If you’re not sure whether your accounts are linked, you can check ClearScore or Noddle for free to find out. You’ll be able to see anyone you’re linked to under the section titled ‘financial associations’.
How your credit history plays a part
If you’re taking out the mortgage in both of your names, or if your finances are already linked, both of your credit histories will play a part in your application.
So if you both have a good history of managing credit, you shouldn’t have to worry about it holding you back from getting a mortgage.
On the other hand, if just one of you has a poor credit history, it might prevent you both from getting a mortgage. Even if it doesn’t, it may mean you can’t borrow as much as you’d hoped, or that the interest rate is worse than you had hoped for.
But if your partner does have a poor credit history, it might work out better for you to apply in your name only.
This will only work if your finances are not already tied, and it’s important that you think carefully before taking it out in your name alone. You’ll be the sole person responsible for repaying the debt should the worst happen and you separate, so you need to be completely happy with your decision.
The chances are, if you do this, they won’t take your partner’s income into consideration either. This means you might not be able to borrow as much as you’d hoped.
In the end, it really depends on the lender you apply to. For this reason, you might want to speak to a mortgage broker like Ocean, so they can try to find a deal that’s suited to your situation.
Having a larger income
If you both work, the chances are you’ll have a higher income than if you were trying to buy a home on your own.
Having more money coming in means it’s more likely you’ve got room in your budget to make mortgage payments.
When a lender carries out affordability checks, they’ll want to see proof that you can afford to make payments on a mortgage. How much money you’ve got coming in and how much you’re spending will influence their decision, and how much they’ll lend to you.
And of course, having two wages coming in means it might not take as long for you to save up for your deposit – or that you could save up a larger deposit!
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.