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Minimum income for 2nd applicant?
se2020
Posts: 712 Forumite
Are there any minimum income requirements for a 2nd applicant on a mortgage?
Let's say my income would allow a mortgage of £300k and my partner was only earning £10k a year.
Could we get a joint mortgage for £345k?
How about I'd it was a 15yr loan?
I'm wondering if the 2nd applicant would automatically fail on the affordability checks as the annual mortgage repayment would be greater than the annual income?
Let's say my income would allow a mortgage of £300k and my partner was only earning £10k a year.
Could we get a joint mortgage for £345k?
How about I'd it was a 15yr loan?
I'm wondering if the 2nd applicant would automatically fail on the affordability checks as the annual mortgage repayment would be greater than the annual income?
0
Comments
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Both incomes are usually taken and there is no minimum for second.
Add and remove from lender affordability calculators to establish impact of second income on maximum borrowing power.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.3
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