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just did some quick calculations and worked out that if i got a mortgage on my own i'd be loaned more than if me and my wife made a joint application. the numbers are based on suggestions on what the banks are lending at the moment... feel free to tell me i'm wrong and that i'd be given many thousands more to spend on bricks to store memories in 🙂
Well, you can apply as a couple but just use the multiplier on your income Philly. I assume the (lucky) mrs consequence might want her name on the deeds too?
EDIT: make an appointment to see a couple of indie mortgage advisors.
You can yes, mine's in my name.
Guess it depends on whether or not she is a "dependant" ??
We get married in 6 weeks time and will have four houses between us and three mortgages (all in individual names)......
so footflaps (yes, solely footflaps) is the reason why people like me can't get a house...
Yes, mine is in my name.
so footflaps (yes, solely footflaps) is the reason why people like me can't get a house...
I'm sure he'll sell you one.
No issues in getting a mortgage on your own. Unlikely that you'd be loaned more by applying as the sole applicant however as this calculation was based on the number of dependents under 18.
Application will take affordability into account - if the Mrs is non earning and a homemaker who is dependent on your income then it is unlikely you will be able to borrow more once they have assessed your circumstances. Though again this depends on the extent of the underwriting, mortgage value requested and the LTV ratio of the deal.
Definitely worth using a whole of market independent mortgage adviser to seek out the correct product for you.
This is going to be good ... 😈
[i] I assume the (lucky) mrs consequence might want her name on the deeds too?[/i]
If she ain't taking the risk on the mortgage, she ain't going on the deeds. Isn't that right Phil? 😉
lol i genuinely think mrsconsequence wouldn't mind not being on the deeds if we got loaned more! especially seeing as the whole marriage thing means she'd get half of it/all of it if i die/get caught cottaging.
the mrs is earning, but she made the mistake of chosing a job that helps people for the government so its fixed term contracts and not exactly well paid.
Phil, just get Lord Moneybags of Darcington to lend you the deposit. I heard he's minted.
In fairness the OH has been trying to sell one, but the last buyer pulled out as there has been some settlement, so it's now rented back out.
What fiendish economics are these?
* begins to lose faith in the banking sector *
footflaps i dont blame you (i do)
jamie - darcy wouldn't buy me a house, not after i posted *those* photos to his wife
camo -
par example:
lets say, 30k wage and a 17k wage coming into the house for simplicity of maths and its less typing.
individual mortgage with say, co-op: 4.25X 30k = 127,250moneyz based on the 30k main income above.
joint mortgage at an average 3.5:1 ratio using figures above - 3.5X30k + 20k = 122,000moneyz
its only 5k in it, but thats 5 goddamn k'z
😯
Incroyables.
All I can say is, those frightfully clever chaps in our banks must know what they're doing. 😉
Ah, I remember when we bought our first house...
* gets misty eyed at the man from the Bradford & Bingley who arranged the whole lot for £250. Leaves thread in tears. *
can you buy me a house? i'll send you *those photos*....
Just get Footlaps to lend you one for a bit. I hear he has loads....plus a fallout shelter in the garden.
What exactly is in
???*those photos*
I'll need a couple upfront before I make my decision. 😉
No issues in getting a mortgage on your own. Unlikely that you'd be loaned more by applying as the sole applicant however as this calculation was based on the number of dependents under 18.
Application will take affordability into account - if the Mrs is non earning and a homemaker who is dependent on your income then it is unlikely you will be able to borrow more once they have assessed your circumstances.
Not true
My wife hasn't been self employed for 3 years yet so in a joint application they wouldn't consider her income at all, but did take into account her credit card debt (she is currently managing this on zero percent transfers whilst putting money aside in savings accounts and in 6 months time it will all be paid off)
As a single applicant they didn't consider anything of wife's finances and where willing to lend me nearly twice as much as if we applied jointly
This was last month with Nationwide it was all approved 2 weeks ago
Phil's * those photos * #1:
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