Through our experience as a mortgage broker in Nottingham, we find that customers looking at applying for a mortgage look at making a joint mortgage application as they generally look when in a relationship. This is an alternative option to apply for a mortgage under the only name of a sole named applicant.
With inflation exceeding the increase in wages along with property prices constantly rising. A couple of first time buyers in Nottingham earning an income will generally be able to get a substantial mortgage the amount which covers what the buyers are looking to achieve.
In some cases, one applicant may be able to apply for a mortgage, but this depends on the situation of the individual. One of the reasons for this may be that one of the applicants does not want their name to be linked to the mortgage in question.
Other issues could be due to someone having a previous credit problem. For instance, a bankruptcy or a County Court Judgement is stopping them from getting a mortgage now. When something like this happens, given that the spouse or partner has no financial connection to this issue, they can apply for the mortgage on their sole behalf.
If you’re in this situation, you should be careful not to build a financial link with your partner so you can protect your credit score from harm.
Another situation we have encountered through our time providing clear and transparent mortgage advice in Nottingham is when one of the partners is currently unemployed by choice or something else. The consensus is that the maximum borrowing capacity for a couple with only one applicant is much lower than if the working applicant applied for a mortgage in their sole name.
This arrangement is something we regularly come across working in the mortgage industry. Age can impact the calculation, for example, an applicant who might be older, say in their 50s or so.
The way this applies to your mortgage is that an applicant who is buying with a younger partner who is also in a good paying job could have access to a higher mortgage.
Another reason why an applicant will look into the option of applying for the mortgage in their sole name could be due to stamp duty or other tax implications.
With married applicants, we do find that lenders will usually have quite strict criteria because it will be taken our with two interconnected applicants.
You may disagree with this statement due to two applicants providing security, in the event that lenders need to chase for payments, it can open the door to complications if circumstances change like a divorce.
The good news is that not all lenders will provide this biased view. With this in mind, we have a brilliant specialist mortgage advice in Nottingham team who will be available from until late, every day of the week.
Here at Nottinghammoneyman, we have an expert team who have a fantastic reputation in helping thousands of home buyers and homeowners with varying situations to get towards mortgage success. Get in touch with our team today who will be more than happy to help you through our mortgage journey.
Last Edited: 28/11/2022