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Complicated Situation?
shegs_81
Posts: 8 Forumite
Evenin all,
Was looking for a bit of advice on current situ if you'd be so kind. Currently live with GF in a rented flat in South London. We were looking to rent somewhere bigger but my Dad said if we wanted to buy he'd cover the deposit and come in on the mortgage to help us out. Legend, I know. :T
Anyway in this general area (near Clapham Junction) prices are ridiculous; looking at 280-300k for a 1-2 bed flat. The demand's gonna be high for a few years though as it's Chelsea overspill and great for amenities, shops, restaurants, travel.
My salary is 36,000 per annum, GF is on 12,000 (new job though), we have combined credit card debt of around 14k, 11k of which is mine, split between a 4.95% LOB and a 0% MBNA Platinum. The complicated bit is my Dad. He'd be looking to pay a huge deposit, like 50k-60k, so he didn't have to borrow much. This is based on the fact that he's getting a large lump sum pension in a few months plus a low annual pension (about 10k a year). He'd be looking to be liable for 36% of the mortgage payment, same as myself with my GF liable for a 28% share.
My question is, what's the best way to approach this with regards to a mortgage? For a Mortgage in Principle to be agreed how would we best split the liability etc. The pension issue complicates things so I'm a bit at a loss.
Sorry for the essay, any advice whatsoever gratefully received
.
Cheers,
Shegs
Was looking for a bit of advice on current situ if you'd be so kind. Currently live with GF in a rented flat in South London. We were looking to rent somewhere bigger but my Dad said if we wanted to buy he'd cover the deposit and come in on the mortgage to help us out. Legend, I know. :T
Anyway in this general area (near Clapham Junction) prices are ridiculous; looking at 280-300k for a 1-2 bed flat. The demand's gonna be high for a few years though as it's Chelsea overspill and great for amenities, shops, restaurants, travel.
My salary is 36,000 per annum, GF is on 12,000 (new job though), we have combined credit card debt of around 14k, 11k of which is mine, split between a 4.95% LOB and a 0% MBNA Platinum. The complicated bit is my Dad. He'd be looking to pay a huge deposit, like 50k-60k, so he didn't have to borrow much. This is based on the fact that he's getting a large lump sum pension in a few months plus a low annual pension (about 10k a year). He'd be looking to be liable for 36% of the mortgage payment, same as myself with my GF liable for a 28% share.
My question is, what's the best way to approach this with regards to a mortgage? For a Mortgage in Principle to be agreed how would we best split the liability etc. The pension issue complicates things so I'm a bit at a loss.
Sorry for the essay, any advice whatsoever gratefully received
.Cheers,
Shegs
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shameless bump as I know Monday's can be a quiet night.0
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