Will living off one wage look ok for banks when applying for mortgage

loveisdivine

In an attempt to save more and try to live a more frugal life, my husband an I are thinking of living solely off his wage and leaving my salary untouched in my account, well except for a couple of small direct debits.

When we apply for a mortgage in a few months time, would the bank be ok with this do you think? Or would they rather see us saving/spending separately?

Cuddlesworth

loveisdivine wrote: »

In an attempt to save more and try to live a more frugal life, my husband an I are thinking of living solely off his wage and leaving my salary untouched in my account, well except for a couple of small direct debits.

When we apply for a mortgage in a few months time, would the bank be ok with this do you think? Or would they rather see us saving/spending separately?

As long as you are saving in excess of what the mortgage would cost, meet the deposit and earning requirements, it's not inherently important which person is saving what.

witchgirl26

I think it's ok if you're married & doing that so should be fine but might be worth a quick check with a couple of banks. I know it's a little different as I'm not married but I was told by a two banks I contacted previously that they wanted to see a history of saving from both parties.

matrim

loveisdivine wrote: »

In an attempt to save more and try to live a more frugal life, my husband an I are thinking of living solely off his wage and leaving my salary untouched in my account, well except for a couple of small direct debits.

When we apply for a mortgage in a few months time, would the bank be ok with this do you think? Or would they rather see us saving/spending separately?

Do you mean leaving it in your current account or transferring most to a savings account?

I think it would look better if you leave enough in your current account for the direct debits and transfer the rest to a savings account

Lux23

matrim wrote: »

Do you mean leaving it in your current account or transferring most to a savings account?

I think it would look better if you leave enough in your current account for the direct debits and transfer the rest to a savings account

This is what I would do, probably not safe to leave a large amount of money in your current account anyway.

loveisdivine

Thanks everyone.

I'd only need about 10% of my salary to cover direct debits. I could then either leave the rest in the current account, or I could move it to my savings account.

I may need to use some of my salary to buy some Christmas presents but that's about it. If we really put our minds to it we could live on the one salary for 6 months or so.

riclad

There,s an article in the sunday times about this,home section.
the bank look at your joint income,
plus say loan is 150k,they work out
could you pay loan if rates rise by 2per cent ,from the current interest rate .
And you need to have x per cent of the house value saved too.
i think the current rate is 3.5 per cent approx.

Jen44

I know when we were applying they said to us that they preferred to see savings in an account separate to our current account but im not sure if every bank feel the same

If for no other reason but security I'd be moving the savings to another account. Current accounts are being emptied by all sorts of fraud regularly now. I wouldn't like to have months of savings sitting in one unless you don't use your debit card at all.