Would we get a mortgage?

Vickiro

Hello.

I’m newly married and my husband and I are wondering if there’s any chance of getting a mortgage together with our complex circumstances:
my age - 46
his age - 57
my income annually - £7k earnings + £6600 non means tested disability benefit
his income annually - £35k earnings + £1700 pension
my credit score - excellent
his credit score - good but was previously declared bankrupt (over 10 years ago)
property ownership me - have existing repayment mortgage with friend - £27k and 6 years left
property ownership - he had previous mortgage with ex wife but house was re-possessed (over 10 years ago)
current joint monthly outgoings including rent and my 50% mortgage payment - approx 2k
Scotland

Before we apply for council housing (currently renting privately) I just want to find out if there’s any chance of being able to buy.

Any help very much appreciated.

Vickiro

Mark_d

I think it's highly unlikely you are able to get a second mortgage unless you have a massive deposit.  Perhaps your husband could replace your friend on your existing mortgage?

Emmia

How much do you have in savings?

You'll be paying additional stamp duty as you're on the deeds/mortgage for another property.

How much does the property you'd want, cost in your area?

Vickiro

Our ideal scenario would be to buy the house we’re currently renting which is next door to the house I own with my friend. Approx value £180K.

Emmia

Vickiro said:

Our ideal scenario would be to buy the house we’re currently renting which is next door to the house I own with my friend. Approx value £180K.

Again, how much do you have in savings as a deposit?

ACG

The mortgage your on with your friend, are you also on the deeds? 
If you are, the stamp duty will be higher, you will pay 3% of the purchase price plus normal stamp duty. 

Its possible, but the term will be lower which will mean higher repayments. Also a lot of lenders will take down the mortgage payment of your friends home as a monthly commitment so that could affect affordability. 

It would probably be a good idea to see if you can get your name off that mortgage first. 

Vickiro

I assume so yes. The house my friend is living in was purchased from the council at a discounted rate.

Accountant_Kerry

If you purchased a council house / own a house of any sort its highly likely you wont be able to get on the council list. 
you need to get off that mortgage to stand any chance, at 57 he could get a mortgage of about 13 years so you need to consider that, so in short it not impossible in principle but you need a good size deposit, get off the mortgage of that other house. 

Vickiro

Thanks for your thoughts. Probably as I suspected but disappointing none the less.