Possible?

Nins12345

Evening all,

Really in need of some help!

We sold our house and are due to complete on 29th we have a prop to move into (my mums empty house).

Now a property has come up its been on the market a while and started off at 225k it then dropped to 195 and now it's at 180k agent said they'll take 160k (old lady who has passed on)

Need advice on figs:

Earnings: partner £21k me 10k he also has a part time self employed business last years books showed 6k turnover and 3k profit.

House sale:

99k sold price, mortgage is at 67230k agents fees at 1200k sols 2300k and stamp duty on purchase 1600 leaves 26670k left to use as deposit.

Have a bit of debt, Santander personal loan at 1304 (£150pcm) sofa on 0% 398, next account 600, Barclaycard 0% 18 months 1371 and Amex 671. And another Barclaycard £800.


Now the next bit is tricky. Our fa said is possible if we can get 32k deposit we can go ahead at 160k. We are currently going through court case for a bad car accident we had 3 years ago we have a minimum of 12k coming but obviously have to wait for it to be over and is going to take around 6 months, sil has offered to lend us 6k to make it to the 32k obviously she will have to say its gifted. Just need some advice please

Thanks

Nins12345

Just to add santander loan ends in jan

Nins12345

Does anyone know how you get around the gifted deposit thing? Does our family member have to sign a form? Thanks

Gary123456790

Nins12345 wrote: »

Does anyone know how you get around the gifted deposit thing? Does our family member have to sign a form? Thanks

Yes your family member will have to sign a form saying it is a gift and not a loan and they want no interest in the property at all.

Your FA is probably going for 32k due to the income multiples - having a 32k deposit means your mortgage amount at 128k is around 4 times your PAYE earnings.

Its difficult to give any more advice without knowing more about your details such as credit history, etc.

Gary.

Nins12345

Sorry Gary I should have said credit history is fine my partners is gleaming mine is ok I had some late payments from like 2007 but have been squeaky for the last years have had items on credit and credit cards since and all have been paid on time

Nins12345

Just to update our fa applied to the Halifax and we have a provisional acception they are calling the agent for survey access so fingers crossed