First Time Buyer - Aaarrrggghhh!!

justpurchased

Staciep88 wrote: »

sdooley: Yes I have 20k deposit and the money for all you mentioned, that debt is partners so with the deposit being mine im not really mixing the two. Yes i'm hoping we can knock about 10k off - hey, u never know!

Mix it, and with your partners agrement get your legals to write it in that you own a greater share or £6K more of the house than your partner. You will both be better off getting rid of the debt.

Staciep88

wymondham wrote: »

Are you looking at the price they are asking or what they sold for?

Im looking at what was asked and what it was sold for. Sorry but I'm really not after a debate. I beleive this is a good time to buy and was just after some advice. Thanks

Chris2685

If it is a joint mortgage application, your partners debt will be taken into account too.

Staciep88

justpurchased wrote: »

Mix it, and with your partners agrement get your legals to write it in that you own a greater share or £6K more of the house than your partner. You will both be better off getting rid of the debt.

I hadnt thought of doing it that way. I will look into it. Thanks

Staciep88

Chris2685 wrote: »

If it is a joint mortgage application, your partners debt will be taken into account too.

Yes I realise that, I spoke to a mortgage broker before and he said that debts only really come into play if they are secured? His are not. I know they will still take it into account though, Im sure many go into buying a house with more than 6k debt?

Chris2685

Yup, I have a 9k debt (student loans, so slightly different) and was told it won't make much difference. It just seems to make a difference as to how much they are willing to lend you against your affordability.

It seems like you really know what you're doing here anyway

justpurchased

Staciep88 wrote: »

Yes I realise that, I spoke to a mortgage broker before and he said that debts only really come into play if they are secured? His are not. I know they will still take it into account though, Im sure many go into buying a house with more than 6k debt?

Because of the market at the moment lending is tighter so if you owe £300 PCM they knock £300PCM off your affordability. Tell a mortgage adviser what you were planing on doing. Tehy will tel you if it is possible. If not get rid of the bebt and you should be OK.

wymondham

Staciep88 wrote: »

Im looking at what was asked and what it was sold for. Sorry but I'm really not after a debate. I beleive this is a good time to buy and was just after some advice. Thanks

Sorry Stacie, I was just trying to help. Good luck with your purchase.

Jazzypap

Hi

Ensure your broker looks at the 'whole of market' to try and get you the best deal to suit your circumstances. Intermediaries such as these can be paid their fee by the mortgage provider but this should be your first question to any broker e.g. 'who pays your fee?' Some 'independent' brokers will charge you for this service, so it's best to check this at the outset. A lot of non-independent brokers will not look at the 'whole of market'.

For peace of mind, it might be useful to check your credit rating/score etc. before submitting your full application - there is a free on-line credit report available from one the big credit reference agencies, just type this in to a search e.g. free on-line credit report. Although, I must add that a good credit score/report is no guarantee of a successful application, as they use all types of criteria to consider your application but it should give you some peace of mind.

Money_Saving_Mandy_2

Quote:
Originally Posted by Staciep88
sdooley: Yes I have 20k deposit and the money for all you mentioned, that debt is partners so with the deposit being mine im not really mixing the two. Yes i'm hoping we can knock about 10k off - hey, u never know!

replied by Justpurchased
Mix it, and with your partners agrement get your legals to write it in that you own a greater share or £6K more of the house than your partner. You will both be better off getting rid of the debt.

If the 20k is YOURS and you have the money for solicitors etc etc and ALL the debt is his, then surely if you did pay of his debts (to get you better mortgage affordability, make monthly payments easier when you love together etc) then I think that works out for a lot more than you own 6k more than him.

If you pay off his debts and put all the depoist in and pay legal fees, surely you add that all together and you own that much more than him????

Better to be safe and have that written in the mortgage agreement - in case of splitting up in the future (there are quiet a few posts on these boards about the troubles of splitting up are tryign to sort the house out afterwards)