New mortgage 11 March at 5:14PM in Mortgages & endowments 6 replies 337 views

RRLOC88

H all,

Newbie here looking for advice.

So I currently have my own mortgage. I owe 82k and house is valued between 150-165 currently. 

I have just under 2 years left on my mortgage and when I bought this house 3 years ago I worked full time and so did my partner. Since then we have got an amazing little boy but we'd like to move to somewhere bigger. However I have an issue.... 

I only work part time now earning approx 700 a month and my partner earns the money about 2700. My partner is in a protected trust deed so he can get credit.

Can I get a mortgage but declare is wage as 2nd income as he pays  for everything just now bar the mortgage which is from my account. 

Just looking for some help info on next steps. Probably wanting to borrow like an extra 40 k so I owed 120 not 80 on a mortgage

Thanks everyone in advance 

R X

Nailer99

The next step for you is that you should talk to a mortgage broker and run them through all the details of your finances. They'll then be able to advise on how much you can borrow.

Roughly speaking, a couple can usually borrow around 4 to 5 times their annual income, so for you that would be around 160 to 200,000 if the earnings figures you've given are before tax.

I don't understand what you mean by "declare is wage as 2nd income", but don't try to play tricks on the bank. You have to be honest about your situation.

RRLOC88

I'm not trying to play tricks. I earn approx 8k a year and my partner approx 40 pre tax. I am asking as I wasn't sure If i could use his wage on a single mortgage application? I'm only putting it out there to see if it's possible 

Edi81

You can’t use his income if he’s not on the mortgage. 

RRLOC88

Edi81 said:

You can’t use his income if he’s not on the mortgage. 

Thanks that's what I wanted to confirm. But of a shame but hey ho that's life 

Sncjw

Why don't you want him on the mortgage? 

RRLOC88

Sncjw said:

Why don't you want him on the mortgage? 

Its not that I don't I can't. As he's in a Scottish trust deed he cannot get credit anywhere until 2025/26. 

I wanted to use his income as leverage for me to get a bigger mortgage but I doubt it's a possibility