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adverse history, large deposit
jonathon_
Posts: 3 Newbie
Hi,
Both myself and my partner have a number of defaults from 2012 due to a failed business.
Currently, I am employed PAYE with a salary of £40k, my partner owns a business and is making around £20k which she declares as a sole trader.
We are looking to buy a house in the spring with our parents. We have £30,000 as a deposit and they have £100,000.
We are looking at properties of c.400k.
Any advice is appreciated.
Both myself and my partner have a number of defaults from 2012 due to a failed business.
Currently, I am employed PAYE with a salary of £40k, my partner owns a business and is making around £20k which she declares as a sole trader.
We are looking to buy a house in the spring with our parents. We have £30,000 as a deposit and they have £100,000.
We are looking at properties of c.400k.
Any advice is appreciated.
0
Comments
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Your parents will also need to be named on the mortgage. So their circumstances are relevant too.0
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65, perfect history.0
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We plan on being Tenants in common0
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The age of your parents is a complication which will leave you with limited lending choices.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 -
Yes, the mortgage term available to 65 year old parents could be 5 years max so the monthly repayments could be massive.Total Credit Used...=........£9,000 / £52,700
Mortgage..............=........£138,000 , 20 Years left.
:starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
:starmod:YNAB User & Mortgage Free Wannabe
:starmod::A19/03/160
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