buying a house outright for cash- FTB, appreciate ur help.

cashbuying

hello everyone,

This is my first time on the forum so please bear with me.
We are first time buyers and planning to buy a property outright with cash, which comes from selling ancestral property abroad (India)

We would get around 140k + my savings of 30k (locally!) + credit cards or a small personal loan of 20k (?)
Planning to buy a home near a good school just outside M25. I am new to all this and not sure about the market etc etc.

We are not sure if we will get a mortgage, coz of husbands credit history. He is self- employed have a bad credit history. Mine is fine, though i have linked to his during some transactions, we do not have any joint accounts, though. I work for a small company 30k annual salary. We have applied for mortgage jointly over a year ago and have been disappointed, so we do not want to go thru the same again.

Our property is up for sale back home & we have got a few offers & will be completed in a couple of months time. I have spoken to my bank (lloyds) and they have no issues in me getting the money from abroad nor does the Indian bank have as long as all the rules have met.

I hope to get some advice, whether cash buying with the amount we have doable? or are we expecting too much ?

P.S: Please dont advise on my husband paying back the debt, he has been doing it with his own money. He doesnt want to use my ancestral money to cover his debts. He finds it not right tbh!!

cashbuying

any help ?

Beckyy

You will need a mortgage instead of a personal/credit card loan.

Considering the amount of cash you have, I would have thought you would get a mortgage for around £20,000 with no problems on a salary of £30,000. Have you tried since your last application?

TBagpuss

So - you have round £170K in cash and want to borrow another £20K? Assuming you an find a property in the right area for £180-£190K, I don't see any reason why you should not get a mortgage.

It may be sensible for you to speak to an independent mortgage advisor who can comment specificially about the impact of your husband's debts. You could also look at whether buying the property in your sole name, and having the mortgage in your name, would be an option.

Given that all of the capital is yours, you may want to look into having a declaration of trust and/or a post nuptial settlement drawn up, as well, to protect your contributions in the event that anything ever went wrong between you

cashbuying

Thank you very much Becky and Tbagpuss for replying!

Becky - I haven't tried since last april, when our application was rejected! Thats when I made up my mind of saving & selling my ancestral property so that I can buy a small home of my own!

We have decided to start looking for a house once our sale back home completes and we have the money in hand.
I will speak to the lawyer about the nuptial agreement, I love my husband but, just in case!!!