Morgage, first time buyer & credit score

Jordan777

Jordan777

Jordan777

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Joined
13 Jul 2011
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288
Location
Cheshire
Hey

I am after some advice really, me and the Mrs are looking to buy our first home no more than £125,000 and i currently have 15k saved for a deposit. The Mrs has no deposit just 6k bank loan owed on a car. Both have a credit score of 920 mine 960 but i have a default from 4 years ago from orange over a bill i refused to pay at the time over charges what where incorrect,Got handed a default but now paid off (£117). Me and the Mrs have a joint income of 45k but my question is do you think this default will cause me problems. I never been in debt before i have no overdrafts no store cards etc Just a capital one card whats never been missed in 4 years ?

Also is there such thing of having the Mrs on a mortgage but having a letter agreement so if she does decided to do one at a later date (you no what women are like) i don't really wanna lose my deposit i put down and her claim half the house etc

any advice would be brilliant
 
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You'd be better taking this up with a financial adviser, They'll help you through all this and actually getting a mortgage and buying your house.
 
How long have you known the Mrs? Isn't it likely she already has 50% dibs on your savings anyway.
 
If you want to get a mortgage on your own then you can borrow about 5 x your salary. So you are looking to buy something for a maximum price 5 times the salary + your 15k that you have saved up. (Unless you are getting a joint mortgage with your Mrs which could mean 5 x 45k )

I have just recently been looking to buy something, went to few banks for a chat then I I went to Halifax they did a mortgage promise for me, told me how much I can borrow, asked me few questions regarding my savings, any outstanding loans etc.

It was all very quick, they are able to do the credit check and mortgage promise in few minutes.

I ended up with a mortgage promise letter from them and then I started looking around to buy something that is within my budget. Made an offer which was accepted and now waiting for solicitors and Halifax to do their bits. I am hoping everything will go smooth as I can't wait to actually live in my own little place.
 
muon said:
How long have you known the Mrs? Isn't it likely she already has 50% dibs on your savings anyway.
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Been with her 2 years but i just want to secure my money in some way as 15k is not a small amount and i have worked hard for it and dont want to lose it if we have to sell the house for any reason. I think you can get something done by the solicitors to say the first 15k for example i can get back and if anything is left its split between us
 
If this helps, me (26) and my gf (28) have just bought a new build, first time buyers.

Our deposit - £72,500
House Value - £249,950

I have a £25k car loan from my BMW purchase last year and also a default from a phone contract I got for an ex when I was at uni. The default was for about 170 quid, I didnt get the any mail or calls and she never told me (even though we finished on goodterms...) there was an outstanding balance. I settled the balance last year but it still appears as a default, though shows I have paid it.

Anyway, long story short, we got a mortgage from Nationwide with no issues at all. I did see a financial advisor as I had a concern about the default, but he said not to worry as he thought the bank would ignore it as ive paid it off and havnt missed any credit payments ever.

Good luck to you!
 
d_brennen said:
Don't enter into a mortgage with someone you don't want to have a 50/50 stake with :confused:
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This! Either go it alone or do it with her, why do people have to be such ****s about money she's your mrs FFS if you're buying a house together it's already serious enough to be together for a very long time, marriage etc
 
hey guys

Thanks for your input its not that i dont want to go in with her its the fact i have been messed about before by exs and just looking to make sure its not going to happen again not going to say it will put as i am putting all the deposit down i also dont want lose everything at any point and her come out with half when shes not put half in. It mite sound bad but its taken me 4 years of hard work to get 15k together for my first home now being 26 just to give half of it away

My question is... can you get something like a legal document basically saying that i will get my 15k back or she cant claim for anything for 3 years if she decides its not for her or for what ever reason. This really sounds bad but just covering my back as i been stabbed in the back before
 
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Jordan777 said:
My question is... can you get something like a legal document basically saying that i will get my 15k back or she cant claim for anything for 3 years if she decides its not for her or for what ever reason.
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yes, my sister had one drawn up when she bought a house with her other half, no idea if it would hold up if challenged but she did have the document done
 
Jordan777 said:
hey guys

Thanks for your input its not that i dont want to go in with her its the fact i have been messed about before by exs and just looking to make sure its not going to happen again not going to say it will put as i am putting all the deposit down i also dont want lose everything at any point and her come out with half when shes not put half in. It mite sound bad but its taken me 4 years of hard work to get 15k together for my first home now being 26 just to give half of it away

My question is... can you get something like a legal document basically saying that i will get my 15k back or she cant claim for anything for 3 years if she decides its not for her or for what ever reason. This really sounds bad but just covering my back as i been stabbed in the back before
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When you move in are you both splitting all bills including the mortgage payment equally?
 
Mate she's your wife. Half of that 15k is hers now. If you have kids kiss good bye to the whole house.my advice, do not waste time seeing if you can get a document as the end of the day it's gonna be most likely a no. It will leave ill feeling with your wife if you somehow can/suggest it plus why marry her in the first place if your not into the what's mine is yours etc? If you have kids do you really want take your £15k and half of the house? Do it right.
 
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Just wow, what is the point in marriage, joint mortgages and building a life together if you are not 'in it' together?

You are committed enough to wed the woman and enter into a legally binding contract for the largest purchase you will ever make together bar buying another house, that 15k should be looked at as a starting point to build a life together with. Why you would want to keep this tucked away actively taking steps to keep it secure from her is beyond me, why get married?
Surely if you don't feel secure enough in the relationship and trust your finances wont be safe it wasn't the correct time/woman to marry.


And no to your next question, I do not 'know what woman are like'. I was careful to judge the character of my partner quite well early on in our relationship, you know, so i didn't invest a couple of years in a pointless relationship that would leave me with no money and a bitter taste in my mouth. 14 years on and i think i did a pretty good job... i feel more secure than you and im not even married :D
 
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