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  • FIRST POST
    • XEO25
    • By XEO25 6th Jul 18, 3:02 PM
    • 103Posts
    • 33Thanks
    XEO25
    FTB mortgage application - employed by partners business
    • #1
    • 6th Jul 18, 3:02 PM
    FTB mortgage application - employed by partners business 6th Jul 18 at 3:02 PM
    Hello

    I've searched MSE / Google for an answer on this but was unable to find anything.

    My partner is looking to apply for a FTB mortgage. She has been in her current job, earning 35k, for 10 months, working for my business as a normal employee. She doesn't have share options or anything like that, she's just an employee (and it's her actual job, 9-5, Mon - Fri), and of course has bank statements to show the regular monthly salary from the last 10 months.

    Would the fact that she works for her partners business have a negative impact on her mortgage application? Does she have to declare her employer is her partner?

    Thanks very much to anyone who can advise.
Page 1
    • ACG
    • By ACG 6th Jul 18, 3:06 PM
    • 17,488 Posts
    • 9,296 Thanks
    ACG
    • #2
    • 6th Jul 18, 3:06 PM
    • #2
    • 6th Jul 18, 3:06 PM
    Are you going on the Mortgage?
    If not, should be fine - although some lenders do ask if you work for a family members business (I am not sure how they would expect partner to be declared in such a scenario).

    If a joint application, some lenders will be fussier than others. Some will not care at all.
    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.
    • XEO25
    • By XEO25 6th Jul 18, 3:11 PM
    • 103 Posts
    • 33 Thanks
    XEO25
    • #3
    • 6th Jul 18, 3:11 PM
    • #3
    • 6th Jul 18, 3:11 PM
    Are you going on the Mortgage?
    If not, should be fine - although some lenders do ask if you work for a family members business (I am not sure how they would expect partner to be declared in such a scenario).

    If a joint application, some lenders will be fussier than others. Some will not care at all.
    Originally posted by ACG
    Thanks very much for the quick response. No, I will not be on the application, it will be single application in my partners name.
    • kingstreet
    • By kingstreet 6th Jul 18, 3:19 PM
    • 34,101 Posts
    • 18,503 Thanks
    kingstreet
    • #4
    • 6th Jul 18, 3:19 PM
    • #4
    • 6th Jul 18, 3:19 PM
    Will you be residing in the property?

    Will you be contributing to the deposit?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • XEO25
    • By XEO25 6th Jul 18, 10:59 PM
    • 103 Posts
    • 33 Thanks
    XEO25
    • #5
    • 6th Jul 18, 10:59 PM
    • #5
    • 6th Jul 18, 10:59 PM
    Will you be residing in the property?

    Will you be contributing to the deposit?
    Originally posted by kingstreet
    Yes, I'll be living in the house.

    No, she has her own deposit.

    Is this likely to be an issue?

    Thanks
    • ACG
    • By ACG 7th Jul 18, 9:07 AM
    • 17,488 Posts
    • 9,296 Thanks
    ACG
    • #6
    • 7th Jul 18, 9:07 AM
    • #6
    • 7th Jul 18, 9:07 AM
    Probably not, but best to run it by the lender before applying.

    Whenever I see a new customer, we complete a "factfind" this factfind contains all of the information to make an application. As I go through this form, if there is anything that could cause a problem, I write it down. Then when doing the research with the lenders, I run through the list of issues.

    I find it a good way to ensure applications are not going to get declined. This is one of things which is easy enough to overcome but worth checking.
    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.
    • amnblog
    • By amnblog 7th Jul 18, 9:54 AM
    • 10,733 Posts
    • 4,257 Thanks
    amnblog
    • #7
    • 7th Jul 18, 9:54 AM
    • #7
    • 7th Jul 18, 9:54 AM
    Expect the Lender to want to see the business accounts and your partners payslips and bank statements.

    They will want to establish that the employment is genuine.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • kingstreet
    • By kingstreet 7th Jul 18, 10:04 AM
    • 34,101 Posts
    • 18,503 Thanks
    kingstreet
    • #8
    • 7th Jul 18, 10:04 AM
    • #8
    • 7th Jul 18, 10:04 AM
    Expect the Lender to want to see the business accounts and your partners payslips and bank statements.

    They will want to establish that the employment is genuine.
    Originally posted by amnblog
    Possibly letter from Accountant to confirm her income is sustainable?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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