We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Joint mortgage or single?
copperjar
Posts: 884 Forumite
Hello. Just needed some advice. I'm looking to buy a new house with my partner. I am selling my current house and should have £60k deposit from that, looking to borrow another £165k. Have spoken to L&C and on outgoings and salary etc, they think I would be offered up to £200k. All good so far.
But like I said I'll be buying with my partner. She has been in debt and on a DMP. In May she paid off her 3 remaining creditors. The DMP and all associated debt will by 6 years old in Novemebr and will fall off her file (I think that's what happens after 6 years!). She currently can't get credit.
The plan was for me to get the mortgage in my name only then in 2 years when we switch deals, we would do a joint application. Couple of questions. Will the lender be concerned that I am buying on my own when another adult is living in the property? Do I need to declare that? Is there any point in applying for a joint mortgage with her debt history? If we apply in 2 years when credit record should be improved, will it be difficult/cost more than a simple mortgage swap to a new deal?
What would you advise the best way forward both now and in 2 years?
But like I said I'll be buying with my partner. She has been in debt and on a DMP. In May she paid off her 3 remaining creditors. The DMP and all associated debt will by 6 years old in Novemebr and will fall off her file (I think that's what happens after 6 years!). She currently can't get credit.
The plan was for me to get the mortgage in my name only then in 2 years when we switch deals, we would do a joint application. Couple of questions. Will the lender be concerned that I am buying on my own when another adult is living in the property? Do I need to declare that? Is there any point in applying for a joint mortgage with her debt history? If we apply in 2 years when credit record should be improved, will it be difficult/cost more than a simple mortgage swap to a new deal?
What would you advise the best way forward both now and in 2 years?
[STRIKE]
Total debt 1.11.10 £23,446
[/STRIKE]
Save £6k in 2015 #129 £6121.66/£6000
Save £6k in 2016 #39 £6000/£6000
0
Comments
-
The best way forward is to ask L&C about the implications (which are numerous) if you have engaged them to work for you.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 -
Are you married or have children with her, are you currently living with her and how long is your relationship?
It may be cheaper to take out a joint mortgage now to save on the solicitor/mortgage fees, assuming her credit history will not increase the rate - safer for you if you remortgage in 2 years and add her to the mortgage.0 -
Not married, no kids but been together for 4 years, living together for 1.5 in my house (no rushing into things for us two! Haha).
I don't think she would be able to get a mortgage now due to credit history but will speak to L&C. That would be best thing to do but I'm worried it would be declined then I might struggle to progress just on my own. Do you think it would be a risk to try joint application now?
In a couple of year, credit history should be better and we can go joint then. But of course will have to pay more fees and solicitor costs. Grrr[STRIKE]Total debt 1.11.10 £23,446[/STRIKE]Save £6k in 2015 #129 £6121.66/£6000Save £6k in 2016 #39 £6000/£60000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards