Need some advice please! >

*Kat*

SO and I want to buy a house together. He has decent credit rating, I don't.

The flat we want is for £105k which, according to the calculators around, he can get with his own salary.

Is there a way that I can get my name on the flat too without being on the mortgage? I won't get a mortgage cause of my credit rating (it'll be fine in a couple of years when one default drops off - it's been paid in full but still there), but we're fed up of renting and a mortgage is only £30 more a month than we pay in rent atm.

Thoughts?

Thrugelmir

House ownership comes with more than just paying the mortgage. You will be responsible for all the maintenance and upkeep of the property. Something your LL currently pays for out of the rent. So you will need to allow more than £30. In addition to which interest rates are currently very low. Allow something in your budget for higher costs in the future.

If your partner meets affordability criteria in his own right. Then yes , that's a possibility. Though the property will be in his name so your rights are going to be very limited in the event of separation.

Will you be contributing to the deposit?

ACG

How old is the default?
How much is your deposit?
Are you financially associated on his credit report (ie do you or have you had any joint accounts?)

*Kat*

ACG wrote: »

How old is the default?
How much is your deposit?
Are you financially associated on his credit report (ie do you or have you had any joint accounts?)

Default date is 10/07/2011 *I'm in Scotland btw - so I think its' 5 years?)

I'm hoping we can use the help to buy scheme as we only have £6,000 saved

Nope, no joint accounts

ACG

Next month there will be lenders who would consider you as a joint application (once the default is 3 years old).

*Kat*

ACG wrote: »

Next month there will be lenders who would consider you as a joint application (once the default is 3 years old).

Sorry, I don't understand?

*Kat*

Thrugelmir wrote: »

House ownership comes with more than just paying the mortgage. You will be responsible for all the maintenance and upkeep of the property. Something your LL currently pays for out of the rent. So you will need to allow more than £30. In addition to which interest rates are currently very low. Allow something in your budget for higher costs in the future.

If your partner meets affordability criteria in his own right. Then yes , that's a possibility. Though the property will be in his name so your rights are going to be very limited in the event of separation.

Will you be contributing to the deposit?

Yeah, half deposit each. If he gets the mortgage can we write up a contract or something that entitles me to half - the plan is that I will go on the mortgage as soon as the default is off!

ACG

You want your name on the property - the only way to do that is to have your name on the mortgage.

There are mortgage lenders who would happily accept you on a mortgage assuming your default is 3 years +.

What im saying is if your in a position to wait until the default is 3 years 1 day old, you can make a joint application.

*Kat*

ACG wrote: »

You want your name on the property - the only way to do that is to have your name on the mortgage.

There are mortgage lenders who would happily accept you on a mortgage assuming your default is 3 years +.

What im saying is if your in a position to wait until the default is 3 years 1 day old, you can make a joint application.

Oh really? That's good! I guess when we go to speak to the mortgage advisers they can tell us whether we are successful with a joint, and if not, he can apply on his own? I do want my name on the mortgage, but I'm comfortable if it's not too