Mortgage help

[Yorkymidge]

Hi, not sure i’m in the right place here but i’ll ask anyway.

We are a couple in our late 20’s, been together 7 years, have 1 child and i am pregnant with our 2nd.
We have always rented, however are wanting to move area due to schools and would prefer to buy but are complete novices. I am a stay at home mum, so don’t bring in any income. My partner is on £28k annually, so our mortgage offer would be i believe no more than £125k. When i worked before my child, i saved up £10k and have half of this in a help to buy ISA and half in another savings account, my partner has £5k also saved half help to buy, half savings. Due to a family berevement i have another £5k meaning we have a total of £20k for a deposit. However, when we have done online mortgage calculators, it says my partner could get £125k mortgage on his own, OR only around £76k if i was to be on it too, i’m presuming due to me being unemployed. I would like to protect my £15k deposit if the worst was to happen, that was a clause in my family members will too when i recieved the money (unlikely but don’t want to be stupid) Is there any way that i can protected my money whilst not being on a mortgage? Or is it likely that i COULD be on the mortgage and we recieve the £125k instead of £76k?

Thanks for your help ☺️

Hi @Yorkymidge, we're just giving your thread a bump in case anyone's able to answer your query.

Presum benefits too?
They would be considered by some lenders

Pop in to a broker tomorrow
Nothing to lose

It's probably best to get some qualified advice from a mortgage broker about your financial options then a solicitor about the legalities. Your partner will be able to get between 4.49 and 4.75 times his income depending on which lender you use. On his own he is a single applicant but adding you to the mortgage would mean he then has a dependant with no income so will mean he can borrow less. You can sometimes go on the property ownership without being on the mortgage but that has risks for example if he doesnt pay the mortgage you could lose the money you have in the house. A solicitor will be able to advise regarding that.

@Toanewstart22 no benefits but yes you’re right, nothing to lose 😊
@tootiredtospeak ah i see, i never considered myself as a “dependent” that will explain the shortfall, is this always the case or just sometimes? Thanks!

If you are an adult living in a partnership with no income then your dependent on his income. So always some companies will accept benefits though a good broker will know who does and who doesnt.

Does anyone have any knowledge on what @tootiredtospeak says about being on the property ownership without being on the mortgage? Thanks for your help 😊

Most lenders will not allow you to be on the title of not on mortgage

Tbh I don't see why there's a difference in what they'll lend unless the mortgage application is fraudulent and they're not going to put that your dp is having to support you and your child?

Could you get any kind of a part time job?

I wasn't on my first mortgage as I wasn't in permanent work and we were in a hurry but we had a wedding booked for the summer which meant I d have that protection.

@user1487194234

Most lenders will not allow you to be on the title of not on mortgage

You absolutely HAVE to be on the deeds to be on the mortgage

Are you able to get a job? Even evenings or weekends if you cant afford childcare? Can you buy anywhere for £135k (don't forget you'll have fees etc to pay out of your deposit)?

@Toanewstart22 not true. There are a very few lenders that will do joint borrower sole proprietor, but not the other way round.

@Yorkymidge do you get child benefit/UC anything at all? I'll be honest your best bet is a whole of market broker. If nothing unusual (debt, adverse) L&C are free. Anything else I'd look maybe Coreco/Trussle (I don't work for them, but I do work in the industry)

@alwayswrighty

Read my post

For a bank to lend money to someone for a mortgage, they have to have an insurable interest in the property. And that insureable interest is proved by being on the deeds.
Fact

Sorry to say but it is extremely risky being a SAHM without being married and house purchase in partners name

I work for a high street lender a big one and can assure you that you can be on the deeds and not on the mortgage it's called an indirect charge although not everyone does it as there are risks involved. You can also be on a mortgage with no income alongside someone who does earn. Speak to a broker it really is the best option.

Agree with @tootiredtospeak - you can also register a matrimonial home rights.

@Toanewstart22 joint borrower sole proprietor. The joint borrower has responsibility for the debt, but they don't have any ownership of the property and won't be listed on the deeds (sole proprietor). This also means they won't have any stamp duty implications.

Google it. Although this is from my memory banks, it is a fact.

I dont get the argument as this would be joint deeds sole mortgage in just his name so they could borrow more. But as the lender may insist on having you on as a dependent anyway it might be better to just do joint joint. Please just dont put money in as a gifted deposit without being on either the deeds or mortgage or you will kiss your money goodbye if you split and he isnt decent about it.

@tootiredtospeak

I was just referring to an off topic discussion. Sorry OP I agree with above. You do really need something but some lenders will allow you to be joint borrower even without income. As tootiredtospeak said you need a good broker