Can I get a larger mortgage when my partner has no income?

Posted on 13 August 2007

My house is on the market and I expect to make at least £60,000 (after fees) from the sale. My salary is £24,200 and I have my eye on a property for £169,000. Is there any way I will be able to borrow £109,000? My partner is a student - he will contribute £250 a month towards the mortgage but has no income other than student loans and family support.

Rachel


Hi Rachel,

Yes absolutely, you are only asking for 4.5x income, which is very common for lenders to give now, especially as you only want to borrow 65% of the property value. 
 
The lenders are unlikely to take your partners income into account, but it will make your own affordability more comfortable every month, for your own peace of mind.  
 
On another note, you might also want to have a look at protection such as an income protection plan (PHI) and redundancy cover, as you are supporting yourself and one other for a few years.
 
Regards,

Katie

Category: Lower mortgage payments, Special circumstances, Valuations, Freehold, leases & unusual property

 

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