Can I go onto my partners mortgage with no declarable income?

invisibility

This sounds like an obvious question but I'm putting in a third of the value of my partners house to help pay off the mortgage but my income is 100% bursaries and grants which they don't take into account. When I rang up his existing lender (halifax) they said no. But I'm so confused. My solicitor said in order to do a transfer of equity for my share that I am essentially buying I need to be added to the mortgage. His current mortgage is something like 120k and we will be only asking 25k as a couple as we are putting in a lump sum of 95k between us when his fixed term ends in Jan. He covered the original one on his own so I don't know why my income is necessary for one as small as we are asking. Was the Halifax lady wrong? Or is it essential I have an income? How do I buy into my partners house without being on it then? I've been trying to do this for months now and keep getting so much mixed advice I don't even know who is correct anymore.

Meh123

I’d assume that when he remortgages you’d just need to be on that mortgage application and go through the entire process as a couple. 

I think that before a lender can add you onto a mortgage you’d have to be assessed affordability/credit wise as a couple, it’s not uncommon for one person in a relationship not be working due to childcare/ill health etc so I think it’s just a case of going through the normal process as a joint application.
Definitely speak with a broker though, as what I’m saying is just what makes sense in my own head and not professional advise!! Haha

Thrugelmir

You cannot be added to an existing mortgage. You need to apply as a couple with a fresh application. Does your partners income support a £25k mortgage? 

invisibility

Thrugelmir said:

You cannot be added to an existing mortgage. You need to apply as a couple with a fresh application. Does your partners income support a £25k mortgage? 

Yes his income supported the original 140k mortgage. 

My mortgage advisor said the total opposite, he said that a remortgage would be the worst thing for us to do. When you say a fresh application is that the same thing as a remortgage? I am a first time buyer and the mortgage stuff totally confuses me. I think it is different isn't it? But yeah I'm sure that's what we are doing next week. But that's what I wondered - if I'm allowed on the new application without income but it seems the answer is yes and Halifax just misinformed me.

Thank you for your reply. 

invisibility

Meh123 said:

I’d assume that when he remortgages you’d just need to be on that mortgage application and go through the entire process as a couple. 

I think that before a lender can add you onto a mortgage you’d have to be assessed affordability/credit wise as a couple, it’s not uncommon for one person in a relationship not be working due to childcare/ill health etc so I think it’s just a case of going through the normal process as a joint application.
Definitely speak with a broker though, as what I’m saying is just what makes sense in my own head and not professional advise!! Haha

Ah okay so affordability is assessed as a couple rather than two individuals? That will be fine then.

Our mortgage adviser told us not to remortgage though. He said the fees wouldn't make sense for the sake of 25k which we will pay off quickly so we plan to stay with the same lender just on a new fixed rate when his ends in Jan. 

I'm a first time buyer so it's all very new to me. 

Meh123

invisibility said:

Ah okay so affordability is assessed as a couple rather than two individuals? That will be fine then.

Our mortgage adviser told us not to remortgage though. He said the fees wouldn't make sense for the sake of 25k which we will pay off quickly so we plan to stay with the same lender just on a new fixed rate when his ends in Jan. 

I'm a first time buyer so it's all very new to me. 

Yes, it’s just a case of getting a joint mortgage application in and being assessed as a couple I think! 

I’m pretty sure that come Jan if he’s going for a new rate then you have to put in a full on application again (which I THINK is where you’d then join him).

If when you called his lender you asked if you could pay off some of the mortgage and be added to the mortgage, then they were right to say no. However they could/should have explained what you needed to do!! No wonder you were confused!!

invisibility

Meh123 said:

invisibility said:

Ah okay so affordability is assessed as a couple rather than two individuals? That will be fine then.

Our mortgage adviser told us not to remortgage though. He said the fees wouldn't make sense for the sake of 25k which we will pay off quickly so we plan to stay with the same lender just on a new fixed rate when his ends in Jan. 

I'm a first time buyer so it's all very new to me. 

Yes, it’s just a case of getting a joint mortgage application in and being assessed as a couple I think! 

I’m pretty sure that come Jan if he’s going for a new rate then you have to put in a full on application again (which I THINK is where you’d then join him).

If when you called his lender you asked if you could pay off some of the mortgage and be added to the mortgage, then they were right to say no. However they could/should have explained what you needed to do!! No wonder you were confused!!

When I called them I didn't say can I be added and pay some off. I told them I know the fixed rate only ends in Jan so we were just asking ahead how to get me added and then were told no haha. But then my solicitor was so confused and told me to check, hence my confusion.

Yeah my solicitor said something like doing a new application at the end of a fixed rate isn't the same as a total remortgage from their end. She said if I did it as a remortgage it would cost me £800 more and I'd have to have another valuation or something. But if we do a new application she said that isn't needed and I don't get charged the extra fee. I don't understand the differences myself, I'm just trying to find the cheapest and easiest way really! My mortgage advisor said as well that it's not a remortgage as such. I mean we aren't shopping around or switching lenders, maybe that changes a lot. 

But oh well I seem to have my answer and after some meetings next week we should we getting the ball rolling I think.

I feel naive for not foreseeing how complicated it all is! Every time we both think we have it planned someone mentions something which changes our original plan haha.