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Mortgage advice please!

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1 reply 393 views
djahalydjahaly Forumite
5 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hello all!!

Being new to MSE, I have rad with interest Martin's bit about mortgage adviser and how some of you lovely lot were kind enough to give free advice on the forum.
So here goes:my partner and myself wish to move closer to London.He owns the house we live in,repaying an interest-only mortgage,he had a bad credit ratinbg but has repaid all his debt about 6 months ago.I have no financial ties whatsoever,excellent credit rating (although because I've never had a credit card I have been told it is not that starightforward).
Because his house is in negative equity we are at a loss at what to do.
We would like to buy closer to London to cut the commuting but we're not sure if we should sell his house(that would mean being in debt of at least £10,000) as if we keep it he won't be able to get another mortgage and I doubt I would get a big enough mortgage to buy a house.Bearing in mind also we have an important deposit
The house we are looking to buy is about £250,000
If anybody would be obliging enough to offer some advice,I would be very grateful!!:-)

Thnak you!

Sarah

Replies

  • ThrugelmirThrugelmir Forumite
    81.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    If you are on an interest only mortgage. Then you are not repaying it. Merely servicing the interest.

    So step 1. Start making payments to reduce the debt.

    Your partners credit rating will impact you for some time. So focus on building equity for the moment. While time heals the credit file.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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