Mortgage nightmare - No proof of income for my partner

helen_dui

Our situation is awkward - we are very interested in purchasing a 50% share in a shared ownership property to the value of £61,500 (half the value of the property). Myself and my partner were both made redundant some months ago, and although I now have proof of earnings since March, my partner has been freelancing (with the remittance advice to prove this) and is now working on a temporary basis for a Council.
Most mortgage lenders have said that I would need to put the entire mortgage in my name, but as a relatively low earner (£14,00 per annum) there is no way I could be awarded a mortgage large enough to cover the cost of the property.
The thing is, the amount I figure we would be spending on a mortgage is approximately what we pay now in rent every month and have done for four years. We have never struggled to pay our rent even when made redundant, and it seems silly to not be offered any kind of mortgage when finances of this sort of level have never been a problem.
The only sticking block seems to be my partner's employment and him not being able to be included, but as he would be contributing to any mortgage repayments is there any way that you think we might be able to offer gt a mortgage form somewhere?

I'd leave it til we are in a better situation but these properties are like gold dust around here and it may be years before another scheme like this becomes available.

Please help!!

herbiesjp

I think there may well be a few lenders that will look at this for in the high street - not sure on who you have spoken to.

Do either of you have any other financial commitments at the moment i.e cards/loans etc?

helen_dui

We both have student loans but they just come out of our wages, and at the moment i am making n payments at all, previously I paid less than £15 a month. Other than that no debts at all. I have spoken to Abbey, C&G and The West Bromwich among others. They all say it has to just come from my wage, but even with 4 times my own wage it isn't enough, plus they reduce the amount taking into consideration the rental you would have to pay. So basically it's been hell and I am fast losing all hope.
Any advice you could throw our way would be a great help.
Thanks

daffynspacegirl

I was in almost the same boat... I'm a self employed artist and my better half is a nurse. Lenders wouldn't even acknowledge me, after a bit of searching (in a panic) we ended up getting a mortgage from Northern Rock. They (and a few others) offer 100% mortgage, you pay for it over the long run. have you looked at http://www.channel4.com/4homes/ ? There maybe helpfull advise there.

helen_dui

Thanks I'll take a look.

cedge

Northern Rock have allowed us to get 5 times our salary for a mortgage that would be fine for you. You may need to go through a free IFA though to get this much.

riabie

My partner and I are in more or less the same position - he is a steady job earning 17k and I am a supply teacher (trying very hard for permanent work!!).I earn around £1000 a month through supply, I have been renting for 4 years and have never failed to miss a payment. We both have student loans, a loan of £5,000 and a credit card with £500 on it (aiming to pay it off before xmas). We would love to get our feet on the first rung of the property ladder but feel without me having a steady job its impossible - any advice would be greatly appreciated too!!

helen_dui

Cedge, you say Northern Rock allowed you 5 times your wage - is that 5 times your joint wage? Are repayments not horribly high on this sort of amount?

Hugh_Janus

Northern Rock will lend up to 5.4 JOINT income in some circumstances - Joint earnings need to be in excess of 100k though !

N Rock are no good to Helen - as they don't do Shared Ownership. I usually try Abbey, but as you've failed there ........................ there is a company called CHL (crap rates and admin) that may help you - but you'd need to see a broker.

Riabie - If you've got a decent track record of supply teaching - say 12 months of regular work, a number of lenders would have a sympathetic ear towards your case.... or try whoever you bank with - Nat West & TSB (C&G) are usually pretty helfull to their own customers