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House purchase dilemma
Comments
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I would not actually be buying the house in my name as I am about to go back to work 2 days a week earning rubbish money (although it will keep the car on the road, pay the food shopping and my small loan). My partner would be buying the house in his name. He is completely debt free with an excellent credit rating. We/he has a mortgage agreed in principle.
The deposit money is compensation which I personally fought for two years to obtain.0 -
If this is the house you have to have, I would be wanting to find new tenants for your current landlord and move into the new place. I would want to be in my new home as soon as possible.
Plus if you wanted to put tenants in your new place on purchase you would need consent to let from your lender, unlikely on a residential mortgage before you have even moved in.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
We are now near the end of june and it normally takes 3/4 months to buy a property by the time the surveys, legals, checks and mortgage lender have done all there checks.
Now the vendor may want a quick sale but unless he/she has a queue of buyers camped outside the property with Cash he/she will have to wait.
So speak to your lender and have a second viewing on the property then CONSIDER if you want to make an offer ( subject to survey)
Good Luck0 -
Hello, would you be borrowing the maximum on the mortgage that you could? I'm sure you'll already of thought of this but if not here goes. Borrow slightly more than you need to buy the house and then use the excess to pay the rent for three months. Or take out a loan to cover the 3 months rent?Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term😁😁
Balance as of Sept 2014 £165,803
Balance as of Feb 2015 £163,360
Balance end of July 2015 £159,050
Balance as of Jan 2017.... £138,033:j0 -
Hello, would you be borrowing the maximum on the mortgage that you could? I'm sure you'll already of thought of this but if not here goes. Borrow slightly more than you need to buy the house and then use the excess to pay the rent for three months. Or take out a loan to cover the 3 months rent?
Depending on what price we could secure the house at we would be borrowing near to the maximum they would lend us. My partner is going to look at it tomorrow. He's fully aware of it's location etc and I'm positive he will like it.0
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