Joint mortgage but 1 income, possible? What’s the process?

Liyana89

I’m wanting to apply for a mortgage, joint with my partner. 

However I don’t have an income. I’ve got majority of the deposit though. 

He’s got a steady income, and employment history and some of the deposit. I have a few questions: 

1. I’m wondering if we are able to apply and be accepted for a joint mortgage, based on his job and income. 

2. If so, I’m wondering if lenders would then be okay with me and my parents providing most of the deposit.

3. I’m wondering what type of paperwork I will need to provide from MY side if we were to get a joint mortgage based solely on his income. (I’m wondering this as I have no idea where my p60, p45 or anything alike is...just want to be prepared of what would be required from me)

I’d be so grateful for advise and replies. 

Thanks a lot!

kingstreet

Yes. Subject to affordability.

Yes. Your parents will need to provide lender-specific gifted deposit documentation.

Nothing. This is no different to a case where you have one earner and a housperson raising the kids.

Liyana89

Hi just to ask again and to be clear, they wouldn’t ask me for any type of paperwork at all? (Asking again cause I rather be prepared)

ACG

It would be a joint application.
Your income goes down as £0. 

No need to over think it. 

You may need to provide Bank statements and proof of deposit (assuming your savings are in a savings account rather than bank account) and potentially ID. 

Liyana89

Hi @ACG thanks for your reply. 

Sorry just to ask, and this is actually just out of curiosity as I’m trying to learn about this process, why would they ask me for my banks statements? (If I don’t have any income) what would they check? Also how many months worth?

also A final question, usually a person can borrow 4.5 x the amount of their salary. Would it be less in our case (depending on my partners salary) when I don’t have an income?

ACG

Lenders check bank statements for a variety of things:
Are you bouncing Direct debits,
Are you living in your overdraft, if so will this new mortgage be more than your current outgoings? 
do you gamble excessively,
Have you taken any pay day loans,
Are there any undeclared commitments coming out. 
Those are a few off the top of my head. 

It is difficult to say how much you can get, you can check the lenders affordability calculators. I imagine (I am assuming you were born in 89) if you are kid and debt free, you should still be able to get around 4.5x income. 

If you have kids or debt (or both) or your partner is a bit older than you, then you will start to see the 4.5x come down. 

Liyana89

Thanks a lot! @ACG And just a last question. How many months worth bank statements would they ask for?