moving home help please

kizzyk

Hi,

I currently have a mortgage and owe approx £55k, its a 1 bed flat and only in my name. I have an excellent credit history and i really want to move house and live with my partner.

I think i could sell the flat for £65k so would make £10k but my partner already has a mortgage for the property that his ex and child currently live in. This is in his name only.

The house i am looking at is approx £150k and so i wanted to know whether i would be able to get another mortgage for that amount in my name only but with my partner contributing to the bills.

I currently earn £27k a year and my partner is self employed but he earns approx the same.

My partner's credit rating is really bad and as he already has a mortgage we can't really get a joint one. We have no plans to sell his house.

Any advice would be gratefully received as i don't really know where to start.

Is it worth looking at new builds for any special offers they have on properties?

Thanks

dimbo61

sorry to tell you this but cant see you getting a £140K mortgage to buy a £150K property when you earn £27K and have at best a £10K deposit.
Stamp duty would be £1,500 plus other costs to move and cant see your partner being able to sell his property with his EX and his child in the property.
The most you could get would be perhaps a £100K property with 10% deposit

kingstreet

kizzyk wrote: »

i wanted to know whether i would be able to get another mortgage for that amount in my name only but with my partner contributing to the bills

Your partner's income will only be taken into account if he is going to be a joint applicant with you. If you are applying alone, your borrowing power will be based on your income alone. Assuming 4x income, you'd get £108k if you have no credit commitments. As dimbo said, the deposit is going to be your biggest problem. If you don't have additional savings to put into the purchase, your £10k equity will go in fees, leaving you well short of the 10% or more you'll need.