Mortgage Bamboozle

[Deleted User]

Hi

My girlfriend and I are both first time buyers looking at a flat for about £120K. I have £5K in a LISA and between us we can raise another £5-6K. The issue is that my credit rating to currently appalling from some old debts that I am paying off. I need some advice on how best for us to use our savings for a deposit, if we can use the LISA with my name on the mortgage and if it is better if she can apply on her own with our other savings.

Thanks

:j:beer:

GoingOn30

It's unlikely she will be able to apply in just her name with money that's in your LISA.
You need to sort out your credit history and settle your debts, it sounds like you are not likely to be approved for a mortgage any time soon.

Thrugelmir

Maddy78 wrote: »

I need some advice on how best for us to use our savings for a deposit,

Address your debts as a priority. Using them as an interest free loan does you no favours from a lenders perspective. Likewise those you owe money too won't consider you for a mortgage.