Question about joint application sole proprieter mortgage

robinsonad86

Looking at potentially applying for a mortgage using the above method will my partners father. He is mid-50s retired but has plenty of savings, pensions and investments. Would he be able to apply and use these as his income? Just wondering as obviously it isn’t classed as  a wage

Edi81

No as it’s not income. 

What are you trying to achieve? Increase affordability?

robinsonad86

Yeah ideally it would be with my partner but he credit file won’t be in a decent place probably for another two years so was looking down that route as an option. Would a guarantor mortgage be any better?

kingstreet

Joint borrower, sole proprietor is a guarantor mortgage.

The income from savings, investments etc might be allowable. Take care, may lenders want a formal relationship between the borrowers. Metro Bank;-

"Additional borrower(s) are immediate family members. The definition of immediate family includes parents, grandparents, children, grandchildren, siblings. Adopted, in law, half, and step members are also included in the definition."

simon_or

I have had my broker look at this previously.

Savings capital is a no go but if you get large sums of regular interest payments then it's possible.

Dividends from investments can be used with some banks if they are regular.

Pensions being paid or drawn down can be used with some banks but not just a pot which can't be touched.

But for you you not only need all this but also a bank that will allow joint borrower sole owner. Speak to a solid broker to see what's possible.