Gifted equity, plus some other oddities

dunnaz

Hi all, I wonder if you can help with my current situation.

I am currently renting a property from a family member who wants to sell it to me. The property is worth around £175,000, but they would sell it to me for £155,000. My parents would be willing to help with a deposit of around £15,000.

This is where it gets a bit more complex. My annual salary will not quite allow me to borrow the £140,000. My girlfriend lives with me and is in full time employment, but she is named on a mortgage with her ex partner, which isn't due to end until December 2014. The split was perfectly amicable, she doesn't pay towards her mortgage but does pay 50% of the current rent where we live. I am assuming that she/her salary would not be able to 'assist' with the mortgage?

My credit history is perfect, as is hers, neither have any outstanding loans or credit cards.

Any advice would be gratefully received.

Regards

amnblog

how do you know your annual salary 'will not quite' allow you to borrow £140,000

dunnaz

Sorry, I should have been clearer. According to First Direct's online calculator, it's saying a loan of £122,000 the average. Appreciate this could go up or down, but is the only guide I have at the moment.

Cheers

Foxy-Stoat_3

I would see a whole of market broker, 10% deposit may be enough if your numbers stack up, assuming the £15K is a gift.

kingstreet

HSBC Group is not particularly generous.

Your partner's income can be taken into account. The lender will simply make sure she could afford to pay the other mortgage as well, if necessary.

Speak to a whole market broker and you'll get a much clearer idea of what's realistic.