Would one of us be able to get a mortgage in these circumstances?

BumpingBuzzards

I am going to receive and inheritance of 2/3 of the sale of a house soon. In the region of £160,000.

Problem is, to get something to fit our family in this area (we can’t leave) we may be looking for something 10-20k more than that plus associated costs of buying and will also need around 3k for items needed when we move in which we don’t own like a cooker and beds.

I’m guessing we would need £20-30k mortgage with a £150k down payment.

Problem is, I have a very poor credit rating and CCJs and I am not working and won’t be for at least two years because I had twins and it isn’t financially viable as I’d be paying more in childcare than I earned).

Husband is a better prospect, but his credit rating isn’t great it’s better than mine. He is also self employed.

In this situation, with such a large down payment, would we be able to get a small mortgage of £30k? If the mortgage was just in my husband’s name could the house be in both?

Any thoughts very welcome.

Cheers

kingstreet

It would depend on his income.

No. You can't have sole mortgage, joint ownership in the circumstances you describe.

foxy-stoat

Maybe a couple of money transfer credit cards + what you have and clever negotiating you can have the property you are after.

You could be a proper cash buyer, rather than a "cash buyer" who needs a mortgage.