Joint mortgage, but 1 person isn't working

walsher

myself and my parent want a joint application for a shared ownership home. I could afford a house we want on my wage but for paperwork reasons it would be better for us both to be on it for future. But my parent was unfortunately made redundant earlier this year after a very solid employment history previous to that. Due to this covid-19 situation it hasn't been able to change, but will hopefully get a job soon and able to contribute to the mortgage. So my question is, if we could have a joint mortgage but my parent (single) income would be £0 for the application and mine would be a wage enough for the share of shared ownership (as it would be as if on single mortgage). Does anyone know about this? I've heard about it being done for stay at home mums, could the same apply? 

Thrugelmir

Your parent would be deemed to be financially dependent on you. This will impact affordability.

anxioussquirrel

Thrugelmir said:

Your parent would be deemed to be financially dependent on you. This will impact affordability.

Really? I'm furloughed and I wanted to make sure we would get the mortgage even if the bank didn't count on my income so I filled in their affordability calculator on my partner's income as a single applicant and the second time as a joint application but with zero income on mine and it gave us a higher loan amount the second time as a joint application. Are online calculators not reflecting the bank's thinking? Don't make me worried now.... 

Thrugelmir

If the other applicant has no income (of any kind). What do they propose to live on?  This will be the basis of mortgage lenders thinking when setting criteria. 

anxioussquirrel

Thrugelmir said:

If the other applicant has no income (of any kind). What do they propose to live on?  This will be the basis of mortgage lenders thinking when setting criteria. 

The main applicant's wages? If they cover the mortgage and reasonable living costs for both of them? 

haras_n0sirrah

Hi - I am a shared ownership mortgage specialist and do financial assessments for housing associations
If it is a joint application then that is fine and the second applicant if not earning would be put down as £0. This would mean that their outgoings are added onto the main applicants outgoings so it would reduce affordability but if you can still borrow enough then it doesn't matter too much.