mortgage help!

Iriahm

a couple of weeks ago (before going to guide camp for a week!) I decided to sell my flat and pay off all my debts. I was relieved and at ease.

We found a property to buy by accident in early July - as soon as we walked into we loved it. Our offer was beaten so we thought we had lost it, but I've come home to have my solicitor call me to say that the sale has fallen through (very unusual as we are in Scotland and once you've agreed to buy you buy) as they lied to mortgage co. They are desperate to sell so we've put in a cheeky offer while its still off the market.

As long as it survey's ok, its ours. I should be really pleased as it has huge investment potential (solicitor has valued it £100k more once its decorated/new kitchen/new bathroom) and it all makes sense, BUT, if we do this I cannot pay off my debts and we are taking on a £190k mortgage with the sale of my flat paying the deposit and paying off my secured loan. OH will be paying £10k towards doing up costs so we have equal investment in it.

Am I crazy to do this? by getting a joing mortgage am I going to drag my OH's perfect credit record down to the level of mine.

What I had planned to do and OH supported this was sell flat, pay off debts, rent for a year while saving for a decent deposit (£20k between us) and go into a new property cash-rich and debt-free. I'm wracked with guilt and feel sick.

Grateful for all advice, survey results back today!

Ixxx

frugglewump

How would the new mortgage payments and removal of the secured loan affect the amount you currently use to pay off debt each month? If it doesn't go down below what you are comfortable with then go for it.

Yes, there will be a financial link between you & OH. I can't answer what it will do to his credit rating. I doubt it would drag it down a great deal.

I did something similar - we bought our house in february & the costs set me back a whole year of furious moneysaving. Since I'd had that year of being on this site though we didn't buy until we'd spent time with a budget sheet & were sure that mortgage repayments wouldn't be a problem (well unless BofE rate rises skyhigh)