Mortgage amount in debt to income ratio
One's mortgage payment is central to calculating total debt for Debt to Income Ratio (DTIR). I own my house with my partner (we're not married), and it's not clear to me if my personal DTIR would include the total mortgage amount or 50% of it since the property and costs are shared.
I suppose this question could extrapolate to other debts that are shared such as car and credit card payments (for the back-end calculations).
What do you think? Would banks include 100% or 50% of the mortgage to my debt calculation?
Thanks for posting, Forest!
While we're not able to offer personalized financial advice, here are some resources that should help point you in the right direction:
If those articles don't answer your question, I suggest contacting the bank(s) you'll be working with, as different banks may have different methods of calculating DTIR in this scenario.
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