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FTB mortgage, possible
Jess23x
Posts: 32 Forumite
Hi all and thanks for your help in advance. We are looking at a property that is £124,995 so under the stamp duty. We have a 10% deposit and money for fees. However i have a default which is another issue. My parter earns £30,000k basic plus garanteed call out at £50 a time 4 times a month. We are looking to get a mortgage in his name only. Is this possible. His credit rating is good. We would look to put me on in a couple of years. The deposit we are putting down is all of my savings so we have agreed if anything were to ever happen I would get this much more. We have been together 7 years so shouldn't be an issue. So my main question is do you think a mortgage is possible. He only has 1k of debt on a credit card.
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Comments
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Yes - this is most certainly possible from the information provided...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Be careful. Lenders can sometimes turn down applications where the deposit is being paid by someone who won't be a party to the mortgage who will be living in the property. This appears to apply in your case.
You will need the lenders approval for any legal agreement which sees you getting the deposit returned on separation.
Stay away from Abbey/Santander for this reason.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Just an update we have a mortgage in principle yesterday for the amount we need on my partners salary. However just had a call from HSBC and they are removing my default and it should take a Month. My question is should I now after it is not showing apply in joint names? I have only £600 debt on a credi card and earn £16,0000
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Sometimes it can take longer than a month to remove so keep an eye on it.
Joint would be easier than sole, depends on when you need to move.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Shop direct company screwed up and put a default against me (apparently their system crashed) and it was taken off my experian within 24hours so it might be worth challenging that0
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