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Mortgages, bad credit, renting out arrggghh!
tattyuk75
Posts: 87 Forumite
Hi, first time here so please be gentle!
Myself and my partner are so confused at this point that I'm hoping some of you knowledgable and helpful people will be able to give us some advice!
In a nutshell, my partner and I had two houses between us, we wanted to sell both properties and purchase a property together: I am not working at the moment and have bad credit (with Payplan) which is not going to disappear from my score anytime soon; My partner has great credit and a fairly well paid job. We were planning on selling both properties (his was in slight negative equity, mine had a large amount of equity) and him taking out a sole mortgage on a new home and me providing the deposit from the sale of my property. So, sole mortgage but both names on deeds do demonstrate my financial interest.
However, his property sold very quickly (his mum covered the negative equity shortfall) but mine has failed to sell. I have reduced the price twice but still hardly any interest (except the BBC who filmed it for 'To Buy or Not to Buy', so I know the lack of sale is not because the flat is a problem). We are desperate to get into a new home together as we are currently living in my property which is a massive commute for my partner.
Thinking outside the box, we decided that the best thing for us to do would be to rent my property out and my partner to get a mortgage solely (as originally planned) on a new property. The problem being is how to go about this with my bad credit (so unable to go through a joint mortgage app on my place to release equity to provide a deposit on the new property). I would also like to have both names on the deeds to illustrate my financial interest (ie deposit) in the property but am told that this is not able to happen as you can't have joint names on the deeds with a sole mortgage....
Pheww...as you can see, a lot confused on this matter and myself and my partner would really appreciate any input, insight or advice anyone may have to offer.
Thank you if you managed to read all this and know what I mean!
Myself and my partner are so confused at this point that I'm hoping some of you knowledgable and helpful people will be able to give us some advice!
In a nutshell, my partner and I had two houses between us, we wanted to sell both properties and purchase a property together: I am not working at the moment and have bad credit (with Payplan) which is not going to disappear from my score anytime soon; My partner has great credit and a fairly well paid job. We were planning on selling both properties (his was in slight negative equity, mine had a large amount of equity) and him taking out a sole mortgage on a new home and me providing the deposit from the sale of my property. So, sole mortgage but both names on deeds do demonstrate my financial interest.
However, his property sold very quickly (his mum covered the negative equity shortfall) but mine has failed to sell. I have reduced the price twice but still hardly any interest (except the BBC who filmed it for 'To Buy or Not to Buy', so I know the lack of sale is not because the flat is a problem). We are desperate to get into a new home together as we are currently living in my property which is a massive commute for my partner.
Thinking outside the box, we decided that the best thing for us to do would be to rent my property out and my partner to get a mortgage solely (as originally planned) on a new property. The problem being is how to go about this with my bad credit (so unable to go through a joint mortgage app on my place to release equity to provide a deposit on the new property). I would also like to have both names on the deeds to illustrate my financial interest (ie deposit) in the property but am told that this is not able to happen as you can't have joint names on the deeds with a sole mortgage....
Pheww...as you can see, a lot confused on this matter and myself and my partner would really appreciate any input, insight or advice anyone may have to offer.
Thank you if you managed to read all this and know what I mean!
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