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FTBs / Mortgage Question
fiwen30
Posts: 205 Forumite
Note: we’ve an appointment with a mortgage broker tomorrow, but just wanted to get some food for thought/googleable ideas before we go.
We’re an unmarried couple looking to buy our first house together.
My partner earns 25k before tax, and I’m currently looking for work. We’re looking for a property between 90-100k. Right now he has 4k towards a deposit and I have 8k. I’m expecting to receive an inheritance worth approx 12k by the end of the year. We’ll be looking at putting down about 15k total deposit, and taking out a mortgage of 65-85k, depending on the property we choose. His parents have offered to lend an additional 5k to cover fees.
Since my partner is the only one earning a salary right now, but I’ll be contributing 1/3rd-3/4ths of the deposit - should we be still looking at a joint mortgage, even though he will be the one paying 100% of the monthly payments for the foreseeable? Would it hurt or hinder our application if 1 partner was currently out of employment?
Any other questions to ask, or things to consider?
We’re an unmarried couple looking to buy our first house together.
My partner earns 25k before tax, and I’m currently looking for work. We’re looking for a property between 90-100k. Right now he has 4k towards a deposit and I have 8k. I’m expecting to receive an inheritance worth approx 12k by the end of the year. We’ll be looking at putting down about 15k total deposit, and taking out a mortgage of 65-85k, depending on the property we choose. His parents have offered to lend an additional 5k to cover fees.
Since my partner is the only one earning a salary right now, but I’ll be contributing 1/3rd-3/4ths of the deposit - should we be still looking at a joint mortgage, even though he will be the one paying 100% of the monthly payments for the foreseeable? Would it hurt or hinder our application if 1 partner was currently out of employment?
Any other questions to ask, or things to consider?
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Comments
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My wife doesn't work so I pay all the mortgage and they counted her PIP towards the application as joint income, but I don't think mortgage lenders are really fussed about where the money comes from as long as you can afford the repayments.0
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