Can we get a mortgage?

glasgowdan

I simply find it odd that someone on a good wage lives in their overdraft! Surely all you have to do is cut £2k worth of spending over a couple of months then start living in the bank account range of £0-£2000 instead of -£2000-£0.

Also, I'm sure you could easily get a mortgage for the amount you mention. Have you even done an AIP?

Thrugelmir

Toby84 wrote: »

Yes that has already been suggested but my other half does not want to use his inheritance money to do that unfortunately....

That's reasonable enough. Your partner is willing to use the money towards purchasing a property. The onus therefore is on you to cut back on your outgoings and repay the debt you owe. Ultimately it's for your own benefit. Without the inheritance, between you both you had no savings. Sounds as if financial management wasn't great given your combined incomes. Make the most of the opportunity to move on with your lives. Obtaining a mortgage shouldn't be an issue. That's relatively easy.

Toby84

Really good replies from everyone thank you so much.
I had quite a bit more debt before I sold my house (all built up through uni and travelling- had over 25k. When I sold my house I paid most of it off so 3k is not bad at all and I always have it on 0% interest.
Well, the sticking point is, I have a horse which costs just over £400 per month. Otherwise I would have about £700 left over but at the moment I have about £300 left over each month.
I understand why my OH doesn't want to pay my debt, he doesn't really want to use his inheritance money to pay my debt plus we are not married yet so totally understand his reluctance.
I think deep down I know we will get a mortgage offer, or if we don't MY OH will then definitely need to pay it off if it effects the house buying...
We are also going to go through a broker too ...

Toby84

I have seen and read about other people getting mortgages who are probably in not as good position as us, even with my approx 5k debt.
I got my first mortgage when I was 22, I worked so hard to save a deposit etc and for nearly 7 years paid for the property. Then used pretty much all the earnings to pay my debt off.
Realistically the property we will buy will be under 250k....

Toby84

Also in answer to one of the questions yes 40k all inheritance, actually he got quite a bit more than that but has used it towards setting up a business...

butterfly72

Toby84 wrote: »

Well, the sticking point is, I have a horse which costs just over £400 per month. ...

£400 a month is good going! My livery alone is £600 then there's shoeing, vets fees (3k this year), insurance, lorry, competing costs, gear, rugs, lessons....it goes on. Horses are a financial black hole. I wonder if your partner resents you spending on your horse hence why he won't clear the debt. Any way you can cut back with the horse? Sell some gear? Get a sharer?

Toby84

👌 Yes I have thought about getting a sharer and have been looking But haven't found anyone appropriate yet. Yes he thinks I spend too much on the horse, but no chance I will ever sell him, so that argument always stops quickly 😂
I really think we should be fine, I was hoping there would be a little bit more advice on how realistic it is for us to get a mortgage based on current situation, and there's been some good suggestions here.. although I have read a few other similar topics and People in worse situation that us still seem to be ok so I think it should all be good.....

glasgowdan

With an income of £2250 each month, what else do you spend it on?

Horse - 400
??

Leaving £300.

Hoploz

I'm sure you'll be able to get a mortgage. As you say, people in worse positions do ... But it'll cost you. Both of you. You'll be on a higher interest rate (higher risk lending) so ultimately it'll cost both of you more.

Toby84

Thanks for all the replies guys !