Can I do this??

AccountantJoe

Hi,

I'm hoping for advice from someone with experience of mortgage practice and in particular applying for a single mortgage when you have a partner and children.

I am in permanent employment with the same employer for the last 5 years. I'm an accountant and have an annual salary of €60k with no additional benefits, bonuses or overtime. My partner (not married) is a housewife with no current income and I have one child under 3.

I am wondering firstly is there anything stopping me applying for a single mortgage as I have a partner and child. I effectively want to get assessed as a single person with a dependant child and avail of the lower salary requirements of a single application.

Does the single application mean I will need to say I am not with my partner (as I am effectively supporting her as well) and is there any legal implications of making such a claim. She has no problem with not being included on the deeds on any prospective home.

Any advice is welcome.

Stheno

AccountantJoe wrote: »

Hi,

I'm hoping for advice from someone with experience of mortgage practice and in particular applying for a single mortgage when you have a partner and children.

I am in permanent employment with the same employer for the last 5 years. I'm an accountant and have an annual salary of €60k with no additional benefits, bonuses or overtime. My partner (not married) is a housewife with no current income and I have one child under 3.

I am wondering firstly is there anything stopping me applying for a single mortgage as I have a partner and child. I effectively want to get assessed as a single person with a dependant child and avail of the lower salary requirements of a single application.

Does the single application mean I will need to say I am not with my partner (as I am effectively supporting her as well) and is there any legal implications of making such a claim. She has no problem with not being included on the deeds on any prospective home.

Any advice is welcome. Would like to put this train of

How long are you together?

AccountantJoe

5 years

Stheno

Have you heard of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010?

If not then google, as you've a child together your partner has rights as she has been more than two years with you unless you both opt out of it.

You should look it up carefully before proceeding. Even if you get a mortgage alone and you and your partner split up, unless you opt out, they may have a claim on it as it would be classed as a shared family home.

Not disclosing your partner and child to the bank may be construed negatively.

Marcusm

Not disclosing your partner and child to the bank may consitute fraud which would not help you keep your job!

Even before the CP etc Act, the bank had to worry about the Family Home Protection Act and so this information goes further than mere affordability criteria but also the bank's ability to recover the value of its security if all goes wrong. All in all, not a great plan.