First time buyer - advice appreciated

Rosco29

Evening all,

This is my first ever post, so please be gentle with me.

My partner and I, whom I have been with for almost 8 years are tired of renting and we are now ready to buy our first home together, having saved a decent deposit. Now this is where I need some advice. Approx 12-18 months ago my partners father, who had been renting for sometime following a divorce decided to purchase a property that was a repossession. My partners father is self-employed and whist he has a stable income and a guaranteed pension from a previous employment, Santander would not agree to his sole mortgage application. As a result and in order to help out my partner agreed to also been put on the mortgage which was then subsequently approved. Now that my partner and I are ready to buy together I've explained that there will now be a financial association between my partner and my partners father and that each others credit history could be taken into account if either of them apply for credit in their own names at some point in the future. My concern is that if my partner and I take a mortgage out together that my partners father will also become part of the association and that we will all be financially linked together. I have tried explaining to my partner that I do not wished to be linked his father but he insists it's not as simple as taking his name off the mortgage and in concerned the bank may not allow his father to continue the mortgage on his own reverting to the original reason why my partner agreed to going on the mortgage in the first place.

Am I been totally stupid here and over complicating things? I don't want to cause any unnecessary bad feelings...

Apologies in advance for the essay and thanks for taking the time to read!!!

Cheers

ACG

You wouldnt be financially associated to your father in law as you have no financial dealings together. Its not like a spiders webb with multiple levels, its just 1 level so your either on a contract together, or your not. (Thats my understanding of it, otherwise id be linked to loads of people on mine which im not).

However, with regards to the mortgage, whatever you are potentially able to borrow will be reduced by whatever the father in laws mortgage is.

Rosco29

Hi,

Thank you for your reply that makes things a little easier. I did try explaining to my partner that as he is already on a mortgage it may restrict what we are allowed to borrow. I guess we will have to wait and see.

Thanks