Posting here as well as under property...
DH and I are looking at shared ownership and putting in an application for a place we've seen and we need to do this early this week. We're applying to the housing association as a couple with our joint income. However, the mortgage will have to go on my income only as DH recently went from a permanent job to contracting. His income is good and stable but doesn't fit the mortgage application process - adding his income and adding dates and length of his contracting etc actually brings the amount we can borrow down. In my name only, we can borrow enough, so that's fine.
However, the housing association has told us that our application to them and the mortgage need to 'match' - i.e. if our application to them is in two names, then our mortgage needs to be in two names too. And therein the problem lies. I can't apply for shared ownership alone as my income doesn't fit their affordability.
So, any advice please? Can we put DH on the mortgage but with no income listed? Would he then be classed as a 'dependent'? Or can his name go on, but with nothing to do with this income? Any and all advice appreciated! Thank you.
(I will of course talk to mortgage broker further if we get accepted onto the scheme and get the go ahead to proceed)