FTB mortgage, looking for advice & views, what would you do in our situation?

Dave_Ham

Given the deposit element, this will be difficult.

Sorry, if you have said. What is deposit and what is purchase price?

If you have a 15% deposit, you should be able to get this now in joint names...

Rovver125

Hi Dave, deposit is 26k, 23k of that is gifted to partner from her dad (she already has this in her savings accounts), purchase price we are aiming for is 160k.

My partner has two defaults still to clear from her credit file, first is from October 2007 for just under £1100 & the second is from December 2008 for just over £500.

Coppice

Hi, We were in a similar situation to you e.g. FTBs, Cornwall, partner had credit issue (though lack of credit due to ill health), 50% gifted deposit coming from her parents.

We went through Woolwich with myself as the sole applicant and completed a few weeks ago. Totally transparent through all stages and no issues. Partner had to sign a deed stating no qualms if mortgage company were to repossess.

Not ideal as we'll have to work backwards and at extra cost to add her to the deeds in the near future. But we're in our own house - can't really beat that.

Definitely recommend considering doing something similar if you guys have a solid relationship. There are a few options to protect your partners interests also.

Rovver125

Thanks Coppice, just goes to show, anythings possible if you put your mind to it! I know that money is my partners & I want to do whatever it takes to protect it for her even if we had a joint mortgage.

I know we're solid, never met a woman like my partner, she's an angel & like my best friend aswell as my girlfriend

Whereabouts in Kernow did you buy? Hope you're settling into your new home well

Coppice

We're in Roscroggan, between Camborne & Tehidy.

Honestly I don't think there's any buying advice online which truly reflects the contentment that you feel when it's all sorted and you're in and living in your own place. Yes, there's tons to do and money to be spent (budget for extra mining-related conveyancing if you're anywhere nearby), but you don't have to deal with landlords or letting agents, if we don't like something we can change it, if we damage something it doesn't really matter.

Having more control, not having the prospect of notice being served and determining the pace at which to do things, the subtle things which tend to get forgotten when looking at finances, really have made a big difference to our enjoyment of just living.

I'd say lay your cards on the table with the broker or lender, all of the people I've interacted with have used a bit of common sense to help us get here.

Good luck

Rovver125

Coppice wrote: »

We're in Roscroggan, between Camborne & Tehidy.

Small world, had a feeling you were close, we're in Carharrack at the moment How are you finding it over there? Where you are is within our target search area although we would ideally like to stay over this way for various reasons!

Coppice wrote: »

Honestly I don't think there's any buying advice online which truly reflects the contentment that you feel when it's all sorted and you're in and living in your own place. Yes, there's tons to do and money to be spent (budget for extra mining-related conveyancing if you're anywhere nearby), but you don't have to deal with landlords or letting agents, if we don't like something we can change it, if we damage something it doesn't really matter.

Having more control, not having the prospect of notice being served and determining the pace at which to do things, the subtle things which tend to get forgotten when looking at finances, really have made a big difference to our enjoyment of just living.

Pretty much all the reasons we're longing for a home we can call our own so much!

Coppice wrote: »

I'd say lay your cards on the table with the broker or lender, all of the people I've interacted with have used a bit of common sense to help us get here.

Good luck

Thankyou, we are trying to stay positive about it now, we know that we will get there at some point, be it within the next few months or within the next couple of years, it will happen!

Rovver125

Anymore thoughts or advice on the gifted deposit or us getting a joint mortgage anyone?

Dave_Ham

Subject to the specific detail, you should be able to get a mortgage with 15% deposit (which you have confirmed you have)

The gift would be acceptable, so as long as everything is as is and income/employment stack up then your broker should solve this in a straightforward if lengthy underwriting process.

Put pressure on broker, or get a new one.

All the best

Rovver125

Thanks for the swift response Dave, so just to clarify, is that for a joint mortgage (as you mentioned above, possible even with the amount of my partners two remaining defaults as mentioned above?) or me as a sole applicant somehow working around the gifted deposit scenario? Hope that makes sense & many thanks for your advice.

Dave_Ham

No, this would absolutely need to be a joint and it should be possible.

If you go on the sole basis given the giftor details, it is likely to end up a bit of a disaster.

It is best protocol to be joint in any case, let alone giving the gifting details..