Any advice gratefully received!

moneysavingbimbo

Hi can anyone offer some advice on where to start with Mortgages? I would be a first time buyer & my salary is currently £27k with my fiance's at £31k. The problem is his credit history I can't see us getting anywhere with his past & just wondering what our options are?

I know the current housing market is dire & yet if prices do drop this may enable me to buy & I want to be "ready" if that is the case. My job is secure as I work for my future mother & father in law in the family business. I wondered about guarantors for my fiance but I can see by reading the forums that is for students & the like.

I have about £10k in savings & no significant debts (nor does my other half) & I am sure my mother & father in law would help us with a loan/gift for a deposit. Any advice on what we do? Appreciate your time. :A

herbiesjp

Guarantor mortgages are not only for students - they are for anybody who needs tolook at this option.

What is wrong with your BFs past? Have you got an up to date copy of his credit file?

Your incomes are good - what kind of property prices are you looking at?

Ideally you would be looking at a minimum of 10% for good rates with a good credit history.

With a poor credit history - you may need 20% or more

Can you give more information around the poor credit?

You could look at a guarantor if your name with your parents as a way around avoiding his bad credit history, if it really is bad enough to affect the deals availabe to you