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Suggestions?
threellamas
Posts: 90 Forumite
Hi Everyone,
Sorry for the wordy post, but I am in an unusual situation and could do with some of your points of view/ideas and suggestions.
My partner and I would like to take a mortgage out for a house valued at 200k – only a 2 bed terrace but we live in a silly expensive area.
We have a 50k deposit so in principle very good.
However:
*I am the main bread winner but am in a debt management plan and therefore don’t think I can get a mortgage.
*My partner is a landlord (5+ years) and part time retail worker only earning about 15k pa total.
*He does own a house completely outright though valued at 230k ; but is not willing to sell this to fund this buy as it is his old family home which brings in a steady rental income.
Is there a way we can take capital out of the house he owns? Or are we eligible for a buy to let mortgage, or is it all just wishful thinking and I need to keep paying rent until I get out of the debt management plan?
Thanks for any suggestions.
Sorry for the wordy post, but I am in an unusual situation and could do with some of your points of view/ideas and suggestions.
My partner and I would like to take a mortgage out for a house valued at 200k – only a 2 bed terrace but we live in a silly expensive area.
We have a 50k deposit so in principle very good.
However:
*I am the main bread winner but am in a debt management plan and therefore don’t think I can get a mortgage.
*My partner is a landlord (5+ years) and part time retail worker only earning about 15k pa total.
*He does own a house completely outright though valued at 230k ; but is not willing to sell this to fund this buy as it is his old family home which brings in a steady rental income.
Is there a way we can take capital out of the house he owns? Or are we eligible for a buy to let mortgage, or is it all just wishful thinking and I need to keep paying rent until I get out of the debt management plan?
Thanks for any suggestions.
0
Comments
-
From what you have said there is a solution.
Consult a mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks-I just didnt want to waste a brokers time if I was a completely lost cause for a few years still.
Thanks again0 -
If you've £50k in savings why not settle the debts?0
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