I only can borrow around 250,000 by my own. However the amount we need to buy a property with the required specs is around 275,000. My wife doesn't have a job at the moment but my step daughter do a part time job in a retail company on 20 hour per week contract. She also does overtime quite often. I now wonder, if i can apply for a joint mortgage with my daughter part time income added. This way, i may borrow like 25k extra. Am I thinking right ? Please note, we are the first time buyer and going to live in the same residence. Looking forward for your kind response. 😊
Hi Alex love the videos, very useful and informative! Would you be able to do a video covering getting a mortgage with a close friend and any difference it makes in comparison to a partner etc??
Hi Alex, Fantastic video, really insightful. I was wondering I own a property and looking at a second whilst my partner it will be her first. Can I get a sole / joint proprietor mortgage with her? I do not have enough money to cover the stamp duty on the property I want to purchase so thought this could work? I would of course, want to live in the property also. Regards Myles
My wife is named on another mortgage. Can I still have her as a joint borrower but not named on the title? And will we then be classified as buying a second property if we do that? Thanks
Hi, it changes a lot and we don't tend to give out lenders, incase it changes. Mortgage Advice is regulated. However I would check high street lender websites as it should mention it in there products.
Hi Alex, I need your to know more about this video. Getting help from family member who is under 70. My mother in law have a mortgage.can she still able to help us. Please update my question. Thanks
Hello Alex I've just stumbled upon your videos and they are really helpful. I'm hoping to buy a house this year (first time buyer) joint with my partner, but my name only on the mortgage. However he's currently on a student visa, any advise please if his visa type would be accepted. (He'll be 2years in August).
hi Alex we are first time buyer and can put 10% deposit so can i include my uncle on my mortgage application as a guarantor but he already owns house. if i can't pay mortgage some reason then lender will ask to my uncle to pay but legally he can't claim and on the system his name won't be included . is that right? this is my understanding.
@@alexkerrmortgage yes we do have 10% , but since I own a property else where in the world and want to avoid paying stamp duty in the Uk , we are thinking of opting for the joint borrower sole proprietorship mortgage. But not sure will this impact us while applying for ILR in future . We have both lived in the UK for more than 2 years .
@@ashishmathew06 joint borrower sole proprietor will not help you avoid stamp duty and will not work in your situation. The option is to buy a property and pay the stamp duty or don’t buy the property, given your current status.
Hi, no you can have terms longer than this, your father would be used for income purposes. It does depend on the lender as the criteria varies but to answer the question 25 years is not the minimum term. Any more questions on this subject please feel free to let me know.
Hi Alex. I am a first time buyer and have a wife and four kids. I am earning 28k per annum and are on Universal credit. I am looking to buy a home with joint mortgage with my wife"s cousin who has no kids, 40 years old and have 70 k income per annum and a home owner. Will it be possible to get joint mortgage and do he need to pay stamp duty as he will be 2nd time buyer although I am first time buyer. Please reply😊
@@alexkerrmortgage I have the deposit in my bank, but only she can get a mortgage because I am not eligible. Does that make sense? Sorry if it doesn’t 😅
I only can borrow around 250,000 by my own. However the amount we need to buy a property with the required specs is around 275,000. My wife doesn't have a job at the moment but my step daughter do a part time job in a retail company on 20 hour per week contract. She also does overtime quite often.
I now wonder, if i can apply for a joint mortgage with my daughter part time income added. This way, i may borrow like 25k extra. Am I thinking right ? Please note, we are the first time buyer and going to live in the same residence. Looking forward for your kind response. 😊
There are lenders I believe, that will allow up to 4 applicant's, and will combine incomes. It would just be a case of researching lender criteria!
Hi Alex love the videos, very useful and informative! Would you be able to do a video covering getting a mortgage with a close friend and any difference it makes in comparison to a partner etc??
Hi Elliot, so you mean guarantor options ? Or just a standard joint mortgage ?
@@alexkerrmortgage just a joint mortgage👍
@@alexkerrmortgage Could you also do videos related to using guarantor?
Hi Alex,
Fantastic video, really insightful. I was wondering I own a property and looking at a second whilst my partner it will be her first. Can I get a sole / joint proprietor mortgage with her? I do not have enough money to cover the stamp duty on the property I want to purchase so thought this could work? I would of course, want to live in the property also.
