Mortgage advice please!

PinkTangerine

Hi

I am very very new to house buying issues so forgive my ignorance..

My partner is working full time and I have been very part time self employed since my first child 4 years ago, in other words he provides almost our entire income.

We are hoping to buy a house in the next year. I have a deposit of £25k saved up from when I worked. My partner has no deposit but will be paying the mortgage. He has a few debts (£2000 total) that will be paid off within the next three months and then we are both debt free (I have no debt and never have).

My questions..
1. Will my partner and I be able to apply for a mortgage together using the deposit from my bank account? Will lenders be funny about the fact he has no deposit or could we move it in to a joint account and say it is a joint deposit?
2. Will I be able to be named on it even if I'm not earning?
3. How long does someone need to be debt free in order to apply for a deposit
4. Does marriage make any difference to mortgage applications? (i.e. will our joint efforts be taken more seriously if we get married?)

Thanks

PT

betmunch

In answer to your questions:


1. yes. don't move it about now as it will cause more problems than the imaginary one its solving.
2. yes
3. I do not understand this question. you either have the deposit or you don't.
4. no


Good luck

PinkTangerine

Thanks Betmunch,

No. 3: I actually meant 'how long does one need to be debt free in order to apply for a mortgage' (not deposit, I have that)

Thanks

betmunch

Ahhhh, you don't need to be debt free to apply for a mortgage.


Cheers

Malmo

PinkTangerine wrote: »

Thanks Betmunch,

No. 3: I actually meant 'how long does one need to be debt free in order to apply for a mortgage' (not deposit, I have that)

Thanks

Existing debt / credit commitments are an input into each lender's affordability calculations and influence whether or not they will lend and how much. There is no hard and fast requirement to be debt free at the point when a mortgage application is submitted.