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Sole or joint mortgage when partnet not working

segrub
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Joined: March 6th, 2019, 3:10 pm

Sole or joint mortgage when partnet not working

#205989

Postby segrub » March 6th, 2019, 3:14 pm

Hi all.

Say my girlfriend and I wanted to buy a house. I am working full time, and she is not working.


From the point of view of getting a good rate and being accepted, which is better, a sole mortgage in my name, or a joint mortgage?

Thanks

DrBunsenHoneydew
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Re: Sole or joint mortgage when partnet not working

#206505

Postby DrBunsenHoneydew » March 8th, 2019, 3:26 pm

If she is going to be a joint owner on the Land Registry, she'll have be on the mortgage with most lenders. There is a way around it with a form called the "A2 indirect legal charge" and an additional form to waive the legal rights of the joint owner partner to keep living there in case of default by you, so they can then more easily re-possess. HSBC is the only big name to allow this I think.

melonfool
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Re: Sole or joint mortgage when partnet not working

#211701

Postby melonfool » March 31st, 2019, 5:21 pm

In terms of this question:

"From the point of view of getting a good rate and being accepted, which is better, a sole mortgage in my name, or a joint mortgage?"

I don't think it makes any difference. Mortgage co like the idea of having more than one person to chase if debt builds up. She has no income to take into account so they will still give the income multiplier on your income and both your affordability.

I guess her being included could affect the 'affordability' part of the criteria if you are supporting her but you'd have to declare that in your outgoings whether she was 'on the mortgage' or not.

PP is correct that if she is on the deeds she will need to be on the mortgage.

Santander put me down as a 'home maker' when I said I didn't want my income taken into account but needed to be on the mortgage as I was on the deeds - I was working, just self-employed and it was too complicated to get them to include me, it was a very small mortgage anyway so affordability was no issue.

Worth talking it through with a broker I think.

Mel


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