Should i try?

donnacraig1984

My partner and i both work full time. Both 25. We stay with her parents. Been thinking about getting our own place for a few months. We done things wrong got the cars had the holidays not thinking about our future so have no deposit. We have seen houses for sale through the governments shared equity scheme. And thinking if we should go for it. I make £21000 p/a and my good lady makes £14000. I dont have a perfect credit history but has impoved got 3 defaults from 3 - 3 1/3 years ago paid off in full barr 1 that im paying at £50 p/m, but my credit score is at 763 now up from 400 odds. I got a credit rating builder credit card from capital one which has helped my case using and paying off all the time. My partners should be perfect. shes had credit cards, car finance and a loan, never missed a payment on them. loans paid of as is her C/Cs.
What would our chance be of getting a mortgage. We were planning on going to see a mortgage advisor soon, dont want to waste anyones time.


Thanks in advance for advice :beer:.
Craig

Bufger

Hi Craig, you will need a deposit. Buying a house is another one of those things where every man and his dog will rip you off if you're using a scheme (even without everyone wants your money). Schemes in general are there to help people that really cant get on the ladder, those that could (like yourselves) are better off saving for a deposit and doing it the normal way. That way you're getting all shares of the house and your money is directly benefiting your future.

Its not that hard to save for it. Work out 4x your combined income and look in that range, then work out what the repayments would be based on current rates for a 10% deposit and thats what you would be paying in monthly payments. Now work out the cost of bills etc for the average household of the same size. Now save this much per month and put in a high interest savings account as your deposit (set up a joint account so you both feel comfortable with that).

Thats a good way of saving + not having a big shock when it comes to actually having the house as you will be used to your monthly outgoings by then!

getmore4less

Stop spending start saving.

Clear all debt.

good idea to pretend you are living in a place and budget based on that.


Do not set up a joint account.

Bufger

getmore4less wrote: »

Stop spending start saving.

Clear all debt.

good idea to pretend you are living in a place and budget based on that.


Do not set up a joint account.

Why not set up a joint account? if you trust someone enough to buy a house with them surely this trust is integral? Plus how would they pay bills and the mortgage as a couple, from seperate accounts?

If 2 people buy a house banks also like to know they are financially linked and therefor sharing responsibility.

I would like to hear your views on why though.