money saving, girlfriend, first home. Advice?
Discussion
Before i go into this I'm not massively clued up with credit scores, mortgages or anything like that so if i'm wrong about anything then a bit of help would be appreciated 
Me and my girlfriend are planning to get our first home, we both understand it is not going to be cheap or easy. I have just came out of my time as an apprentice and i am now earning a good wage, she has been working full time for 2 years and earns a good wage too. However, i get paid cash in hand weekly which means i very rarely use my bank, i have never borrowed money and i have no credit score what so ever which will be a problem when looking for a mortgage. She has no history of borrowing either.
I suggested getting a credit card to use for internet purchases and put the cash to one side and pay it off monthly, would this help the credit situation at all? She thinks its a stupid idea (but she's now looking at a credit card too?!
)
Cue argument about how she thinks getting paid cash is stupid as apparently i dont know what money i've got, i can count so thats all made up nonsense. She also thinks i don't save and wants to set up a joint savings account to prove i do which i'm a bit unsure about. I don't drink, i don't smoke and as boring as it sounds the only thing i have that takes my money is my car (its cost me £40 in the last 3 months, go figure) And i've managed to save just as much in 3 weeks as she has in 2 years but as usual i'm the bad one and i don't have a clue about saving and blah blah blah. /rant
In short i want advice on building a credit score, how to deal with a woman that thinks she has encyclopedic knowledge on anything and everything and information on general money saving, borrowing and house buying.
Me and my girlfriend are planning to get our first home, we both understand it is not going to be cheap or easy. I have just came out of my time as an apprentice and i am now earning a good wage, she has been working full time for 2 years and earns a good wage too. However, i get paid cash in hand weekly which means i very rarely use my bank, i have never borrowed money and i have no credit score what so ever which will be a problem when looking for a mortgage. She has no history of borrowing either.
I suggested getting a credit card to use for internet purchases and put the cash to one side and pay it off monthly, would this help the credit situation at all? She thinks its a stupid idea (but she's now looking at a credit card too?!
) Cue argument about how she thinks getting paid cash is stupid as apparently i dont know what money i've got, i can count so thats all made up nonsense. She also thinks i don't save and wants to set up a joint savings account to prove i do which i'm a bit unsure about. I don't drink, i don't smoke and as boring as it sounds the only thing i have that takes my money is my car (its cost me £40 in the last 3 months, go figure) And i've managed to save just as much in 3 weeks as she has in 2 years but as usual i'm the bad one and i don't have a clue about saving and blah blah blah. /rant
In short i want advice on building a credit score, how to deal with a woman that thinks she has encyclopedic knowledge on anything and everything and information on general money saving, borrowing and house buying.
I'm no expert on this but I believe any lender looks for proof of a regular stable income, and whilst you might have one, "cash in an envelope" doesn't keep them happy.
Perhaps not something you want to go into on here but why are you paid that way? I'm interpreting "cash in hand" to mean totally off the books?
Perhaps not something you want to go into on here but why are you paid that way? I'm interpreting "cash in hand" to mean totally off the books?
Building a credit score: Bank account, electoral roll, mobile phone contracts, credit card, start with a clear every month, then spend a bit, but clear within three months etc etc. Good plan you have.
Dealing with this young lady - set your boundaries now, and if she doesn't like them, keep looking. Plenty more fish and all that.
Dealing with this young lady - set your boundaries now, and if she doesn't like them, keep looking. Plenty more fish and all that.
Both get credit cards, if you can, just make sure you both pay them off. This is hard for women as they think it means free stuff, so only let her use it if you know she will pay it off, and don't let her put too much on it (you get a better credit score just by having it even if you don't use it)
Have you got a monthly mobile contract? That helps credit score also. If you're on the electoral role as does that.
Cash in hand? Are you paying tax? I doubt you'd get a mortgage with that regardless how much it is...
Have you got a monthly mobile contract? That helps credit score also. If you're on the electoral role as does that.
Cash in hand? Are you paying tax? I doubt you'd get a mortgage with that regardless how much it is...
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hstewie said:
hstewie said: I'm no expert on this but I believe any lender looks for proof of a regular stable income, and whilst you might have one, "cash in an envelope" doesn't keep them happy.
Perhaps not something you want to go into on here but why are you paid that way? I'm interpreting "cash in hand" to mean totally off the books?
If it is cash in hand, not declared to HMRC and not paid into the bank then as far as they are concerned you don't have an income. Perhaps not something you want to go into on here but why are you paid that way? I'm interpreting "cash in hand" to mean totally off the books?
Yes i'm legit, on the books paying tax ect, by cash in hand i meant i don't get paid into my bank
thank you so far, i thought the credit card would be a good idea. I have a phone contract too which was set up in my mothers direct debit, it runs out in 2 months so my new contract will be taken in my name.
thank you so far, i thought the credit card would be a good idea. I have a phone contract too which was set up in my mothers direct debit, it runs out in 2 months so my new contract will be taken in my name.
1) You won't get a mortgage if your work is off the books.
2) Your finances have nothing to do with her. You are young. DONT get a mortgage even if you can. Rent for a year and see if you still like each other.
