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Mortgage advice please
bsclp118
Posts: 101 Forumite
So I am new to this particular board but was looking for some advice please.
I have bad credit and am currently in a DMP. I will soon be made redundant and will be getting a nice retirement sum. Unfortunately not enough to clear my debt.
However, I wlll be relocating for my next job and the cost of housing is very cheap. Me and my partner could probably get a house for a round £50k, so I could put forward at the very least, a 10 % deposit.
My question is, what happens if we put everything in my boyfriends name? He has good credit so I think he would be able to get a mortgage at £45k.
I it possible that I give him the money for the deposit and we buy the house and have a contract drawn up saying that if he sells its shared equity?
Sorry if this is a stupid question, I am new to the world of mortgages and to be honest I wouldn't be looking to buy but as the houses are so cheap it seems a no brainier. We would be spending £500-600/month renting, but the mortgage repayments would only be £200-300.
(oh p.s. I may have bad credit but I have never missed a rent or utility bill payment and don't intend to!)
I have bad credit and am currently in a DMP. I will soon be made redundant and will be getting a nice retirement sum. Unfortunately not enough to clear my debt.
However, I wlll be relocating for my next job and the cost of housing is very cheap. Me and my partner could probably get a house for a round £50k, so I could put forward at the very least, a 10 % deposit.
My question is, what happens if we put everything in my boyfriends name? He has good credit so I think he would be able to get a mortgage at £45k.
I it possible that I give him the money for the deposit and we buy the house and have a contract drawn up saying that if he sells its shared equity?
Sorry if this is a stupid question, I am new to the world of mortgages and to be honest I wouldn't be looking to buy but as the houses are so cheap it seems a no brainier. We would be spending £500-600/month renting, but the mortgage repayments would only be £200-300.
(oh p.s. I may have bad credit but I have never missed a rent or utility bill payment and don't intend to!)
Started DMP with stepchange - Feb 2016 Self Managed - October 2016
Starting Debt: £25,555 Current Debt: £21,529 (Total debt re-payed: 15.75 %)
Starting Debt: £25,555 Current Debt: £21,529 (Total debt re-payed: 15.75 %)
0
Comments
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Most mortgage providers will want you to sign to say you have no interest in the property, so you'll probably have to risk losing your 10%.
You'll likely also have to sign to say the deposit you have given him is a gift.
There may be lenders that won't require this, but then you'd be quite limited and definitely need a broker.0
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