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Where to start?
Coley123
Posts: 4 Newbie
My partner has recently took over his dad's motoring business in December. We are wanting to buy our first home together, but not 100% sure where to start. He has a bad credit rating from a old O2 bill from years ago. I have a full time job with good credit rating. We have a decent amount deposit. That is our situation any advice would be well appreciated.
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Comments
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Income?
Savings?
Audited business accounts?
Cost of property?0 -
Without knowing any of your and your partner's actual financial details, it's impossible to ascertain whether you earn enough for a mortgage.
You can either approach a whole of the market mortgage broker or an individual lender, do you know how much you think you will need to borrow to buy the sort of property you are looking for.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
A property we have seen is £80,000 but also another at £100,000
We have savings of £30,000
Both incomes after tax would be around £2170 a month.0 -
Your actual income seems OK for a mortgage, but some lenders may question your partner's work and credit status.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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Ok thank you0
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So your partner is now running a business and is Self Employed.
Now if he has an accountant they will advise him to buy this and that to limit tax he has to pay.
However if the business makes little profit then your partner is earning a low income and will not get a Mortgage.
Time to find a "whole of market broker" ( Not from the estate agents) to see what he/she can find for you0 -
Ok thank you very much helps a lot!
The O2 bill is from about 4 years ago.0 -
After 6 years the O2 debt will "fall off" his credit record, even if he cannot shift it.
So it would be wise to find out exactly when.If you've have not made a mistake, you've made nothing0
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