First time buying, need advice..

Lol

Hi there

Hoping some kind soul will be able to give me some advice on this. My situation is this.....
My partner and I are FTB, we've found a house we like and want to put an offer in for £130.000. The problem is my partner is self employed and has only two years of accounts. We have asked his accountant if he would do a projection for him as so far we have been going to the mortgage advisers with guesstimates based on his hourly rate. He earns between £25-£30K net per yr. The question I have though is essentially this..we have so far only discussed with the advisors about getting the mortgage in his name only. This is because I am on incapacity benefit and haven't thought it was worth mentioning as an income to them..but does anyone think I should? is there any chance it would make a difference to the mortgage offer? Or should I just continue doing as we have been and asking about one in his name only?
Any help much appreciated. x

Ember999

Lol wrote:

Hi there

Hoping some kind soul will be able to give me some advice on this. My situation is this.....
My partner and I are FTB, we've found a house we like and want to put an offer in for £130.000. The problem is my partner is self employed and has only two years of accounts. We have asked his accountant if he would do a projection for him as so far we have been going to the mortgage advisers with guesstimates based on his hourly rate. He earns between £25-£30K net per yr. The question I have though is essentially this..we have so far only discussed with the advisors about getting the mortgage in his name only. This is because I am on incapacity benefit and haven't thought it was worth mentioning as an income to them..but does anyone think I should? is there any chance it would make a difference to the mortgage offer? Or should I just continue doing as we have been and asking about one in his name only?
Any help much appreciated. x

Just because you are on incapacity benefit and not earning, doesn't mean you cannot go on the mortgage too! All it means is that you will be classed as non-working and the amount of mortgage you can get will be based on his income alone. I would advise against getting a mortgage in just your partners name as you will have no rights to the house whatsoever! Especially as you are not married (just assuming as you called him 'partner') and with the law not recognising co-habiting couples in England you would be in a poor position should your relationship break up. Basically, if house in 'his' name only, he could ask you to move out and there would be nothing you could do! Protect yourself, get the mortgage in both your names, regardless of your income. Your income does not matter.