Morgage for first time buyer (but 2nd really)

Applecider_2

Hi

I am looking to buy a house with my partner for about £90,000 we both earn a good wage and are currently living in rented accom.

I have a house already but rent it out to a local family. Are we classed as first time buyers as he has never had a morgage before.

We have no deposit at all, so what is the best option here. I dont want to touch my house at all as its the only thing that is mine.

Is it best to save a deposit or is there a loophole? because from what I can gather at the moment I need to find £9,400 and that is not going to be saved anytime soon.

If that is the only way its looks like staying in rented accom

Thanks in advance

Kat xx

poppy10_2

You need to concentrate on paying off your debt before you can even think of applying for a mortgage. The rate you are paying off your debt, you should be able to build up a 10% deposit fairly quickly once you are debt free and your debt repayments can be used towards savings. It might take a couple of years, but that's nothing when it comes to the biggest purchase of your lives.

The only other option would be, if your other house is not mortgaged or has significant equity in it, is to pull money out of that to pay off your debts and use as a deposit, but I wouldn't recommend it.

CloudCuckooLand

When the tenancy comes to an end, move into your current house..?

Applecider_2

What about vendor gifted morgages?!

CloudCuckooLand

You may find a 5% gifted deposit occassionally - you still need to find your own 5%. And fees etc.

And be prepared to pay over the odds for it, from the limited range of lenders who permit gifted deposits.

There are no other shortcuts. Time to grow up, I'm afraid !

Applecider wrote: »

Doing a diary as I need to my sort my finances out AGAIN
Well I left here debt free, travelled the world a bit and came back seemed to think my credit card was free money and here we are again.

arent I silly girl. Memories to last a lifetime and debt to match. but having a new boyfriend means u have to do things which can be costly but there we are.

Get your boyfriend to pull his weight.

Unless your rental is giving you a stonking profit, why are you making life so difficult for yourself..?

Thrugelmir

Applecider wrote: »

I dont want to touch my house at all as its the only thing that is mine.

There are ways of protecting your equity if you were to use it towards a new property.

Burridge60

If either one of you already owns a property you cannot be a first time buyer. Not that it brings many benefits unless you want to have the SDLT waived.

Applecider_2

CloudCuckooLand wrote: »

You may find a 5% gifted deposit occassionally - you still need to find your own 5%. And fees etc.

And be prepared to pay over the odds for it, from the limited range of lenders who permit gifted deposits.

There are no other shortcuts. Time to grow up, I'm afraid !





Get your boyfriend to pull his weight.

Unless your rental is giving you a stonking profit, why are you making life so difficult for yourself..?

Wow... stinger!!!