Will a couple with only one income get a Homeloan ?

[MrEarl]

Hello,

I was wondering, would a couple with only one regular income (from permanent employment, recently completed probationary period) get a Homeloan ?

If so, whats the guideline on the level of debt they might home to raise (i.e. would they get 35% of net monthly income for loan repayments, or would they get 3x gross annual salary etc.) ?

In brief, looking at a possible refinance, perfect repayment record on existing homeloan. No new funds required, just possible refinance for a better deal. ICB record also perfect.

Many thanks.

 

[Monbretia]

3 times subject to meeting the 35% rule if that is the percentage the bank is using and subject to having the required surplus for any dependants. All will have to fit.

 

[RedOnion]

Hi, there's no reason you wouldn't get a home loan. I'm aware of at least one friend in similar circumstances who was trading up without issue.

However I don't know the exact details of the amount you would get - your spouse would be counted as a dependent in their calculation of your monthly commitments.