Regards
Myles
The property you own currently, what would you do with that one?
My wife is named on another mortgage. Can I still have her as a joint borrower but not named on the title? And will we then be classified as buying a second property if we do that?
Thanks
You can, but the income would need to cover both. She would not be classed as buying a second property on this type of mortgage.
Hey man! Great video...Can you give us any direction into what lenders offer/accept this service?
Hi, it changes a lot and we don't tend to give out lenders, incase it changes. Mortgage Advice is regulated. However I would check high street lender websites as it should mention it in there products.
Dose it need to be a family member? Is a friend okay?
They have a mortgage I don’t.
2 applicants only
A friend is ok but if they already have a mortgage is might not fit affordability, the lender would calculate this!
Thanks for this video! If my sister were to be put down as a joint borrower does that affect her affordability for a second house she intends to buy?
Yes this would affect her and the 2nd house would factoring this mortgage payment.
Hi Alex,
I need your to know more about this video.
Getting help from family member who is under 70.
My mother in law have a mortgage.can she still able to help us.
Please update my question.
Thanks
Hi Anish, please email an overview of your situation so I can see if this works - alex@mortgagechain.co.uk
Would I be classed as first time buyer if my wife already owns a property which we are living in currently?
As long as you are not on the mortgage and have never owned a property in any country, then yes you would.
Hello Alex I've just stumbled upon your videos and they are really helpful.
I'm hoping to buy a house this year (first time buyer) joint with my partner, but my name only on the mortgage. However he's currently on a student visa, any advise please if his visa type would be accepted. (He'll be 2years in August).
This will be tricky, but there may be one or 2 lenders that will this once the 2 years has passed. Free to get in touch at this point!
hi Alex we are first time buyer and can put 10% deposit so can i include my uncle on my mortgage application as a guarantor but he already owns house. if i can't pay mortgage some reason then lender will ask to my uncle to pay but legally he can't claim and on the system his name won't be included . is that right? this is my understanding.
That’s how this scheme works, but the family member would need to fit the criteria…
Very informative video. thank you!
Thanks Zizuc 🙏
Hi Alex , my wife is on skilled worker visa , can she apply for joint borrower sole proprietorship mortgage.
If you have been in the UK, for at least two years, have 10% as a deposit and good credit, then I have a solution for that.
@@alexkerrmortgage yes we do have 10% , but since I own a property else where in the world and want to avoid paying stamp duty in the Uk , we are thinking of opting for the joint borrower sole proprietorship mortgage. But not sure will this impact us while applying for ILR in future . We have both lived in the UK for more than 2 years .
@@ashishmathew06 joint borrower sole proprietor will not help you avoid stamp duty and will not work in your situation. The option is to buy a property and pay the stamp duty or don’t buy the property, given your current status.
Can the family member be living overseas?
Needs to be UK
Hi Alex, would these mortgages only be 25 year terms? My Dad is 66
Hi, no you can have terms longer than this, your father would be used for income purposes. It does depend on the lender as the criteria varies but to answer the question 25 years is not the minimum term. Any more questions on this subject please feel free to let me know.
Hi Alex. I am a first time buyer and have a wife and four kids. I am earning 28k per annum and are on Universal credit. I am looking to buy a home with joint mortgage with my wife"s cousin who has no kids, 40 years old and have 70 k income per annum and a home owner. Will it be possible to get joint mortgage and do he need to pay stamp duty as he will be 2nd time buyer although I am first time buyer. Please reply😊
This is quite a complex situation, I would have a look at joint borrower sole proprietor Mortgages, which might be the best option
I can't use this for Right to buy?
Unfortunately not, as the mortgage deeds would need to reflect the council right to buy papers.
Where is the legalisation that states it is not allowed? My mortgage broker reckons it can be done…
Can I give my girlfriend deposit money, them pay the mortgage with their wages and both be joint owners?
Sorry I don’t completely follow this… Do you mean have one of you on the mortgage but both of you live there and contribute towards it?
@@alexkerrmortgage I have the deposit in my bank, but only she can get a mortgage because I am not eligible. Does that make sense? Sorry if it doesn’t 😅
Does it have to be a family member or friends are allowed?
Sam Lenders will allow friends but just double check with the Mortgage Lender!