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chell | Can I include boyfriends income when applying for a mortgage? |
I am a first time buyer looking for a mortgage, my boyfriend is self employed and had some bad credit, can i apply for a mortgage which would include his income but not his name on mortgage? we don't think he will be accepted on a mortgage as the moment, so could he be classed as a lodger? my income alone will not be enough. |
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ben_m_g
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no if his name is not on the mortgage then he carn't contribute to the bills.
Unless you actualy put him down as a lodger then some companies will accept that. |
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Jody W
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no, to include his income you have to apply jointly, you will need to provide proof of income when you apply so they'll spot you fairly quickly! If you want to take in alodger you haev to get a different type of mortgage and proof of a different type of insurance which is more expensive, as a lodger his 'rent' would be considered your income but how would you prove it before hand?
I had exactly the same problem, I would advise doing what I did, get a family member as a co- owner (my dad owns about 5% of my house) but never ask them to pay for it adn sort the payments out between youa dn your boyf. |
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Bobbie Lee
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No, not unless he's on the mortgage as joint purchaser!!! |
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txcatwoman
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you should only put your income on the application if the house is to be in your name, maybe you should look at a less expensive house |
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davidcush2000
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talk to a mortgage broker that can look at the industry as a whole and not just part of it. Do not go to a Building Society. Be honest with them about your partner, they will find things out about him anyway, let them decide that it's a problem. The broker works for you and will be paid by the lender in most cases, but be prepared to pay for the services of a broker, they do work for it. There's a lot of lenders out there. |
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leanne c
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Only if you want his name on the mortgage as well. |
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Auntie Mame
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You can not include his income. However, I had a bank (many many years ago) accept that I was renting out 2 rooms in my first house. They let me include the rent I got as part of my total income. They might want to see a signed agreement (lease) that he will continue to rent for a few years if your income is marginal for the size of the loan.
I also agree with a previous answer, that a guy with bad credit is a not a good choice. |
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Saucy B Foxilicious
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Put his name down - they won't care as they have your good credit and can chase both or even just one of you should you fail to repay the mortgage.
He doesn't sound that good a catch with his bad credit rating. Sounds like he wants you to take all the responsibility. Dump him and get a more credit worthy model! |
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sarah n
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not unless he is on the mortgage as it is not guaranteed income. |
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Wobbly
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No, you can only include his income if he's going to be a party to the mortgage. What if he upped and left you? You wouldn't have his income then.
You might be surprised - we were in a similar situation a few years ago and we got a high street bank to give us a mortgage. Try it before you go for one of the less known, more expensive ones. |
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lily_evie
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Have you thought about a self-certified mortgage. this is where you self-certify your income. Risky business though if you yourself are not genuinely getting the income.
Companies will accept your boyfriend, trust me. Companies like G-Mac, Preferred, GE Money are all sub-prime lenders but the price you will pay is a higher interest rate.
My advice would be visit an IFA, tell them you want to do a joint mortgage. Get it on Interest Only and not fixed for more than 2 years. Once you have not defaulted on any mortgage payments for at least 12 months you will be able to switch mortgages and get a lower interest rate. |
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Timmy-Lee
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no |
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dubbleyu
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nope, it would have to be a joint apllication |
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alx
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If his name is not on a mortgage no.
If he didn't had a bad credit may he could be as a guarantor.(check with local legislation on that) |
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Henry R
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It can be done deppending on how your credit is. If you would like call me and I could discuss with you your opitions and possibly throw you some figures. I work for hayhurst mortgage and we are a direct lender but have many options for people in your situation. Call me at (305)672-0092 ask for Henry. |
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luddite
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Of course not. You'll have to apply jointly, but it's a big undertaking. I would think about it carefully. What if you split up? He would be entitled to half the house even if you paid the bulk of the mortgage. |
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