Mortgage Advice for a first time buyer- sortof

twitteryrex

Hi There,

I am new to the forum but I just need some advice really.

At the moment I live mith my ex-girlfriend. We have a joint mortgage together which we are in the process of bying me out of. Now when I am looking at the mortgages available I am unsure whether I am classed as a first time buyer. I have some other questions so I will put them below to make it clearer:

1. When I apply for a mortgage am I classed as a first time buyer because any new mortgage I get will be in my name only? or do i get classed as moving house?

2. Will my credit score take a big hit if I was to move out? Would it be better if I could stay in the property until I get my new home?

3. On my credit score I have financial associations with my ex. I know I need to get this sorted out but would it make it any better or worse if I applied for a mortgage when the financial association is in place? Her credit rating is excellent so i'm not worried about poor credit as we both have good credit ratings.

4. If I purchased a repossession property how does a mortgage work if I wanted additional borrowing for home improvements(eg House is 140,000, borrowing 125,000 and house needs 10,000 worth of work)


Any help you can give me on the above would really help.

Many Thanks

Jack_Johnson_the_acorn

twitteryrex wrote: »

Hi There,

I am new to the forum but I just need some advice really.

At the moment I live mith my ex-girlfriend. We have a joint mortgage together which we are in the process of bying me out of. Now when I am looking at the mortgages available I am unsure whether I am classed as a first time buyer. I have some other questions so I will put them below to make it clearer:

1. When I apply for a mortgage am I classed as a first time buyer because any new mortgage I get will be in my name only? or do i get classed as moving house?

2. Will my credit score take a big hit if I was to move out? Would it be better if I could stay in the property until I get my new home?

3. On my credit score I have financial associations with my ex. I know I need to get this sorted out but would it make it any better or worse if I applied for a mortgage when the financial association is in place? Her credit rating is excellent so i'm not worried about poor credit as we both have good credit ratings.

4. If I purchased a repossession property how does a mortgage work if I wanted additional borrowing for home improvements(eg House is 140,000, borrowing 125,000 and house needs 10,000 worth of work)


Any help you can give me on the above would really help.

Many Thanks

Hi,

1, no.

2, makes no odds.

3, if you both have excellent credit ratings then it shouldn't matter.

4, no, you'd probably be best getting a loan or use savings, a mortgage lender will only be prepared to lend you upto 90% or 95% of the property value.

MLSY

Hi twittery

will make an impact on your score if you move out and she doesn't pay the joint bills

it is a very common occurrence

regards Ian

twitteryrex

Thanks Ian. She will pay all of the bills when I move out and they will be paid as and when they occur. The joint account is probably the last thing we will split before moving out once the mortgage and utilities have been completed