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Mortgage help
gazza1591
Posts: 40 Forumite
Hi All
Bit of long one so hang in there :j
So currently i have a joint mortgage in my name with my parents we are buying a 3 bed house which they live in and the mortgage is for £100000 which i think we still owe around 80k on.
now i currently live with them and im looking to move out with my partner and buy a small 1 bed flat, we have found one we both like but as yet have no idea on how to go about the mortgage
will i be able to apply for a mortgage with her even though i have this one ? or would it be better for her to go for one on her own ?
the flat is £110000 we have about a 10k deposit at a push but if we could use this all good.
we both earn about £25k a year looking to get the mortgage over 20/25 years
so can anyone one give us a rough idea of what she could borrow on her own and us tougher if it viable for us to do that ?
Bit of long one so hang in there :j
So currently i have a joint mortgage in my name with my parents we are buying a 3 bed house which they live in and the mortgage is for £100000 which i think we still owe around 80k on.
now i currently live with them and im looking to move out with my partner and buy a small 1 bed flat, we have found one we both like but as yet have no idea on how to go about the mortgage
will i be able to apply for a mortgage with her even though i have this one ? or would it be better for her to go for one on her own ?
the flat is £110000 we have about a 10k deposit at a push but if we could use this all good.
we both earn about £25k a year looking to get the mortgage over 20/25 years
so can anyone one give us a rough idea of what she could borrow on her own and us tougher if it viable for us to do that ?
0
Comments
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Best-case scenario, if you buy jointly the lender will treat your existing mortgage as a credit commitment and deduct the cost of it from affordability for the new mortgage.
As we don't know your full income and outgoings, it's practically impossible to say what you can afford.
Try using your chosen lender's online affordability calculator, entering the monthly cost of the current mortgage in the loans box as a credit commitment.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the reply
On more looking I think she will be better trying to get the money in her own, Bill wise she spends about £250-300 a month as she does not pay rent or any bills etc as they are all covered by me at my home. Used couple calculators but one came back at 115k the other 62k so was hoping some in the know could give us a more realistic figure?0
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