A big thankyou for all the advise!

samwise09

Hey everyone,

I posted on here a month or 2 back looking for advise on getting a mortgage with my bf. The main prob was he had some bad credit. we were oringinally looking at getting a 3 way mortgage with my sis so we could all get on the property ladder with the hope of splitting the profits once sold. However the advise i got told me to go a different way!

Im happy to say i took that advise and now have a mortgage with my sister. We hada 15% deposit and managed to get a mortgage offer off Conventry with a flexx for term variable rate of 4.99%. ( i beliee this is a good deal?) We also went through a mortgage broker which is something i would advise as we had to get it all sorted within 28 days!

The only probs we did have was that we put in the full asking price on a repo, which got accepted - but as you know they have to get the best price they could. 2 weeks later somebody outbid us, so we had to bid again - which then again got accepted!!

Gutting really as it went up over a grand more! :mad:

So we get the keys next week and the plan is for my OH to invest his 10 grand in the property to do it up!


Many thanks to everyone who gave me advise! it really helped! It was very stressful but without the advise people gave me i prob wouldnt of considered just getting the house with my sis,:beer: and my OH investing and therefore would not be getting the keys to my new house next week!
:j

sam x

dimbo61

Good Luck to you,your OH and your sister in your new home.
Think carefully about how you spend the money on improvements!
What needs replacement( central heating ?) new kitchen units! Bathroom etc
Try to add value but dont go OTT

Mrs_Bumble

That is good news:)

Really nice to hear your update, thanks for sharing:) Nice to know it was all a positive outcome in the end!

Good luck with the renovations.

getmore4less

Good you got something sorted

But you are creating a very complicated equity situation with 3 of you with various cash and mortgage comitments

How are you planning to do this?

It is not as simple as cash in/cash out share the profit/loss.

You need to work out equity shares properly based on who is paying what and split on sale using those.

Remember if you are not all using this as your primary residence then you have CGT to deal with when you sell.
.

samwise09

me and my sis we be splitting the profit made on the sale of the house and out of that we will pay back by oh the money put it. this will all be drawn up by solitors and im sure they can advise us a little more, its not really that complicated and alot and thought has gone in to it. My boyfriend will also be paying in to the mortgage but more like he is paying us rent.
The house needs alot of work like a new boiler/bathroom/kithcen ect.so 10 grand is our budget really, but im lucky my dad is a decortor and has alot of friends so we wont be going ott!

Just praying now really as we were about to exchange today and about 2 mins after they said they would exchange the bank are now saying there is another offer and they want more money. Nightmare! we do have a little to spare so hopefully we can secure it!! I really feel like estate agents and Banks have NO SOULS when selling houses! but what can u do aye!

Ill keep u posted

thanks again