Mortgage advice appreciated

LateStarter

Hello All, I'll try to keep it brief.

Earlier this year, I sold my house and moved into rental. My girlfriend put her house up for sale as she could no longer afford the mortage after her child support payments stopped (her kids are grown).

We put in an offer on a house which was accepted, but then we changed our minds for a more expensive one - which with the sale of both houses - we could afford. Now it's months later and her house hasn't sold, and we need to decide what to do - is it practical that I try to buy this house on my own? What would lenders consider good or bad?

1. I make about 55k and have about 150k in savings. The house we're looking at costs 375000. I'm almost 50 years old - would a lender really let me have £225,000?

2. The g/f is unemployed - she hasn't been able to find a job here since leaving Manchester for Warwick (I don't think the recovery is quite complete). She's got some savings, but she's using that to keep up the mortgage payments and bills on an unoccupied house. Does that make her my dependent? Should I tell a lender that she is living with me? I guess a credit check would show another person at the same address?

I'm sure I haven't considered everything I should - so any advice or questions would be very welcome.

Thanks
LT

kingstreet

The mortgage amount isn't out of the question, but subject to your outgoings of course.

Speak to an independent broker and have the best lender/product planned based on your personal circumstances.

LateStarter

The g/f' has called her mortgage company asked for a payment holiday, as she is not working and the house is unoccupied and up for sale. They've said no (as is there right, obviously). Is this something we can appeal? Are there any grounds for appeal in this case?

How badly would it affect her credit rating if she just stopped paying it? Would it affect mine as we're now at the same address?

Thanks again
LT

amnblog

LateStarter wrote: »

How badly would it affect her credit rating if she just stopped paying it? Would it affect mine as we're now at the same address?

Thanks again
LT

This idea falls into the 'not smart' category.

Thrugelmir

Reduce the house price to a level where the property sells. Alternatively auction it off.

LateStarter

The house has actually been sold twice, and both times the buyers pulled out (one's chain fell apart, the other found somewhere else). Law of the Sod.

And I agree it's a bad idea to stop paying the mortgage - we're not destitute by any means, but how does buying a house end up making you feel that way?

dimbo61

Please take a Long hard LOOK at your G/F house and find ways to improve or sell at a cheaper price.
do not damage her and your credit rating by not paying the mortgage with £150K of savings sat in the bank earning what 2% at most!
Consider a cheaper property in the area you want to live

LateStarter

dimbo61 wrote: »

Please take a Long hard LOOK at your G/F house and find ways to improve or sell at a cheaper price.
do not damage her and your credit rating by not paying the mortgage with £150K of savings sat in the bank earning what 2% at most!
Consider a cheaper property in the area you want to live

You're right of course, and we'll probably have to drop out of this house and look at cheaper properties. Which will let us continue the payments on her house. I know other people have much worse problems, but the huge sense of disappointment is such a shock.


I've contacted a mortgage advisor to get some clearer figures, but we don't want to have a mortgage that forces us to watch every penny we spend, we're quite sure of that.


LT