FTB help. I don't know where to start!

kingstreet

TooDee wrote: »

Both! I do trust him and I think it would take to long to get my credit rating to a good place. I want to have kids soon (while it all still works... I hope) and I want to do it in my own house I don't want to move them around as much as I had to when renting.

It's your call. If ever you feel like looking at your chances of a mortgage, get copies of your credit files from the three CRAs and post over on the M&E board.

There's a few of us over there who'd be happy to help you.

SuzieSue

TooDee wrote: »

Both! I do trust him and I think it would take to long to get my credit rating to a good place. I want to have kids soon (while it all still works... I hope) and I want to do it in my own house I don't want to move them around as much as I had to when renting.

So if you had a good credit rating, you would still do this? I don't think so, and the reason you wouldn't do it is because it would be foolish.

However, I can see your reasons re having children etc, so if this is thte only way of getting on the property ladder, then it might be worth the risk, but you should explore all other possibilities before you do.

Beckyy

If his salary is only really about £16500 then I don't think you could compfortably afford a £75000 mortgage. You should wait until you've got a job (even part time one would count!) then buy the house in joint names, with a joint mortgage.

Don't feel like you have to buy a house as soon as you get the money through, no matter how much you trust your boyfriend - it could turn into a very difficult situation. Even if you do it, then want to go on the mortgage later on you have a whole host of problems to think about.

Wait, you won't regret it!

TooDee

SuzieSue wrote: »

So if you had a good credit rating, you would still do this? I don't think so, and the reason you wouldn't do it is because it would be foolish.

However, I can see your reasons re having children etc, so if this is thte only way of getting on the property ladder, then it might be worth the risk, but you should explore all other possibilities before you do.

Obviously if I had a job and a good credit rating then yes things would be different but thats not the situation I'm in so I'm trying to make the best of what we have.

TooDee

Beckyy wrote: »

If his salary is only really about £16500 then I don't think you could compfortably afford a £75000 mortgage. You should wait until you've got a job (even part time one would count!) then buy the house in joint names, with a joint mortgage.

Don't feel like you have to buy a house as soon as you get the money through, no matter how much you trust your boyfriend - it could turn into a very difficult situation. Even if you do it, then want to go on the mortgage later on you have a whole host of problems to think about.

Wait, you won't regret it!

That £75000 was an average of various websites that I'd looked at putting in pay and bonus separate trying to get an idea if this was possible or not. If its less then that could work to. His family may also help us out so this figure would be possible with a gift if not with a mortgage.

I need to move, I can't rent anymore and after 5 years together I'm ready to start properly making a family with my Mr.

I will regret it if my ovaries have shriveled up and stopped working because I was over cautious about trusting the most honest, trust worthy person I've ever met in my life.

I'm not fussed about having my name on the mortgage I know that house will be half mine and thats what matters to me.
I can see why people would think this was risky but really I know this guy inside and out. We've lived in each others pockets for years I know it will be fine.

TooDee

Thanks for everyones input. Its given me alot to think about.

Beckyy

I can totally see where you are coming from but you need to plan this out.

You could give the money to your OH and buy a house in his name, but could you then afford it? A mortgage, council tax, insurances, bills and living expenses would be a lot to cope with on just £18,500. If you add the cost of chldren into that it's going to be a massive strain IMO.

You say his family might help you out? If they were genuinely willing and are happy to lend you enough to make a cash purchase then it could mean that you could have the house in joint names. You may need something formally written up about paying back your in laws though, which could become complicated.

If you're planning to start a family then would you continue looking for a job after you've bought the house? Would you wait until you've found one then go on maternity leave?


I know there are lots of things to think about, and I don't want to sound rude or invasive but try and plan and think about it as much as you can. I don't know how old you are, but I would much rather wait another year or so and be more financially comfortable to have children than have them as soon as possible and find you are so financially stretched that you struggle and can't enjoy family life as much as you'd hoped.

Good luck.

TooDee

Beckyy wrote: »

I can totally see where you are coming from but you need to plan this out.

You could give the money to your OH and buy a house in his name, but could you then afford it? A mortgage, council tax, insurances, bills and living expenses would be a lot to cope with on just £18,500. If you add the cost of chldren into that it's going to be a massive strain IMO.

You say his family might help you out? If they were genuinely willing and are happy to lend you enough to make a cash purchase then it could mean that you could have the house in joint names. You may need something formally written up about paying back your in laws though, which could become complicated.

If you're planning to start a family then would you continue looking for a job after you've bought the house? Would you wait until you've found one then go on maternity leave?


I know there are lots of things to think about, and I don't want to sound rude or invasive but try and plan and think about it as much as you can. I don't know how old you are, but I would much rather wait another year or so and be more financially comfortable to have children than have them as soon as possible and find you are so financially stretched that you struggle and can't enjoy family life as much as you'd hoped.

Good luck.

He's doing an apprenticeship so he will be getting a pay rise soon. I will work as much as I can but after being made redundant I've found out how ridiculously hard it is to get a job at the moment. I am doing quite well just temping and it is bringing in regular money but its not a permanent job. I also make stuff to sell which brings in money also. I am still looking for a permanent job but after getting very depressed in my last job and putting up with it I'm not going to do just anything and temping is bringing in enough. I would rather not have to be constrained to maternity leave if possible although I would like to get back to working after I've had a baby I'd like it to be right.
I'm in my early 30's and I've already had a bit of a medical scare which might limit my chances of conceiving so I don't want to put things off any further.
I don't think his parents would be able to lend us quite that much money two bedroom houses or flats around here start at around £100'000. But if it lessens the amount he'd need to get for a mortgage then that would be great!
I don't want to stretch my boyfriends money, I've always worked since I was a kid and earned my own money but unfortunately we are stuck in a situation where time isn't on our side but we have this money which could really help us get to a place where we want to be.
Thanks for the wish of luck I think we're going to need it!

TooDee

I also have the problem of not living where we want to buy so looking for a job there has been hard.

TooDee

How many house viewings do we do? We Have a viewing for one house that we really like online but can only find others that would mean a compromise in some way and are more expensive. Do we bother viewing these or view the one we like then reevaluate our options.

We now have alot bigger deposit so only need a mortgage of about £50k which is better. my credit rating is also not as bad as I thought so it looks like I will be able to go on the mortgage but just with a 0 income.