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Mortgage underwriting ?

I’m trying apply for a mortgage soon. Does anyone know if my partner sending me half the rent to my main account is a red flag during the underwriting process? We have been doing this for a year now same amount and all. We are not applying for a mortgage together he is a business owner fairly new and doesn’t have a strong credit/background. Anyone been through something similar? What were the next steps 

Update:

Update.. we rent together the apartment isn’t mine... we currently split the rent and he sends me half because we use my account to pay the full every month. I’m wondering if him sending me money would be questionable to lenders. 

2 Answers

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  • 1 month ago

    Although a mortgage company may ask for recent bank statements, that will be to make sure your down-payment is coming from legitimate savings.  Rental income is legitimate savings.  As Tavy says, they will lend based on your earnings. 

    Please make sure the title deeds as well as the mortgage are in your sole name.  The lack of a legal process to unwind a shack-up through the courts means that you never want to own a place jointly with someone you are not married to.  If you get married you can always change the ownership/mortgage to joint.

  • Tavy
    Lv 7
    1 month ago

    In the UK Banks lend 3 X your annual salary. They will not take into account any monies you receive for rent. Just what you earn each year.

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