3) You need to be more dominant. Whilst I don't subscribe to men being in control, you should allow yourself to be whipped by her. Just explain to her that she's entitled to her opinion but you won't be listening to it.
4) A credit card will help if paid off, but it will take a while to notice a difference.
5) Are you on the electoral role? Is your mobile in your name? Don't apply for too much credit at once. Get a credit card and start using it. Not just for online. Use it for fuel and anything else. Just pay it off each month. Moneysavingexpert have a thing which tells you if you are likely to be accepted without leaving a trace on your credit file. Rejections hurt your credit file so don't apply for ones you won't get.
Good luck.
2) Your finances have nothing to do with her. You are young. DONT get a mortgage even if you can. Rent for a year and see if you still like each other.
3) You need to be more dominant. Whilst I don't subscribe to men being in control, you should allow yourself to be whipped by her. Just explain to her that she's entitled to her opinion but you won't be listening to it.
4) A credit card will help if paid off, but it will take a while to notice a difference.
5) Are you on the electoral role? Is your mobile in your name? Don't apply for too much credit at once. Get a credit card and start using it. Not just for online. Use it for fuel and anything else. Just pay it off each month. Moneysavingexpert have a thing which tells you if you are likely to be accepted without leaving a trace on your credit file. Rejections hurt your credit file so don't apply for ones you won't get.
Good luck.
bhstewie said:
hstewie said: That makes the bank question quite interesting then - will a lender actually care about how you're paid so long as you can product payslips to prove a payment history?
Yes. They go through all bank statements now. They want to see exactly what goes out and what goes in. If they can't see it, they won't lend. It all changed earlier this year. photosnob said:
bhstewie said:
hstewie said: That makes the bank question quite interesting then - will a lender actually care about how you're paid so long as you can product payslips to prove a payment history?
Yes. They go through all bank statements now. They want to see exactly what goes out and what goes in. If they can't see it, they won't lend. It all changed earlier this year. For the OP in the nicest way possible I suspect renting will be a better proposition in your situation, to begin with.
bhstewie said:
hstewie said: You know as soon as I hit submit I thought "Of course they'll care".
For the OP in the nicest way possible I suspect renting will be a better proposition in your situation, to begin with.
I've got a mate who is a mortgage broker. There was a time you could just say I earn 100k and get a mortgage.They have stopped that now. Seems a little odd - I can walk in and get credit on a car work 60k by just saying I'm earning X, they will give me a credit card and I can make it up. But for a mortgage the rules now say they have to see your life story. To me it's a bit crazy - whilst it's the biggest investment most people make, it's also the only one that will almost certainly appreciate. As mortgages are secured against the house the banks don't really lose if the person can't pay. For the OP in the nicest way possible I suspect renting will be a better proposition in your situation, to begin with.
If it were legal it would be really good business giving anyone a mortgage no matter what, as long as they had a 15/20% deposit.
To be honest renting has only briefly crossed my mind, the lengthy waiting list (i have a friend that has been waiting almost 2 years to find a home) and the lack of private landlords in the area has put me off that option a bit.
It may be worth a try though, i will look into it a little deeper now.
It may be worth a try though, i will look into it a little deeper now.
lel said:
The bank situation is what i feared, if i was to put my wages into the bank would it make a difference who did it? What i mean is would it look better to them if my employer transferred the funds to my account, or would it be the same as me just depositing money into my account?
I don't know. But what possible advantage is it for you to be paid in cash? If you are paying tax/NI then it's just a pain for you. If your employer allows it you will only benefit from it being paid into your bank. Also and I really don't want to be rude. But when you say good money, are you sure? When you get your own place you need to add on things like council tax, insurance, utilities, tv license, broadband, sky.. and loads more. It adds up quickly. I'm not trying to be condescending but from what you have said about your finances you do seem a little inexperienced.
photosnob said:
I don't know. But what possible advantage is it for you to be paid in cash? If you are paying tax/NI then it's just a pain for you. If your employer allows it you will only benefit from it being paid into your bank.
Also and I really don't want to be rude. But when you say good money, are you sure? When you get your own place you need to add on things like council tax, insurance, utilities, tv license, broadband, sky.. and loads more. It adds up quickly. I'm not trying to be condescending but from what you have said about your finances you do seem a little inexperienced.
I am definitely inexperienced, that's something i am confident to admit to. Wage wise, with both of our incomes we should be able to live comfortably, obviously it's going to take time to build up a fully furnished home but a roof over our heads is my main priority. Also and I really don't want to be rude. But when you say good money, are you sure? When you get your own place you need to add on things like council tax, insurance, utilities, tv license, broadband, sky.. and loads more. It adds up quickly. I'm not trying to be condescending but from what you have said about your finances you do seem a little inexperienced.
You're not being rude at all, you've brought up some good points
Whatever happens never ever ever ever set up a joint account that both your wages get paid into. A separate savings and bills account is fine though.
While they spunk all their money at Next and the hairdressers you have some financial freedom. Obviously you may be spending all yours on skinny jeans and comb overs where she's sensible but it doesn't sound it from your posts.
While they spunk all their money at Next and the hairdressers you have some financial freedom. Obviously you may be spending all yours on skinny jeans and comb overs where she's sensible but it doesn't sound it from your posts.
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