Hi
Having met my now partner who is based in the North, due to the demise in the property market, I was forced to rent my own house and relocate.
Unfortunately becoming a Landlord unexpectedly doesn't come without it's pit falls.
My house needed repairs which I couldn't afford and tenants were becoming irregular and in the end, about a year ago, I was forced to allow the building society to repossess the house. There was a mortgage shortfall which I now owe but I want to set up home with my new partner.
We have been together for 6 years now and we are fed up renting. We can afford a mortgage easily on my salary but she only works part time.
I've been told she could be the 'mortgage holder' but what criteria would we need to meet if I've had a repossession in the past? Would this affect our chances of getting a mortgage now?
I'm settling my debts with creditors myself with monthly agreements to avoid IVA or Bankrupsy in the hope this would put me in better stead with potential lenders as I've been told that either of these debt plans would mean a greater deposit on any mortgage (some mention 50-60% before lending???)
What are the chances of being treated like normal with a normal mortgage with a normal deposit, say 10-20%?
Having met my now partner who is based in the North, due to the demise in the property market, I was forced to rent my own house and relocate.
Unfortunately becoming a Landlord unexpectedly doesn't come without it's pit falls.
My house needed repairs which I couldn't afford and tenants were becoming irregular and in the end, about a year ago, I was forced to allow the building society to repossess the house. There was a mortgage shortfall which I now owe but I want to set up home with my new partner.
We have been together for 6 years now and we are fed up renting. We can afford a mortgage easily on my salary but she only works part time.
I've been told she could be the 'mortgage holder' but what criteria would we need to meet if I've had a repossession in the past? Would this affect our chances of getting a mortgage now?
I'm settling my debts with creditors myself with monthly agreements to avoid IVA or Bankrupsy in the hope this would put me in better stead with potential lenders as I've been told that either of these debt plans would mean a greater deposit on any mortgage (some mention 50-60% before lending???)
What are the chances of being treated like normal with a normal mortgage with a normal deposit, say 10-20%?