be one lender who will allow more people to be named on the deeds than are responsible for repaying the mortgage. Other lenders will have an issue with you providing part of the deposit, living in the property but not being party to the mortgage and will most likely get you to sign a document waiving any claim you might have to the property.

My advice is to get a second opinion on the mortgage and if the new broker can't find a joint mortgage for you then keep saving and/or wait until you finish studying and find employment.

Princessinabox37

The guy said going joint on a mortgage was a no go.. Him going alone on it they would lend to him only and not me and that was with a 5% deposit obviously the bigger the deposit the more lenders will be available.. And because its coming from a joint savings account I would have to State wether its a gift or a loan.. He also said that my partner could alone on the mortgage for a few years and then we could try to remortgage with me added on.... X

[Deleted User]

Princessinabox37 wrote: »

The guy said going joint on a mortgage was a no go.. Him going alone on it they would lend to him only and not me and that was with a 5% deposit obviously the bigger the deposit the more lenders will be available.. And because its coming from a joint savings account I would have to State wether its a gift or a loan.. He also said that my partner could alone on the mortgage for a few years and then we could try to remortgage with me added on.... X

My advice remains the same. Seek a second opinion or wait until you're in a position to jointly purchase a home together. You gifting your share of the deposit to your partner and waiving any rights to the property will leave you in an incredibly vulnerable position if the relationship fails. You'll walk away with nothing.

Cakeguts

Princessinabox37 wrote: »

Me and my partner not married are looking to getting a mortgage.... We live apart at the moment while saving into a joint account for the deposit.. We are both savin the same amount each month totalling to £1000 a month, he works full time and I'm a student on benefits (like I said we live separately he lives with his mum)... We have both been improving our credit rating and been doing so well. We have been to see a mortgage advisor and they have said no lender will borrow me the money but will my partner on his own..

My worry is the security side of it for the future for me and the kids (mine not his)... Can we get a mortgage where he's on the mortgage but we are both on the deeds...... Its a worry because I want the security but also don't want to be putting in or payin to run a house that I don't own as I've never owned my own property and have always rented... Can we do this and what lenders will allow this?

What is the rush to buy? Can't you wait until you have finished your studies and have got a job so that you can pay the mortgage as well. You would do better with a 10% deposit anyway so if you spend the time getting that and then finish your studies and get a job you will have more choice of mortgage options.



It would not be at all fair on your children to risk not being on the deeds of any house you and your partner buy jointly. If the relationship ends your children would be homeless. They don't get a choice in who you choose to move in and live with so it isn't fair on them to leave them with no choice as to whether to risk being homeless or not.

Chandler85

You are a student on benefits, finish your studies and find a form of employment, which I am assuming will be paid higher then you are receiving now, and is why you are studying and then get a mortgage, you'll probably have a bigger and better deposit by then as well. Might even be able to get a bigger mortgage on a bigger house that might suit you more.


The other issue is to consider, is that in an ideal world, you should be able to pay everything off 1 person's salary or at least get close to it, that sounds less likely right now, although we don't know that.

ethank

Princessinabox37 wrote: »

Can we get a mortgage where he's on the mortgage but we are both on the deeds...... Its a worry because I want the security but also don't want to be putting in or payin to run a house that I don't own as I've never owned my own property and have always rented... Can we do this and what lenders will allow this?

I don't think this is possible. In general, you can have more borrowers on the mortgage than owners on the deeds, but you cannot have more owners than borrowers.

This is because it would be more difficult for the charge to be registered at Land Registry and for lender to evict you for non payment.

HanPop

If the affordability is a problem because you are not working and then get classed as a dependent which knocks down what you can borrow then try NatWest. I am a stay at home mum and they were the only lender that worked for us because of this.

davidmcn

ethank wrote: »

This is because it would be more difficult for the charge to be registered at Land Registry and for lender to evict you for non payment.

Agreeing to the property being burdened by the charge, and accepting the obligation to repay the loan, are separate things. The charge cannot be registered unless all the owners sign it, but it is possible for only one of them (or even none of them) to be taking on the liability to repay the loan.

The question is, why would you want "your half" of the property to be at risk of repossession because somebody else has defaulted on their mortgage repayments? At least with a joint account you'd have the right to know what is going on, and if necessary step in to make up any arrears.