What's classed as income?

[exRAF]

My partner and I are starting to save for a house deposit. My credit is bad at the minute. It will all clear in 2013 however. My question relates to income. Could she apply with her as a sole applicant but declare I will be living there with my income thus giving more borrowing power?

 

In all honesty we'll probably be saving until 2013 anyway given the deposits needed, but just wondered what the rules, or rather ways around them were

[MARTIN3030]

Here is a guide.

 

Income Verification Documents Lenders criteria will require proof of income in order to assess a mortgage application and can only accept original or certified true copies. They require a minimum of three month's income verification for all applicants where requested.

Income Criteria, A typical Lender would require.3 months Payslips, and Bank Statements and an Employers Lenter.

Lenders will usually accept 100% of guaranteed additional income from bonuses, overtime and commission.

Lenders will usually accept 60% of regular additional income from bonuses, overtime and commission - however if more than 60% is required, it canl be referred to a Lenders appeals team for further consideration

 

• If you are paid by cheque or the commission, bonus or overtime is regular but not guaranteed, Lender willl require their latest P60 plus 3 months' payslips and bank statements
  
• Car allowance, maternity pay, city weighting, on-call allowance, guaranteed shift allowance, working tax credit, councillor's allowance, additional duty hours, mortgage subsidies, probationary income, piecework, state pension, war pension, and widow pension are accepted
  
• Income from trusts, investments or dividends may be accepted ,Cash income won't be taken into account.
  
• If you are Self-employed most Lenders require accounts for at least 12 months . Also most Lenders accept either of the following income verification if you are self-employed:
  
• Inland revenue SA302 form
  
• Signed certified chartered accountant's report confirming latest finalised 12 months' taxable income (dated within 18 months)
  
• Accountant's own certificate provided on their letterhead confirming latest finalised 12 months' taxable income (dated within 18 months).