joint mortgage advice

Milham

Can anyone advise on our situation?

I'm living with my partner in a property he has been living in for 10 years. He lived here with his previous partner. The property is in his previous partner's name who is willing to sell to us. The property is valued at 250-300,000. however, his ex partner is happy to sell to us for 200,000.
First question: will the actual value be taken into account when we apply for a mortgage?
I'm thinking we need a mortgage for 180,000 as we have a deposit of 20,000. I'm full time employed on 30,000 but am 6 months at my current employer (past probationary period - long term guaranteed) My partner is self employed and has been all his life. Makes a profit of 14,000.
We can also use the land here as there are stables which we can rent out and make about 400 a month after tax. It's not a business but just extra income.
What are the chances of us getting a mortgage for this property on our salaries at the asking price? I am 49 and he is 58 so a bit old from that point of view too.
Will our extra income be taken into account? Will the value of the property have any impact? Do you think we'll find a mortgage easily?
Thanks for any help and advice.

kingstreet

Rent from the land will have no impact on the mortgage.

Your ages mean a shorter maximum term which may impact affordability. input your details in different lenders' affordability calculators and see the outputs.

The price you are paying is what counts, not the "true" value.

amnblog

This is a complex case.

The stables may not be able to be covered under a residential mortgage.

The income is also tight.

One for a broker,

mrginge

Milham wrote: »

We can also use the land here as there are stables which we can rent out and make about 400 a month after tax. It's not a business but just extra income.

Just a small point, but saying it's not a business doesn't mean it isn't one.
It is.