Mortgage advice please?

rosieheath

Hi

I am completely new to mortgages etc so please bare with my ignorance. I am about to move in with my boyfriend. I rent at the moment and he owns his flat. He paid £175000 for it, but only borrowed £100,000 as he had a large deposit.

He is talking about us getting a mortgage and buying a house which is great. However, i have some questions

1) Will we still need to raise a deposit?
2) what kind of amount could we borrow?
3) I have debts of £16,000 which is paid at almost £300 a month direct from my salary. Will this mean we won't be able to get a joint mortgage because if my debt (he has none).

I just feel really guilty that my debt may mean we can't get a home to start a family in :-(

Any advise would be greatly appreciated.

Caz3121

What are the plans for his flat when you buy a house? will it be sold?

Funny_old_game

If he keeps the flat, you'll need a deposit.

If he sells it, he could use it ad a deposit. Your debts will hold back your borrowing amount currently by quite a bit. If it's all cards, lenders usually usr 5% of balance, so £800 month payment in your case.

rosieheath

The plan would be to sell his flat.

It's not cards, it's one loan with one lender.

I'm confused by what you mean by the £800? Is that the amount they'd take off what they'd let me borrow? Then I have no chance :-(

Senior_Paper_Monitor

Why is the repayment taken direct from salary ?

rosieheath

It's a loan offered by the company I work for. Thought it was a good idea as is more secure as the only way I'll default is if I get sacked which is highly unlikely!