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First Time Buyer mortgage

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

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    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.
  • Wickedkitten
    Wickedkitten Posts: 1,868 Forumite
    Part of the Furniture Combo Breaker
    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.
  • blued
    blued Posts: 698 Forumite
    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!
  • Wickedkitten
    Wickedkitten Posts: 1,868 Forumite
    Part of the Furniture Combo Breaker
    blued wrote: »
    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.
  • BenL
    BenL Posts: 3,189 Forumite
    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!!
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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 cheap
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