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Mortgage Help.

phoenix282007
Posts: 5 Forumite
Hi, would be greatful if I could have some advice.
I have some previous debt problems, defaults etc.. Mostly paid off, and the rest is being paid under agreement. I earn £22300 a year and have outgoings monthly of around £300. My fiancee earns £12500 a year with no debt or outgoings. I have seen a house I want to buy at £160,000. My parents are willing to pay £80,000 cash for half of the house in their name provided I can gat £80,000 from a mortgage. I have £10,000 saved for a deposit. Would the bank even consider an offer like this i.e. parents paying half price of property? I'm a little stuck.
Any help?
I have some previous debt problems, defaults etc.. Mostly paid off, and the rest is being paid under agreement. I earn £22300 a year and have outgoings monthly of around £300. My fiancee earns £12500 a year with no debt or outgoings. I have seen a house I want to buy at £160,000. My parents are willing to pay £80,000 cash for half of the house in their name provided I can gat £80,000 from a mortgage. I have £10,000 saved for a deposit. Would the bank even consider an offer like this i.e. parents paying half price of property? I'm a little stuck.
Any help?
0
Comments
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Personally, in the first instance I would go to an independent financial adviser,
and see if they know of any banks/bs who would offer a mortgage like this,
It seems to me that it's a pretty save bet for the mortgage company, as they could take the house and sell it if needed. but it is not the general case so there might be some companies not interested.
good luck,
G0 -
If half the house is in their name they would have to be named on the mortgage - you can't mortgage half a house as, should the worst happen, a lender can't repossess half a property.
If they are named on the mortgage they would become jointly liabile should you not make the mortgage payments. Something they may be happy with, but should be aware of.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 -
thanks for advice. I've got an appointment tmrw, I just wanted to be prepared for what they might say.0
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