Please please help, mortgage help needed desperately

mydisclosure

It might just be my state of mind but I am really upset, heres my story any help or advice would be really appreciated:

My partner and I live seperately and my partners brother in law offered to give us a £5000 gifted depoit. Unfortunately he has been made redundant and we feel it would be highly insensitive to ask for his help due to this recent blow.

We are due to see a financial advisor next week and view a property that we have already fallen in love with (call us crazy!). The house is 45k and a complete bargain. However with my partners current debt which equates to £600 a month and an income of 25k before tax and no deposit how do we get around this? We dont want to loose out on this property and the vendor is keen to sell/rent the property having vacated it sometime ago.

I just dont know what to do and as I am a student with no family I feel compeltely unable to help my partner out who only has the one sister and brother in law with whom he currently lives. Obviously I wont be on the mortgage because it would not help my partners mortgage application but were both past ready for our own place to call home. For 26 years ive lived out of one room or another as has my partner, completely feeling like a burden all the time, moving in excess of 25 times between the two of us has completely taken its toll! Any help or advice would be very much appreciated prior to approaching our mortgage advisor. The only option I can think of is my partner getting out a 5k loan to secure the deposit but this to me appears to be a contradiction in terms.

PLEASE PLEASE PLEASE HELP!! Thank you

whitewing

Why don't you rent it for a bit? Then you can get used to living together before buying.

PasturesNew

You won't get a mortgage with his debt.
You won't get a mortgage with a gifted deposit.

You're just going to have to let it go - and set out a more solid plan for how to provide for yourselves in the future.

House prices aren't going to be rushing up, so there's no mad rush. Set out a 2-3 year solid plan of saving and working towards your own deposit and him being debt free.

ExpertAdvice

Hi,

I really appreciate your needs and enthusiasm to buy the property but the fact is that there are no 100% mortgages available in the current market. You will need 10% deposit minimum. There might be 95% mortgages available but I'm not sure.

It would depend on the credit scoring if you can get a 90% or 95% LTV or not. There is already a monthly debt of £600 and if you take further loan of £5000 which I'm not sure you will get it or not, your chances of getting mortgage become even more difficult.

I dont see any alternative other than arranging for deposit. Your mortgage might be able to provide you some options.

Best of Luck.

Henry_P_Chester

PasturesNew wrote: »

You won't get a mortgage with his debt.
You won't get a mortgage with a gifted deposit.

You're just going to have to let it go - and set out a more solid plan for how to provide for yourselves in the future.

House prices aren't going to be rushing up, so there's no mad rush. Set out a 2-3 year solid plan of saving and working towards your own deposit and him being debt free.

I agree.

Also you are very unlikely to be offered a high LTV mortgage, or any mortgage for that matter, with such large debts. Work to pay the debts, then save a deposit. There will be plenty more dream homes on the market in a couple of years and it's quite likely that they will be a fair bit cheaper too.

BitterAndTwisted

Unfortunately your partner is not in a position to buy anything right now, bargain or not. I would say that with £600 a month debt-repayments already it's fortunate that he won't be able to borrow any more.

The best thing that the pair of you can do is to put together a sensible plan to become debt-free and then to start saving for a mortgage deposit and all of the other expenses buying a property entails.

Yorkie1

I agree with all the other posts; just to confirm the answer to one of your questions, a loan is rarely acceptable as a deposit; it will be used to reduce the lender's assessment of what they will lend to you so it becomes self-defeating.

DVardysShadow

If you have both lived out of a room for 26 years and your partner has unknown debts requiring £600/month, then you cannot have been very motivated to move on to your own property.

tleefox

The last time I was in my bank (Nationwide) they had a sign up saying they were doing 90% mortgages for FTB's.

There are 95% mortgages out there too, but they are few & far between & probably 7% interest plus.

mydisclosure

DVrdysShadow it is not unknown debt just none of your business. Furthermore who gave you the right to pass judgement on our situation, I was simply asking for advice so if you have nothing good to say dont say anything at all.

To everybody else thank you for taking the time to reply. I gues the evidence is there in black and white but I was hoping for a miracle, nonetheless your advice is very much appreciated, thank you

mydisclosure

tleefox thanks for that, our mortgage advisor who were due to see next week has sent us all the potential mortgage comapnies that are available to us and they all appear to require 10% but this i will clarify next week, thank you