Is this possible

Landofwood

For a start you'd be better off using your 15k to pay off your debt.

You may well have a shot with high street lenders, but we just don't have enough visibility to confirm. A broker will review your credit files and advise.

andyfromotley

JAMESW wrote: »

I would say I was low risk with a 35% LTV.


So there is little chance of a high street lender looking at this?

But you are not, for the reasons i explained in my earlier post.

Banks simply look at profiles to work out the likelihood of people repaying their mortgage without problem.

Plus points for you - large deposit.

Minus points for you - Pay day loans, missed payments, high level of indebtedness. All of these will SCREAM high risk to a lender.

No matter how you slice and dice it this is how they view you. From what i can tell these are all relatively recent? (last two years?) I would say no chance with high street lenders. , or only very specific ones/products. Thats why you need a broker

nubbins

JAMESW wrote: »

A large majority of the deposit is from my partner. I am contributing around £15k.

Did I miss something, are you saying out of a deposit of 320k you are contributing 15k?

JAMESW

Yes that is correct. My partner owns her own property outright. It's a 2 bed house and we are looking to buy a bigger house together. She will provide the large majority of the deposit and my salary will be used for the mortgage (fingers crossed!) as she is self employed and only earnt £7000 last year.

Landofwood

JAMESW wrote: »

Yes that is correct. My partner owns her own property outright. It's a 2 bed house and we are looking to buy a bigger house together. She will provide the large majority of the deposit and my salary will be used for the mortgage (fingers crossed!) as she is self employed and only earnt £7000 last year.

Nice, sounds like you just won the lotto

Thrugelmir

JAMESW wrote: »

I would say I was low risk with a 35% LTV.

Low risk against what. Equity doesn't pay the mortgage. That's the starting point of the underwriting process. Not the potential loss to the lender in the event of outright default.

JAMESW

Not that we would as we want a nice home for out family. Not too much to ask for I wouldn't of thought?! But say we didn't pay out mortgage payments surely the lender would be guaranteed to get their money back, plus some. So where is the risk for the lender? Or am I being too simplistic

nubbins

Wow, I hope she's got a nice watertight agreement in place. You must either

A) Look like David Beckham in an Armani advert
Be built like King Dong

If its neither then well done mate you've had a right touch :beer:

amnblog

JAMESW wrote: »

Thanks for your help. Are there any brokers on here who would be able to advise whether a high street lender would consider us? I would of said that we would be relatively low risk due to the large deposit but what do I know!

I thought I already had?

JAMESW

I wish!

We are getting an agreement set up with the solicitor. I'm not interested in her money.

Funny as if it wasn't for woman I would be quite wealthy and would own a property outright with no mortgage as well.

Life hey?!