Mortgage confusion... please help

pilgrim77

Hi, bit long winded this but I have a 55%shared ownership flat (neg equity 90k purchase, value 85k, interest free mortgage, Brittania, £49k owed) my girlfriend is first time buyer(self employed, 3yrs accounts avg 28k net, in rented accom) we want to purchase a house together for £170-200k with 10% deposit, obvs if my name goes on deeds for new house we will have to pay SDLT?? £7000 extra which we can't afford at mo, i earn 41k (combined 69k) I have researched 1 lender (HSBC) who would take my wages into account for affordability but not be named on deeds (yes bit trustworthy but that's love i suppose but need 20% deposit!!! does anybody know of a lender that would not require the 20% deposit please???

Or option 2 , I purchase my shared ownership outright (easy) and let that, and she gets a seperate mortgage as first time buyer in her name, would she be seriously affected by affordability?? sorry it's confusing, we both have excellent credit ratings but i have 10k on credit card , interest free at mo, not paid off because saving for deposit.
If anyone could help , thanks in advance

AnotherJoe

How about option 3, sell the shared ownership property?

BTW I take it you have an interest only mortage, not an "interest free" mortgage, LOL.

getmore4less

Where is the money to buy the SO outright coming from?

csgohan4

I think you should pay off the 10k in credit card debt, this will seriously impact on your affordability for a mortgage in future.


You could either sell or buy your SO outright your choice

pilgrim77

It doesn't have appeared to impact affordability as I had a full agreement in principle before i was aware of the second stamp duty, yes interest only mortgage sorry, if I pay credit card off we wont have deposit? grrrrr
The money to purchase SO property will come from our 10% deposit £17k (will need 5% of 85k, flat value), from the deposit we have saved for new potential joint house, flat is on market but realistically doesn't look like selling(other more modern properties at that price), so thought the option of buying to let might be best option but obviously this will impact on my girlfriends affordability for new house by herself, i just wondered if anyone knew of a lender apart from HSBC that will lend to 2 people but only place 1 name on deeds, time is a bit of an essence whilst i appreciate we could save more she is wasting £600 a month rent at mo !!! thanks so far