Saving for/Buying a house as a couple with only one income?

Seven_of_9

Just starting out on our deposit saving journey so still trying to get my head around it all. 

My husband is a stay at home dad so not currently earning.

We are able to save 400/500 per month. 

Would it be best to save in my Help to buy ISA or open a LISA in my name seen as we can save more than £200 per month? Also should he open one too and we can split the savings so we can get double government bonus? 

The MSE mortgage calculators seem to think we would be able to borrow more money based on a single applicant than a double (as his earnings are currently 0)? Would he still be able to contribute to the deposit and get the government bonus even if he's not on the mortgage? Would a mortgage company accept this? Or should I just keep all the savings in my name?

Any advice would be greatly appreciated!! 

penguineater

You are better off with a LISA as you can save more per month like you said and they offer the same 25% bonus.

Also you are free to pay into a LISA whenever you like, for example you could put £4,000 in one go where as HTB is £200 per month, if you miss a month then tough luck.

https://www.moneysavingexpert.com/savings/lifetime-isas/

I'm pretty sure your husband can't get the bonus if he isn't on the mortgage but you may want to look into this.

I'd put the money in your own LISA if you are the only one taking the mortgage out although are you sure that is best?

You can transfer from your HTB to LISA as long as you don't go over your yearly LISA deposits.

[Deleted User]

Seven_of_9 said:

Just starting out on our deposit saving journey so still trying to get my head around it all. 

My husband is a stay at home dad so not currently earning.

We are able to save 400/500 per month. 

Would it be best to save in my Help to buy ISA or open a LISA in my name seen as we can save more than £200 per month? Also should he open one too and we can split the savings so we can get double government bonus? 

The MSE mortgage calculators seem to think we would be able to borrow more money based on a single applicant than a double (as his earnings are currently 0)? Would he still be able to contribute to the deposit and get the government bonus even if he's not on the mortgage? Would a mortgage company accept this? Or should I just keep all the savings in my name?

Any advice would be greatly appreciated!! 

Most, if not all, mortgage lenders will have an issue with someone contributing to the deposit, living in the property but not being party to the mortgage.  Some mortgage lenders will have an issue with just one spouse being named on the mortgage so before you go any further engage a mortgage broker to discuss your options.  

If your husband isn't party to the mortgage I don't think he will be able to claim his LISA bonus.

Dancer11

Lover_of_Lycra said:

Seven_of_9 said:

Just starting out on our deposit saving journey so still trying to get my head around it all. 

My husband is a stay at home dad so not currently earning.

We are able to save 400/500 per month. 

Would it be best to save in my Help to buy ISA or open a LISA in my name seen as we can save more than £200 per month? Also should he open one too and we can split the savings so we can get double government bonus? 

The MSE mortgage calculators seem to think we would be able to borrow more money based on a single applicant than a double (as his earnings are currently 0)? Would he still be able to contribute to the deposit and get the government bonus even if he's not on the mortgage? Would a mortgage company accept this? Or should I just keep all the savings in my name?

Any advice would be greatly appreciated!! 

Most, if not all, mortgage lenders will have an issue with someone contributing to the deposit, living in the property but not being party to the mortgage.  Some mortgage lenders will have an issue with just one spouse being named on the mortgage

Just my experience, but I’m about to complete at the end of the month on a purchase with the mortgage in my name only. 

My husband has also put in 3/4 of the deposit and my lender has had no issues with it. From application to offer in 9 days, with no questions asked. 

Just wanted to say it is possible. 

MovingForwards

Dancer11 said:

Lover_of_Lycra said:

Seven_of_9 said:

Just starting out on our deposit saving journey so still trying to get my head around it all. 

My husband is a stay at home dad so not currently earning.

We are able to save 400/500 per month. 

Would it be best to save in my Help to buy ISA or open a LISA in my name seen as we can save more than £200 per month? Also should he open one too and we can split the savings so we can get double government bonus? 

The MSE mortgage calculators seem to think we would be able to borrow more money based on a single applicant than a double (as his earnings are currently 0)? Would he still be able to contribute to the deposit and get the government bonus even if he's not on the mortgage? Would a mortgage company accept this? Or should I just keep all the savings in my name?

Any advice would be greatly appreciated!! 

Most, if not all, mortgage lenders will have an issue with someone contributing to the deposit, living in the property but not being party to the mortgage.  Some mortgage lenders will have an issue with just one spouse being named on the mortgage

Just my experience, but I’m about to complete at the end of the month on a purchase with the mortgage in my name only. 

My husband has also put in 3/4 of the deposit and my lender has had no issues with it. From application to offer in 9 days, with no questions asked. 

Just wanted to say it is possible. 

Your husband also works and has a good income, OPs husband isn't working as he looks after the kids.

Dancer11

MovingForwards said:

Dancer11 said:

Lover_of_Lycra said:

Seven_of_9 said:

Just starting out on our deposit saving journey so still trying to get my head around it all. 

My husband is a stay at home dad so not currently earning.

We are able to save 400/500 per month. 

Would it be best to save in my Help to buy ISA or open a LISA in my name seen as we can save more than £200 per month? Also should he open one too and we can split the savings so we can get double government bonus? 

The MSE mortgage calculators seem to think we would be able to borrow more money based on a single applicant than a double (as his earnings are currently 0)? Would he still be able to contribute to the deposit and get the government bonus even if he's not on the mortgage? Would a mortgage company accept this? Or should I just keep all the savings in my name?

Any advice would be greatly appreciated!! 

Most, if not all, mortgage lenders will have an issue with someone contributing to the deposit, living in the property but not being party to the mortgage.  Some mortgage lenders will have an issue with just one spouse being named on the mortgage

Just my experience, but I’m about to complete at the end of the month on a purchase with the mortgage in my name only. 

My husband has also put in 3/4 of the deposit and my lender has had no issues with it. From application to offer in 9 days, with no questions asked. 

Just wanted to say it is possible. 

Your husband also works and has a good income, OPs husband isn't working as he looks after the kids.

Yes he does work, but I wasn’t asked the question of whether he did or not, and they didn’t ask about his earnings or outgoings? 

Maybe our broker, who didn’t ask for his figures either, let them know though that he is in full time employment...

Sorry if I’ve given misleading info, just have seen a few posts stating it’s very unlikely to get a mortgage with only one spouse named, but, depending on the situation, it is possible.