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Newbie mortgage advise
uk_honey
Posts: 21 Forumite
Hi :-)
Looking to buy first house with partner.
About me : 30 yrs old. Unfortunately earning £14500 annum in accounts. Secure job. No debt. Always pay bills on time. Never over drawn. Responsible with money. Have £6000 saved.
About partner : 36 yrs. has a mortgage on another house which he rents out. No job at moment but a lot of savings.
The plan : he will pay half cash for the house I will get a mortgage for 50%
Question : what is a rough figure I should be looking at for my 50% ?
Looking to buy first house with partner.
About me : 30 yrs old. Unfortunately earning £14500 annum in accounts. Secure job. No debt. Always pay bills on time. Never over drawn. Responsible with money. Have £6000 saved.
About partner : 36 yrs. has a mortgage on another house which he rents out. No job at moment but a lot of savings.
The plan : he will pay half cash for the house I will get a mortgage for 50%
Question : what is a rough figure I should be looking at for my 50% ?
0
Comments
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It doesnt quite work like that, you would both need to go on the mortgage. He would also be liable for half of the mortgage if you stopped paying no matter what you agree between yourselves.... its important to be aware of that.
On £14,500 i would work to about 4x income (£58k you could borrow) as a ball park.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ah ok
Many thanks
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