Buying with my mother

bournemouthboo

My mother is selling her house outside of the county and wants to purchase together so we can help each other.

Its been well thought out and her property has had an offer today from first time buyers for 182,000 I think she will accept it.

We have found a lovely property with an annex and I and children can live in the house.

The house is 250,000 or nearest offer. It has no chain which is ideal. We are looking to get a mortgage together of the remaining. I have 15k in the bank but thats all the money I have.

My mother and I are both working and earning 18000 each. I think my mums is a tad less. I am nearly 30 my mother is 51. I understand it would be over a shorter time period but not much we can do about that and we know that.

My credit has not been brilliant but all is clear now and things are improving. (1 CCJ 2 defults all satisfied 2010) I would like to know if with such a desposit of say 190,000 against 250,000 for example would we together be able to find someone that would lend?

If not we can chuck the idea by the wayside. :j

Dave_Ham

Given your big deposit, there will be a solution so do not fear. Depending upon the specifics of how much and when the defaults and CCJ's were applied, will depend upon the cost of this solution.

I would suggest you get your Experian and Equifax credit reports and assess exactly what has been placed on there and when. Put these under the nose of a professional and would expect a fair solution.

Good luck

bournemouthboo

If the deposit is such an amount then its just the rate you would be paying I assume?

Dave_Ham

Yeah pretty much rate and fees, although all relative on a smaller mortgage..