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Mortgage par deux
MartinEve
Posts: 7 Forumite
Hi,
I was hoping to get some advice from some fo you seasoned folks here regarding Mortgages.
My wife and I would like to attempt to buy a property at this slump point in the market. Here's some stats:
We have a £50k deposit.
My wife is a teacher who earns £36k
I am a PhD student who, with any luck, will get £15k in funding
Obviously we could only secure a mortgage against her salary, but the funding will help us to live and pay a mortgage.
My main question is: should the mortgage be taken out in both our names?
I currently put as much of my finances separately so that, because my funding does not count as earnings, I can apply for tax-free status on my (meagre) savings. However, I suppose that having held a mortgage would improve my credit rating for the future.
Does anyone have any advice/info that might help in proceeding?
Many thanks,
Martin
I was hoping to get some advice from some fo you seasoned folks here regarding Mortgages.
My wife and I would like to attempt to buy a property at this slump point in the market. Here's some stats:
We have a £50k deposit.
My wife is a teacher who earns £36k
I am a PhD student who, with any luck, will get £15k in funding
Obviously we could only secure a mortgage against her salary, but the funding will help us to live and pay a mortgage.
My main question is: should the mortgage be taken out in both our names?
I currently put as much of my finances separately so that, because my funding does not count as earnings, I can apply for tax-free status on my (meagre) savings. However, I suppose that having held a mortgage would improve my credit rating for the future.
Does anyone have any advice/info that might help in proceeding?
Many thanks,
Martin
0
Comments
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Talk to a professional Mortgage Adviser at an IFA (not one that is attached to a particular lender), they'll be able to help you sort out your options on the basis of all your personal circumstances and specific mortgage needs.0
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You obviously will be able to get a mortgage. Assuming you can borrow 3.5X your wife's earnings you should be able to borrow say 130k?
With your 50k you should be able to get a house for 180k. The mtg deal should be reasonable since you will have a LTV of 72%.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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