Mortgage help

spud2212

Hi I was wondering if anybody could give me some advice before i go see a mortgage advisor.

Im 21 currently earning £25k+ my girlfriend earns Approx £14K.

My father bought a flat for £45k cash as it was a repo with no management company so no mortgages available! and i now want to buy it for £60K as an investment. The flat has been valued at £85k.

I have £6k for a deposit but as my dad only wants what he paid but I want to get a £60k as it will leave me with money back left over for an emergency fund.

But as i said this flat is investment so in two years time Ill be looking to rent out and buy a rundown house to buy and do up into my palace.

Now i didnt know wether it was better to let my g/f get the flat in her name only so i can get a mortgage on the house. but i dont wanna really do it this way what other ways are there.

There is now a management company in place so can now get a mortgage

SimbaSimon

spud2212 wrote: »

Hi I was wondering if anybody could give me some advice before i go see a mortgage advisor.

Im 21 currently earning £25k+ my girlfriend earns Approx £14K.

My father bought a flat for £45k cash as it was a repo with no management company so no mortgages available! and i now want to buy it for £60K as an investment. The flat has been valued at £85k.

I have £6k for a deposit but as my dad only wants what he paid but I want to get a £60k as it will leave me with money back left over for an emergency fund.

But as i said this flat is investment so in two years time Ill be looking to rent out and buy a rundown house to buy and do up into my palace.

Now i didnt know wether it was better to let my g/f get the flat in her name only so i can get a mortgage on the house. but i dont wanna really do it this way what other ways are there.

There is now a management company in place so can now get a mortgage

It may not be likely but if you and your girlfriend were to split up she'd own your house. :eek: I'd put it in your name or both names personally. When the time comes to buy a house in a few years time you should still be able to get a mortgage if your flat is turned into a investment and theres enough income spare.

spud2212

i forgot to mention i want to keep hold of the flat to rent out :S oops i knew id forgot to mention something