First Time Buyer mortgage

bradbcam

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

beecher

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

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.

blued

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

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.

BenL

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.

dimbo61

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