Mortgage affordability

Ernie_

I have a current halifax mortgage on my house with approx 15k equity. I am looking sell and go on to buy a new build home to share with my girlfriend, but she cannot go on the mortgage as of poor credit from a few years ago.

I would need a mortgage of around 125,000 after I've put 10% deposit down. Based on my earnings of 28,000 It's not enough for the halifax affordability. I have a loan of £303 pm which I have taken out to pay all debts off.

My sister has offered go on a joint mortgage with me to increase affordability, she earns 33000 and has a mortgage of £275 a month with no other debt. The mortgage is with halifax too and this will remain her main residence and the proposed joint mortgaged house will be my girlfriend and myself.

I'm going to see an advisor this weekend, but just wanted to get an idea of what to expect.

Both of us have '999 credit score'

Barclays have a family affordability plan, but there rates aren't the best.

Thanks in advance

shortchanged_2

What's in it for your sister apart from her being jointly liable for a debt?

Wh05apk

Although it may be do-able, family arrangements like this can be horrendous, your sister being named on both mortgages, may then cause problems if she wishes to move or remortgage in the future, also any gains on the property could be liable to CGT for her share.

How bad is your girlfriends credit - what? how much and when?

Although Barclays rates are higher (surely not higher than Halifax?) it may be better and simpler to take that route, rather than the complications involved in adding your sister.