Complex Mortgage Question

Plastikman80

Hi,

My girlfriend and I are thinking about buying a house together in the next few months.

We both have flats that we are going to sell. My girlfriend has 30k tied into her flat and when I sell mine I should have about 10k profit. We want to use her money for the deposit of the new house and the money from my flat to pay off credit cards etc.

We're looking at houses that will cost a maximum of 120k so hopefully we only need to borrow 90k as a mortgage. I will earn this year just over 20k and my girlfriend is doing temping work. Due to a promotion in work in 6 months time I should be earning at least 25k per year.

Will we be able to get a mortgage for 90k? Is it a good time to do this? and finally we're thinking of selling her flat first, this will give us the deposit to buy our new home and then sell my flat as soon as possible.

We just think it might be too stressful to sell 2 propertys at the same time.

Thanks for any advice.

MortgageMamma

yes you should be able to raise a mortgage on your income, but there are lenders who will include her income also. I think the best thing you can do it take professional advice.

InMyDreams

Plastikman80 wrote: »

and finally we're thinking of selling her flat first, this will give us the deposit to buy our new home and then sell my flat as soon as possible.

We just think it might be too stressful to sell 2 propertys at the same time.

Thanks for any advice.

I assume by 'as soon as possible' you don't mean after you have bought the new house. I can't see how that would be possible.

herbiesjp

Plastikman80 wrote: »

and finally we're thinking of selling her flat first, this will give us the deposit to buy our new home and then sell my flat as soon as possible.

We just think it might be too stressful to sell 2 propertys at the same time.

Thanks for any advice.

The question is, can you support the two mortgages at the same time? That is the question the lender will ask.

If you are moving into the new property what are you going to do with your one?

Plastikman80

The more I think about it I think we should put our flats on the market at the same time.
They're both excellent flats for the first time buyer market and being in the Glasgow area shouldn't be a problem selling.

Is going to a broker the next best thing to do?

herbiesjp

Plastikman80 wrote: »

Is going to a broker the next best thing to do?

Looks like a good move:D

MortgageMamma

why dont you market both your flats at the same time with the same estate agent and see fi you can push them down on the price?