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affordibility! please help! x
Pepper07
Posts: 50 Forumite
hi everybody
your advice would be really appreciated
my partner is getting a shared ownership in his name solely (my past credit wasn't great so i can't get a mortgage at the mo) his details are:
income £16600 plus £400 profit share
therefore net £1114 per month
bills totalling: £496
rent and mortgage:£395
i earn net £1156 which will cover all the bills but will the mortgage company look at my partners earnings and say he can't afford the mortgage because i am not named on the mortgage but i pay the bills? will i get a chance to explain because his mortgage application with nationwide has taken it to the underwriters?
your advice would be really appreciated
my partner is getting a shared ownership in his name solely (my past credit wasn't great so i can't get a mortgage at the mo) his details are:
income £16600 plus £400 profit share
therefore net £1114 per month
bills totalling: £496
rent and mortgage:£395
i earn net £1156 which will cover all the bills but will the mortgage company look at my partners earnings and say he can't afford the mortgage because i am not named on the mortgage but i pay the bills? will i get a chance to explain because his mortgage application with nationwide has taken it to the underwriters?
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Comments
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probably..............
you haven't said what the purchase price is?
You won't get a chance to explain anything, as far as Nationwide are concerned its nothing to do with you, in fact they may require you to sign a waiver against any claim on the house."You've been reading SOS when it's just your clock reading 5:05 "0 -
the house price is £135000, our share is £33750 we are paying a 15% deposit so would be borrowing about £29k
are Leeds Building Society a bit understanding as he has been accepted in principle with them but the deposit is 20%?
thanks for your advice0 -
will my fiance get chance to explain?0
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Pepper on your thread on the selling board you say you are married but above you talk about your fiance???? Did you forget the wedding?"You've been reading SOS when it's just your clock reading 5:05 "0
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sorry meant we are getting married - we get married on 3rd Jan still call him my hubby already though
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any advice to put my mind at rest would be really appreciated from anyone...x0
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I thought you were going to try not to worry about this?
Is it Nationwide or Leeds?
If it is Nationwide he will need to absolutely perfect credit history.
Nationwide have an affordability calculator you can look at.
http://www.nationwide.co.uk/mortgages/usefulinformation/calculators/howmuchborrowing.htm
You already know that I think that the unsecured credit is high and affordability is close.
Who are you putting the application in with? Are you using a broker?I am a Mortgage Adviser
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.0 -
yes i'm trying to but the leeds thing happened today....
he applied for leeds but then they came back saying they need 20% and we have 10% is there anywhere else you would suggest trying? what are abbey like to deal with?0 -
From the Office of Fair Trading 30th July 2009.
Quote:
http://www.oft.gov.uk/news/press/2009/93-09The draft guidance identifies types of policies and procedures that the OFT would expect lenders to put into practice. These include:
Ensuring all key information provided to prospective borrowers is clear and easily understandable and properly explained to them.
Assessing a prospective borrower's ability, in the context of their overall financial circumstances, to afford to meet repayments in a sustainable manner.
Dealing with borrowers in default or arrears in a fair and proportionate manner, seeking to repossess a borrower's property only as a last resort.0 -
OP you say earlier that you are paying a 15% deposit.
But here you say 10%
he applied for leeds but then they came back saying they need 20% and we have 10% is there anywhere else you would suggest trying? what are abbey like to deal with?
Why have Leeds decided that they need 20% as their minimum on a shared ownership is 10%??
Why exactly is your credit history so bad that you feel that your name can't be on an application?
Making random applications to different lenders is going to do nothing but reduce your partner's credit score.
If you haven't already sort independent mortgage advice from a whole of market broker I would say that in your case in would be a very good idea.I am a Mortgage Adviser
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.0
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