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First Time Buyer mortgage

bradbcam
Posts: 2 Newbie
I just wanted to get some advice as what my options were in terms of house buying. I've been renting for about 6 years and paying off debt and i figure now would be the best time for me to seriously consider buying a place of my own. My Girlfriend is also considering moving out of her rented house.
We want to live together but i think a joint mortgage isn't really on the cards due to several factors, none of which mean we dont have a fabulous relationship and wont be together for many years :T
The main factor here is I have no deposit (see above statement for paying off debt). Houses around my neck of the woods are reasonable at £160k.
The options I can see are:
Government home buyer open market scheme but the website doesn';t really give me much information
Trying to get a mortgage on my own, however i don't have a spotless credit history
My girlfriend (who's never had credit) trying toi get a mortgage
Could we each get a 50% mortgage and live together this way?
I know there's lots of Ifs & Buts. Can anyone advice the best way forward that would stop us filling other peoples pockets.
Thank you
We want to live together but i think a joint mortgage isn't really on the cards due to several factors, none of which mean we dont have a fabulous relationship and wont be together for many years :T
The main factor here is I have no deposit (see above statement for paying off debt). Houses around my neck of the woods are reasonable at £160k.
The options I can see are:
Government home buyer open market scheme but the website doesn';t really give me much information
Trying to get a mortgage on my own, however i don't have a spotless credit history
My girlfriend (who's never had credit) trying toi get a mortgage
Could we each get a 50% mortgage and live together this way?
I know there's lots of Ifs & Buts. Can anyone advice the best way forward that would stop us filling other peoples pockets.
Thank you
0
Comments
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Best idea is to save a 10% deposit and wait for prices to come down further. Renting together would save on bills so you should be in a position to pay your debt off and improve both your credit ratings.0
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If your relation isn't fantastic and you don't see yourselves together long term then it's lunacy to buy together..
Rent a flat together, no one will give you a 100% mortgage now.It's not easy having a good time. Even smiling makes my face ache.0 -
He says "none of which mean we dont have a fabulous relationship and wont be together for many years"
My advice would be to live together first in rented accommodation and save for a deposit and build up a decent credit history. Even if your girlfriend got a credit card and then paid off the balance on a monthly basis. Then when the time is right you could buy together.
Due to past experience I would advise against buying together without living together first. Relationships can be very different when you live together!0 -
He says "none of which mean we dont have a fabulous relationship and wont be together for many years"
My advice would be to live together first in rented accommodation and save for a deposit and build up a decent credit history. Even if your girlfriend got a credit card and then paid off the balance on a monthly basis. Then when the time is right you could buy together.
Due to past experience I would advise against buying together without living together first. Relationships can be very different when you live together!
Ah apologies then, I read it too fast, still recommend renting together first though.It's not easy having a good time. Even smiling makes my face ache.0 -
Rent together. You need a good deposit these days, 10% looks to be the minimum.
Have a play around on the mortgage calculators on www.moneysupermaket.com or similar.
I had a play the other day and was extremely surprised at the small number of suppliers/products returned.
Fees are a lot higher than lasttime I had a mortgage too.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
Yes I would agree with the other posts
Renting together would test the relationship and give you time to save as much as possible for a deposit and also buy the items you need in a new home.
Living together is cheaper than each of you paying rent and look for somewhere cheap0
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