First Time Buyer.

TommyNeedHelp

Hi,

I need some advice please.

I am trying to buy a property with my Girlfriend.

The property is £110,000 i earn £25000.

My girlfriend is a self employed Electrician, but only for the last few months (just qualified) perviously worked for an insurance company.

She now earns around about £15000.

I don't have a great credit history, no CCJ's or Defaults, occaisnly a late payment but no arrears. Owe about £6000.

The problem is, that my girlfriend can't prove here income yet as it's been too short a time etc, can't self cert as this pushes the rates up apparently, and my debt i think is stopping me getting the amount i need to borrow, do i need to declare what i owe??

My girlfriends Dad will give us a deposit, but i was told it would need to be around 17000 for me to borrow £110000 which is too much, but he also could be a guarantour rather giving a deposit. So what would be the best option for me?

Thanks is advance

TommyNH

Mrs_Bumble

Your girlfriends dad could go onto the mortgage depending on his income, credit committments and credit history etc, his age could affect the term of the mortgage but either way you are going to need a deposit.

Your girlfriend will need a minimum of 1 years accounts but most lenders prefer 2 years for her income to be taken into account.

My advice would be to sit tight, get rid of your credit committments, get a deposit together and wait for your girlfriends accounts, put yourselves into a better position as your girlfriends business would be more established and the two of you will hopefully be more stable financially.

charley83

I'd just like to echo what Mrs Bumble said - I would also wait a year or two. I know it is hard when you have your heart set on a house, but the longer you wait the better the position you will be in.

I would do a budget planner and save as much as you can (your girlfriend too) for at least a year, making a larger deposit more viable. This would also mean you have paid off more of your existing debt. Furthermore, as your girlfriend is self-employed it will give you a good idea of how secure her job is over the next year, how regular her work is, and a better idea of wages. Plus you will have more evidence of your girlfriend's wage for morgage advisors. Also, you'll be in a better position in terms of seeing how the housing market goes and be prepared to buy at the best time.

So I really would advise you to hold out as long as you can, at least a year, and save, save, save.

Good luck with it :beer:

chodges84

I echo what the previous posters say - Wait and save up as much money as you can.

I would not take money from her father either. You and your girlfriend are probably happy with each other BUT (and I don't like to say it) people do split up. If you have a financial commitment to her father, this will simply add to the stress of a break up.

Try not to be blinded by the 'We must by a house mentality'. Save HARD for a year. and then maybe try a short term renting on a cheap house if you can to see if you can live with one another.

herbiesjp

You say the property is worth £110k

But then you say you need £17k deposit to borrow £110k

SO is the property for sale at £110k? Or is £110k the amount you are trying to borrow?