Applying for mortgage in sole name while co-habiting

April 73

"If we were applying together it would be more difficult to get the documents together"

Only the OP knows exactly what he means by that. "Difficult" because of possible debt, job situation, couldn't be bothered with the hassle. Who knows?

Triceratops Ballet

if the Op's ability to pay is based on the fact that the girlfriend is paying rent into his account every month, the bank might also advise that they have to make a joint application. They may see it that without her contribution to rent he would not have been able to save at the same level he has been.

I'm not judging the op or saying he shouldn't buy alone, he is perfectly entitled to do what he wants. I'm just putting forward what might be seen as potential questions the bank may have.

The Spider

dottie_lottie wrote: »

if the Op's ability to pay is based on the fact that the girlfriend is paying rent into his account every month, the bank might also advise that they have to make a joint application. They may see it that without her contribution to rent he would not have been able to save at the same level he has been.

I'm not judging the op or saying he shouldn't buy alone, he is perfectly entitled to do what he wants. I'm just putting forward what might be seen as potential questions the bank may have.

That's a good point, he would have to prove that he could pay alone, however the bank will calculate that based on his salary and outgoings, in y experience all debts will have to be cleared before hand, car loans etc.

chopper6

The Spider wrote: »

That's a good point, he would have to prove that he could pay alone, however the bank will calculate that based on his salary and outgoings, in y experience all debts will have to be cleared before hand, car loans etc.

They will usually ask for details from his employer to show how much he's earning,overtime and the permanancy or otherwise of the job.

If the total mortage expenditure is less than 30% of his net pay then it's tickity boo.

In the case of a self-employed person they will need audited accounts for the previous three years(at least) and apply the same net income rule.


IF the op is actually dependent on the GF's financial imput to secure the mortage then things are different entirely...

Mrs OBumble

The Spider wrote: »

You have to go into this cold and leave emotion at the door, if he has no intention of getting married in the forseeable future then he really shouldn't put her name on the mortgage, hard to know what could happen down the road.

You didn't read the link that was provided.

The Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 means that if you've been together for 5+ years (or 2+ with a kid in common), and your relationship ends, then you are in exactly the same position that you would have been if you were married. The shared home is regarded as a family home. The ex-partners can have a claim on each other's assets - and this will be judged on their contribtuion. This isn't only measured in cash terms either. Housework counts. So does fore-going the opportunity to get on the property-ladder (I hate that phrase, but there's something in it) buy yourself because you were living in an intimate relationship a person who chose not to share with you.

The days of saying "so long as we're not married, it doesn't matter" are over.

The Spider

Mrs OBumble wrote: »

You didn't read the link that was provided.

The Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 means that if you've been together for 5+ years (or 2+ with a kid in common), and your relationship ends, then you are in exactly the same position that you would have been if you were married. The shared home is regarded as a family home. The ex-partners can have a claim on each other's assets - and this will be judged on their contribtuion. This isn't only measured in cash terms either. Housework counts. So does fore-going the opportunity to get on the property-ladder (I hate that phrase, but there's something in it) buy yourself because you were living in an intimate relationship a person who chose not to share with you.

The days of saying "so long as we're not married, it doesn't matter" are over.

They've been together 3 years so, he's ok if he buys on his own, granted they may have a claim after a couple of years, maybe a rentbook would be in order? (Joke)

chopper6

Mrs OBumble wrote: »

You didn't read the link that was provided.

The Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 means that if you've been together for 5+ years (or 2+ with a kid in common), and your relationship ends, then you are in exactly the same position that you would have been if you were married. The shared home is regarded as a family home. The ex-partners can have a claim on each other's assets - and this will be judged on their contribtuion. This isn't only measured in cash terms either. Housework counts. So does fore-going the opportunity to get on the property-ladder (I hate that phrase, but there's something in it) buy yourself because you were living in an intimate relationship a person who chose not to share with you.

The days of saying "so long as we're not married, it doesn't matter" are over.

They need to be cohabiting for 5 years..to have any title to his new property she needs to move in at the same time as him and still be there 5 years later.

In practice,a claim on somebody's assets can only be made effectively if the person is married or they have made a substantial financial contribution to the upkeep or improvement of the home..either way,it's a matter for the partners to sort out and doesnt concern the bank unless there's an attempt to dispose of the property or the relationship ends and the gf wants her "share".

The usual outcome is that the mortage holder raises a personal loan to buy out the partner..it really need be no more complicated than that.