Help! Will we even get a mortgage?

sascasjor

I've just sold my late father's house (due to exchange this week). My husband and I will then be looking to buy a house. We'll be putting down £80k and have seen a property we like for £130k. We'll obviously need a £50k mortgage. Now I've just heard on the radio about how mortgage offers are getting fewer and fewer etc etc etc! We can definately afford a mortgage of this size and credit rating should be ok although we'll be clearing all debts before buying. We have missed the odd payment on catalogues and mobile but never missed a loan payment. We're FTB and totally clueless so any advice would be gratefully received!

Conrad

Based on the info you give, there is no reason to suggest you will have any particular problems. Your income and employment status will of course be a consideration.

sascasjor

Sorry, should have thought of that! My partner's income is £25k before overtime which he does every day and he's been full time employed in the same job for about 6 years. I only work part time and will not be on the mortgage application.

chappers

Why will you not be on the mortgage it sounds like you are throwing your inheritance into the property as a deposit and should be looking to protect your interest by owning half the property.

Leon_W

If you don't go on the mortgage (which I think you should) then at least get a deed of trust drawn up spelling out that it is your inheritance being used as a deposit.

I see far too many cases where people do not think about the consequences of marital breakdown. Divorce does happen and not always to somebody else !

mpsavuk

An 80k deposit and a 50k mortgage?

They'll bite your bloomin' arm off for your business Lady!

Nice position to be in.

sascasjor

My solicitor has advised me to get a deed of trust which I will do. I'm not going on the mortgage as I have CCJs from a few years ago and so I think it would cause problems having me on th application.

Leon_W

Well done with the deed of trust. Sometimes it does sound like brokers here are teaching people to suck eggs but in your situation it does have to be said I feel !

As others have said, it shouldn't be a problem with the mortgage. It might be worth getting a confirmed offer in husbands name then asking the question about going on it yourself ? You'll be surprised what some high street lenders will take with such a low Loan to Value.

Regards