Advice please - could we get a joint mortgage?

dizzygillespie

Currently renting property with my partner. He has a mortgage on his ex-marital home with his ex which is not selling, and which she can't afford to buy him out from.

We would like to buy a home together sooner rather than later. I have a lump sum from my divorce settlement, and from enquiries with my local building society could get a £60k mortgage. However the properties we are looking at leave us £25k/£30k out of reach with my finances.

Would we be able to get a joint mortgage even though he already has a mortgage with his ex? Alternatively would I get a higher mortgage if he acted as Guarantor for me? Is there any way around this shortfall except continuing to rent for months/years while he argues finances with his ex/waits for his house to sell? Any advice appreciated.

herbiesjp

What is the property price?
What deposit do you have?

What is your income?
Do you have any children?
Do you have a good credit history?

You might still be able to get another mortgage, as long as his income can support both mortgages. He would not be able to act as a guarantor, as it would still mean him having to support his existing commitments as well as the new mortgage.

Could your parents act as a guarantor if need be?

dizzygillespie

herbiesjp wrote: »

What is the property price?
What deposit do you have?

What is your income?
Do you have any children?
Do you have a good credit history?

You might still be able to get another mortgage, as long as his income can support both mortgages. He would not be able to act as a guarantor, as it would still mean him having to support his existing commitments as well as the new mortgage.

Could your parents act as a guarantor if need be?

Been looking at properties around £135k to £140k
Deposit £45k to £50k
My income is low £12k (plus £3k child maintenance from my ex), his £28k
Two dependent children
Credit history mine = good, his = not so good.

Parents = highly unlikely they would agree to this, and would they be able to as both nearing 80 years of age?

Thanks for replying.

herbiesjp

Two problems you have:

1) Your income is not high to buy alone
2) You say your hubby has "not so good" credit history which could cause problems.

What problems has he had?

Also, what is the property value, mortgage amount, and mortgage payment for his other property?

Wolfgang_Lake

Hi,

Buying Now would be great with house prices so low at the moment.. Would you not consider a cheaper house to get you started? It’s a lot of your money going into this, why not save it until things die down.. if the ex starts struggling with her mortgage payments and his name is on the mortgage, he could still end up paying on his mortgage with her if she gets repossessed etc…and end up with a loan leaving you’s both short? also if he’s the Guarantor for your mortgage I dout it would look good if payments on his other mortgage aren’t getting paid... is she keen to keep the house or just going to make your life harder? Am not so sure how it works with exs? Sorry to put a downer on this L Id at last wait till its up for sale before you’s decide.. that way your both free to make choices and can buy together Hopefully stress free. J

Regards

dizzygillespie

herbiesjp wrote: »

Two problems you have:

1) Your income is not high to buy alone
2) You say your hubby has "not so good" credit history which could cause problems.

What problems has he had?

Also, what is the property value, mortgage amount, and mortgage payment for his other property?

Prop value £225, £160k mortgage, £800 per month payments currently.

He has moved address 3 times in last 3 years, he has had problems getting a loan in the past, also I believe (but dont know for sure) that his ex has ran up debts in past on their marital home address.

dizzygillespie

Wolfgang_Lake wrote: »

Hi,

Buying Now would be great with house prices so low at the moment.. Would you not consider a cheaper house to get you started? It’s a lot of your money going into this, why not save it until things die down.. if the ex starts struggling with her mortgage payments and his name is on the mortgage, he could still end up paying on his mortgage with her if she gets repossessed etc…and end up with a loan leaving you’s both short? also if he’s the Guarantor for your mortgage I dout it would look good if payments on his other mortgage aren’t getting paid... is she keen to keep the house or just going to make your life harder? Am not so sure how it works with exs? Sorry to put a downer on this L Id at last wait till its up for sale before you’s decide.. that way your both free to make choices and can buy together Hopefully stress free. J

Regards

Thanks Wolfgang. Your thoughts have echoed mine at times, but I don't like the insecurity of renting and am keen to buy ASAP if at all possible.

Posting on here is a 'suck it and see' exercise to see if any learned MSErs can offer a solution to the shortfall, if not then it seems we will have no option but to play a waiting game until his and ex's property sells. I fear she is likely to make life as difficult as possible for as long as possible.

herbiesjp

It really all boils down to his credit history.

Anything his ex has done should be registered against her. If he has kept his nose clean in terms of credit commitments, then he should be ok.

You should really get a copy of his credit file from either Equifax or Experian to make sure there is nothing registered on there.

Assuming neither of you have any other debts and the credit history is good, you should be able to get something agreed.

It may take a little more work, but you should have some options open to you.

The fact you have got that big deposit will help a great deal in this scenario.

IMO you should go to a whole of market adviser to help you, as there are several areas where you could come unstuck

Wolfgang_Lake

dizzygillespie wrote: »

Thanks Wolfgang. Your thoughts have echoed mine at times, but I don't like the insecurity of renting and am keen to buy ASAP if at all possible.

Posting on here is a 'suck it and see' exercise to see if any learned MSErs can offer a solution to the shortfall, if not then it seems we will have no option but to play a waiting game until his and ex's property sells. I fear she is likely to make life as difficult as possible for as long as possible.

She probably wants to, its not a nice situation to be in at all, hopefully she'll see the bigger picture sooner rather than later. I really hope yous can sort it, am sure if not for you then for your kids future. Buying a house is not just a investment, its a home. Am sure your due a break soon :A

Conrad

I agree it's going to all depend upon his credit history. It's possible to have a second property in this way though

All the best