My partner and I are looking to buy a house in the next year. Our deposit will be 25k.
I'm self-employed, he has a steady job, but also an IVA, that only just started.
I know getting a mortgage is going to be really hard - probably will only get it in my name for now. But as I'm self-employed, I was wondering if it would make it easier if we tell potential lenders that my partner will be paying half, but isn't going to own the house? As his income is more steady than mine...
Lenders are very wary of adults in a house that are not in the mortgage and on the deeds and will, often, get them to sign a confirmation that they will not seek any interest in the house. Him paying towards the mortgage could, in the eyes of any court, give him such an interest. It would be far simpler if he is not mentioned, although this could reduce your lending ability.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Mon Feb 08, 2021 5:47 pmFoggy wrote:
Lenders are very wary of adults in a house that are not in the mortgage and on the deeds and will, often, get them to sign a confirmation that they will not seek any interest in the house. Him paying towards the mortgage could, in the eyes of any court, give him such an interest. It would be far simpler if he is not mentioned, although this could reduce your lending ability.
He wouldn't be on the deed of the house either - I know that this is harder. I would basically tell the bank he's renting a room. Would that make it easier for me to get a mortgage?
I would suggest a chat with Ryan or Shaun regarding the possibilities. They are both brokers with great knowledge and experience of adverse credit. Their details can be found on their profile pages here:
I agree with foggy you need some specialised advice on this due to the circumstances.
I have used to Ryan's team in the past and had excellent support with various situations.
Lots of other forum members have used both Ryan and Shaun too.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You really do need to make plans soon if you are looking to buy next year, as being self employed and getting a mortgage is more complex than normal.
Lenders will not allow you to buy a house and rent a room out, so this would not work. None of his income can be taken in to account unless he goes on the mortgage.
Without knowing all your circumstances, income/expenditure it is difficult to advise you. Happy to look in to this if you want to get in contact.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
