Discussion
Need some advice. Potential FTB with my girlfriend and trying to work out the best option for us to buy a home.
I earn 38k and my girlfriend earns 22k. We live in the Reading area so house a pretty expensive, so unsure on the best route. We have been offered 20k to help with the deposit by her father in law but we would need to pay this back via a small payment each month.
What potential could we expect to borrow based on our earnings and deposit? Also would it be better for us to try for a house via help to buy or shared ownership to make our money go a little further.
We live in a flat currently, and would like to move to a house but they start around 220k and quickly go upwards.
One thing is my gf did have a CCJ about 10yrs ago so unsure how this will impact her credit rating and chance of a joint mortgage.
Any help would be great.
I earn 38k and my girlfriend earns 22k. We live in the Reading area so house a pretty expensive, so unsure on the best route. We have been offered 20k to help with the deposit by her father in law but we would need to pay this back via a small payment each month.
What potential could we expect to borrow based on our earnings and deposit? Also would it be better for us to try for a house via help to buy or shared ownership to make our money go a little further.
We live in a flat currently, and would like to move to a house but they start around 220k and quickly go upwards.
One thing is my gf did have a CCJ about 10yrs ago so unsure how this will impact her credit rating and chance of a joint mortgage.
Any help would be great.
Hiya, quick idea on what you can borrow, with no outgoings (loans, credit commitments etc), based on a 25yr mortgage Halifax could lend around £285k so that plus your deposit gives you your purchase price. Many banks will lend less than this but not many will lend more. I wouldn't worry about the CCJ, things last 6 years on your credit files so as long as all bills have been paid in that time you'll be fine. Shared ownership is a good idea if what you can currently borrow doesn't get you what you want so have a think & see what you can get around the 300k mark. Off the record, don't mention to a bank that your 'non refunded gift' from Father in law is repayable in any way, it could mean your mortgage is instantly declined, its a non refunded gift, Dad signs a letter, if you cook him a Sunday roast for the next 25 years then thats fine, but not a loan!
splodge s4 said:
Hiya, quick idea on what you can borrow, with no outgoings (loans, credit commitments etc), based on a 25yr mortgage Halifax could lend around £285k so that plus your deposit gives you your purchase price. Many banks will lend less than this but not many will lend more. I wouldn't worry about the CCJ, things last 6 years on your credit files so as long as all bills have been paid in that time you'll be fine. Shared ownership is a good idea if what you can currently borrow doesn't get you what you want so have a think & see what you can get around the 300k mark. Off the record, don't mention to a bank that your 'non refunded gift' from Father in law is repayable in any way, it could mean your mortgage is instantly declined, its a non refunded gift, Dad signs a letter, if you cook him a Sunday roast for the next 25 years then thats fine, but not a loan!
Cheers thanks for the advice. Gassing Station | Finance | Top of Page | What's New | My Stuff