advise needed please

gazza1591

hi all

im currenly in a morgage with my parrents so we all pay for the morgage. all 3 of us are named on it.

now i do have 2 ccj on my name both of which im paying off each month no problems, (this were from a couple of years back.)

now my partner and i both want to move out and get a home of our own.

she has a good credit rating and obviously i have a couple of ccj.

she is 31 and im 28. she earns about 20k a year and im on 25k a year

she is from slovakia and can live and work in the uk but not a uk resident.

so my question is

can i get a morgage with my partner ? as she is not a uk citizen and i have ccj and im named on another morgage.

if we could what companys would i be looking at to get a morgage and routhly how much would it be for ?

thanks hope it makes sence.

Annisele

Your first question is whether you can be removed from your parents' mortgage - depending on the circumstances, you might not be able to take out a new mortgage at all. (It is theoretically possible to be named on two mortgages at once - but with existing CCJs and an income of £25k I suspect that that's unlikely).

How much do your parents earn, what is their credit rating like, how much is the existing mortgage, and how much is the existing property worth?

How much do you and your partner want to borrow? How much deposit do you have?

gazza1591

I can't be removed from the other morgage

we were looking for about 120k

on her own she could only get a morgare for about 60k is this correct ?

Annisele

She's probably OK to take out a mortgage in her own name (depending on credit and employment history).

Unless the mortgage you have with your parents is tiny, I suspect it will prevent a lender letting you have another joint mortgage with your girlfriend (even without the CCJs, which in themselves are an issue). How much is that mortgage?

£120k would be six times your girlfriend's salary - I would be very very surprised if a lender would entertain that in the current market. She might get a bit more than £60k, especially if she has a large deposit (£20k or so), but I'm afraid I can't see her getting anywhere near £120k.

gazza1591

The current morgage has about 90k left on it and we only have about 10k deposit

Annisele

Sorry, but I think it's very unlikely indeed that you'll get a loan of anything close to £120k.

There are few (if any) deals out there now needing less than a 10% deposit - so the fact that your deposit is only £10k means that regardless of your income the maximum loan you could get would be £90k. (I'm assuming you've budgeted separately for legal costs etc - if not, take those costs out of your £10k and then reduce the £90k max loan accordingly).

I don't think that you could get a second mortgage given your existing joint debt of £90k plus your CCJs, so your girlfriend would have to find a loan on her sole salary. (She also might not want to take out a mortgage jointly with you - unless it's shot already, her credit rating would probably be damaged by a 'financial association' with you, given your CCJs.)

gazza1591

ok thanks very much for the help

one more optio we looked at was to get a shared ownership were we only bought say a 25/50 % share in the house ?

could she still get a mortgage on her for this ? and if so what company do it ?

VIGILANT22

Best seeing a whole of market adviser for advice...