Buying our first home and desperate for advice!!!

Tiga1

My partner and i are hoping to buy our first house together. I have a personal loan of 20k (consolidation of 2 credit cards) that i'm currently paying off and managing overpay each month - at the time of getting the loan i was told i had a v. good credit history. The loan is under control and i'm selling things and getting extra work to pay it off quicker.
quick breakdown of our finances:
deposit of 50k (this is his money from a previous house sale and i would never ask to be put against my debt as it was money earned before we met)
combined income of 85k
no other credit cards or borrowings, no dependants.
He is only aware of half of the debt, i cannot bring myself to tell him about the full amount as he went crazy when i told him about the 1st credit card i owed money on.
How do mortgage lenders view people like me with large debts?? and do lenders see how much outstanding debt on the credit file?? (i've just asked experian to send me my report).
I'm really really worried and loosing sleep over this.

beecher

I think it is a very bad sign that you haven't told your partner the full details of the loan you have, and that he went crazy when you told him part of the story. I think that if you are seriously considering moving in together you have to be honest and not try to hope you can get a mortgage without him finding out about your debt. It'll all come out anyway and surely he'll be even angrier that you've kept it from him?

Tiga1

you are right, i know he'll be angry if i don't tell him now but i am petrified of telling him. i am an honest person and we don't lie to each other but this one particular point is very very hard for me as it was debt incurred in a previous relationship and is something i was working out for myself just when we met.
if i did manage to get the courage to tell the whole truth on the matter - where do i stand on getting a mortgage do you think?

beecher

I don't have a clue to be honest, but hopefully someone else will. You've got a high combined salary and deposit so that'll stand you in good stead, but I imagine lenders will take off the amount you pay to your loans which will cut down on what you borrow.

You're doing the right thing by overpaying and getting a hold of your credit reports - realistically how long do you think it'll take you to pay off your debt? It is probably a good time for simply sitting back and waiting for house prices to decline further, so I'd imagine you won't be buying for a while yet anyway? Good luck in whatever you decide to do

poppy10_2

If you want to buy a house together, you need to tell him about the debts; it will all come out eventually. If the relationship breaks down as a result, maybe you shouldn't be buying together anyway.


Could you persuade him to hold off buying for now? Given that prices are falling a lot it shouldn't be too hard to persuade him, and that would give you more time to overpay on your debts and shrink the figure.