Hi there,
After thinking that our chances of ever being able to afford a house deposit were zilch for the foreseeable, my dad has surprised us by offering to pay the 10% savings deposit as well as the 5% homebuyer's deposit under the new Barclays scheme here or else pay a 15% deposit on a classic mortgage.
There are a few snags though.
First is that I went self-employed after having our twins and do not have sufficient history to be considered for a mortgage so we would be applying in my husband's name only. Our finances have always been separate as we just pay for separate bills.
Second is that he has been a day or two late making credit card payments in the past and struggles to stay out of his overdraft by the end of the month after we had some big unexpected expenses last year.
We would be looking at purchasing a property in the region of 80-100k on a 20k basic salary (although we do also get tax credits and my husband works overtime also) and our LTV would be 80-85%.
So, does anyone have any opinions on our chances of getting a mortgage? Would Barclays be our best bet bearing in mind they'll have the security of my dad's cash available to them should anything go wrong or do we have no chance with them or anyone else? I should add that we have 7 years history of renting with no payment issues and the mortgage repayments would be less than we currently pay in rent.
Anyway, thanks so much for getting this far- any help would be gratefully received!
After thinking that our chances of ever being able to afford a house deposit were zilch for the foreseeable, my dad has surprised us by offering to pay the 10% savings deposit as well as the 5% homebuyer's deposit under the new Barclays scheme here or else pay a 15% deposit on a classic mortgage.
There are a few snags though.
First is that I went self-employed after having our twins and do not have sufficient history to be considered for a mortgage so we would be applying in my husband's name only. Our finances have always been separate as we just pay for separate bills.
Second is that he has been a day or two late making credit card payments in the past and struggles to stay out of his overdraft by the end of the month after we had some big unexpected expenses last year.
We would be looking at purchasing a property in the region of 80-100k on a 20k basic salary (although we do also get tax credits and my husband works overtime also) and our LTV would be 80-85%.
So, does anyone have any opinions on our chances of getting a mortgage? Would Barclays be our best bet bearing in mind they'll have the security of my dad's cash available to them should anything go wrong or do we have no chance with them or anyone else? I should add that we have 7 years history of renting with no payment issues and the mortgage repayments would be less than we currently pay in rent.
Anyway, thanks so much for getting this far- any help would be gratefully received!