Single applicant mortgage - Halve the outgoings?

[Kozy]

A couple of weeks ago, my wife and I applied for our first mortgage, and were promptly declined thanks to bad credit history on her part. Our financial advisor then went through the affordability check for me as the sole applicant, but kept all the outgoings the same which obviously made it look like I had no money spare.

Is this right? Surely if I am applying on my own then the outgoings should be halved, I only have myself to feed, clothe, entertain and drive about after all.

I've just run the same affordability check, and it's come back saying I could borrow about what we were looking for as a joint application, so should I give it another go?

Edited by Kozy on Wednesday 28th May 09:43

[Sarnie]

Is your wife going to be living with you?

[Kozy]

Yes.

[Sarnie]

Kozy said:

Yes.

So the bills will be the same then?

Your falling fould of the new MMR rules employed fairly stringently by some lenders.

I'm a Broker and can help with this if needed?

[Kozy]

Sarnie said:

So the bills will be the same then?

No. She pays for her own car, her own food, her own clothes and entertainment, same as she does now. That should be subtracted from my outgoings.

[Sarnie]

Kozy said:

No. She pays for her own car, her own food, her own clothes and entertainment, same as she does now. That should be subtracted from my outgoings.

If she's going to be living in the property then they will continue to use the expenditure for two adults but will not use her income as she's not on the mortgage. It's the new MMR rules I'm afraid.

Some lenders are being pretty strict with this, others aren't.

If you want a chat, feel free to PM me

[Kozy]

Eugh, what an arse.

PM sent.