First time buyer who needs help!

debbieroberts88

I am a first time buyer who is as expected is struggling to get on the property ladder.

I am a teacher and my partner is a documentary film maker. We aren't sure he will be eligible for a mortgage as he is self employed and has only had the company for 2 years.

We have a deposit of 20k to put against a house (kindly donated by my parents) but we are having trouble getting a mortgage.
Can my Mum come in as the second applicant on the mortgage (I will be the first) even though she has a mortgage on another property?
Also can we have an interest only mortgage for the first few years and then swap to repayment?
I would greatly appreciate any help or advice.
Thanks.

Thrugelmir

Without knowing information such as your incomes and mortgage required difficult to be precise in answering.

Even if it was possible. Adding your mother to the mortgage would make potential complications that would make it unadvisable.

Most lenders will require a savings plan if you choose an interest only mortgage. So no advantage over a repayment mortgage.

Get saving and increase your deposit is the best advice. If you want to buy a home make some sacrifices.

opinions4u

Why are you having trouble getting a mortgage? Do you want to borrow more than lenders will provide? Are you being declined because of bad credit? Is it the "self employed" nature of your partner?

Keep saving. Keep the self employed accounts up to date.

Forget any thoughts of "interest only" as it's simply storing up problems for later. Forget thoughts of parents on the mortgage (this can create capital gains tax issues ib future). One option may be for a parent to act as guarantor, but this is rarely straight forwards.

Post the following information:

1) Your salary.
2) Your partner's net profit figure for each year traded and projected figure for the latest year.
3) Details of any credit commitments.
4) Details of any missed payments, defaults etc.

Then more posters may be able to guide you.