Hi....you may have worked abroad but you may still be on the electoral role within the UK, this is very important in maintaining a higher credit score. You can not apply for a mortgage without an income but you can get an agreement in principle from a lender based on an income you would expect at the time of application. A broker will know how to do this and it will give you something to plan with. All mortgages are taken on a single application and you may either have a joint mortgage where the liability is equal and in the event of death the property is solely owned by the surviving partner, or you may consider tenants in common whereby an equal or unequal share can be decided at the outset, and upon death of one person the share will revert to the estate of the deceased.

I have read with great interest your responses guys and It seems a little clarification as to the exact situation is needed form my seld and it's quite simple:

Lest,s take for example the value of the house as being 600K

My savings are 180K

My girlfriends savings are the same180K

The remaining 240K we would have to get a mortage for and I assumed the best way would be to spli the balance and each of us to get a mortage for 120K.

The situation is that I have worked successfully abroad and have literally just got back and will start to look for a job next month however in the meantime, with all the savings we have and the cfact that she has a mortage, would I be able to get the ball rolling with a mortage lender or will I have to wait , or is there a better way (as the bank says)

Thanks

good thought Ian.

As I said, he can take out the 20% using another borrower 'in name only' (assuming that the third party is wanting their 20% share). A btl can be done if he can get someone to be a tennant (on paper) and he serves himself as a lodger.

like we have all concluded it will depend on how exactly the situation is laid out. however a broker (as you say) should be able to resolve the matter

Hi...I am going to make some assumptions here but they may be wasted if the OP does not come back on???

I assume you are back in the country and you are on the electoral role somewhere. If you require a 40% mortgage with whoever, that is 20% X 2 then the second party if working can use their income for a joint application. The deposit will have to be verified....if it is a gift it will have to be noted that the amount will not be paid back to anyone. If the 2nd party has their own provision of the loan then you will not be able to have 2 separate mortgages on the same property without someone having a preferential charge. BTL mortgages are only available if the applicant does not reside in the property themselves, with all these different conditions I would spend time with a mortgage adviser to get some clarity on the situation.

My view is that the deposit should be noted as savings or a gift and the mortgage should be a joint application on a tennats in common basis with the appropriate split and the income of the employed person used as the vehicle for acceptance.

For what it's worth :)

well.... one of is reading it right!! gues the op will have to delve back in and clarify. I agree with the fact he may have no money for a deposit which is why i suggested a buy to let as you do not need an income. if he can utilise the 60% cash (whoever's it is) ha ha then he can pay up to a 60% deposit only leaving the 20% from the third party and 20% buy to let mortgage. on such a low amount (assuming that the house is not in the tens of millions) :) then the diff. in repayment % will be negligible.

: --) Yes amiguous wording at the best....but glad you see what I mean, I thought I was seeing things. : -- ) Again. !

I read that to believe the OP does not have a deposit and thinks that the other investor placing his 80% (60%cash + 20% hocked) into the pot will suffice..... But that would still leave him needing a 20% mortgage without a bean to deposit. ?

I see what you are saying. I am reading it differently. I see it that he has 60% cash, a third party has 20% and he needs a mortgage of 20%. even if it is your way, and the third party has 80% then he still needs a mortgage. without a deposit he has no chance. so even a 5% - 10% on a residential would not work.... yes? however he has no current employment so a buy to let is an option. the 30% deposit comes out of the 60% or 80% and the 20% remainder comes from the buy to let mortgage. If he does not have a deposit and I have read it wrong, then he will not be able to get a mortgage full stop without a deposit. On this basis and the fact that he is asking for help, I am assuming that he does have or has access to a deposit to cover the 30%

At this loan-to-value there are still rates below 7% with mainstream lenders and low fees, that seems high compared to the last few years but cheap looking back 10 years or so. More of a concern is how long you've been overseas and whether you have a decent credit history for the lender to look at here.

Jon

phil66 - Haveing spent time working o/seas I would like to know if there are there any possibilities at this time, where a mortage lender would supply a mortgage to an individual without a job? even if the mortgage was for 20% of a house that the remainder 80% was already guaranteed.? 60% cash payment , 20% mortage form a thiird party.

Not disagreeing, just pointing out that if he had a deposit large enough to pay the 25 - 30% needed in the above situation, that he in fact would not be needing to borrow the 20% he requires.

This looks like he is planning on buying the house with a third party who is prepared to invest their 80% and he is trying to mortgage his 20%

no you have lost me!! i am on about the deposit. as I explained earlier the buy to let does not require an income so it is a solution. I am not sure what you are diss-agreeing on?

thats not the issue. he can use the 60% cash for a 30% deposit so I dont understand your issue? he states that he has a third party with 20% ready so he needs a 20% mortgage. the other 60% cash can be used as a deposit. the required 25% - 30% capital is there at his disposal

phil66 - even if the mortgage was for 20% of a house that the remainder 80% was already guaranteed.? 60% cash payment , 20% mortage form a thiird party.

Yes but that 80% funding is from a third party, he still needs to borrow 20%. !.......Do you see what I mean. ?

?? are you talking about the availability of a 25% - 30% deposit? if so please read post again. He has 60% available already.

Gedster - You will require a 25% - 30% deposit on the property.

With all due respect Gedster, looking at the original post I hardly think if the OP was in the above position, that he would be asking his question in the first place.....Do you not agree.... upon reading it again. ?

as Jon says there are self certificate mortgages out there but they are few and far between. They usually come with a huge interest rate and require a substantial deposit. It used to be easier to aquire one but most lenders have pulled out of this option.