Hi all,
Currently, I have a total debt of £7k on a credit card. I finish paying for a uni course at the end of June, after which time I will be ploughing that money onto my credit card with a view to paying it off in about 18 months' time.
After this I want to start saving for a deposit for a house. I realise this is probably going to take a few years to get a decent deposit together, I just wanted to get some views regarding how our situation would impact on our plans.
The thing I am questioning is that my OH is on a DMP and has about £42k owing, one of those debts was a house repossession. When him and his wife separated she stayed in the house but did not keep up the mortgage payments. When it came to getting rid of the house she would not let him buy the house from her (think it was in negative equity at the time). She then went bankrupt and he was therefore left with the debt.
So anyway, I am guessing from this that if we wanted to buy a house it would only be possible if it were in my name, as I assume my OH's credit rating and his DMP would scupper any hopes of a joint mortgage? I also guess that his salary could not be taken into account either?
Would it be possible to have his name on the house in some form, so he had a share in it, even if his name were not on the mortgage? He would be paying me directly for half the mortgage repayments and I don't want him thinking I would fleece him for his payments toward the house if we were to split up :o (I know I shouldn't think like that but I am being practical lol)
Thanks in advance for your help :)
Currently, I have a total debt of £7k on a credit card. I finish paying for a uni course at the end of June, after which time I will be ploughing that money onto my credit card with a view to paying it off in about 18 months' time.
After this I want to start saving for a deposit for a house. I realise this is probably going to take a few years to get a decent deposit together, I just wanted to get some views regarding how our situation would impact on our plans.
The thing I am questioning is that my OH is on a DMP and has about £42k owing, one of those debts was a house repossession. When him and his wife separated she stayed in the house but did not keep up the mortgage payments. When it came to getting rid of the house she would not let him buy the house from her (think it was in negative equity at the time). She then went bankrupt and he was therefore left with the debt.
So anyway, I am guessing from this that if we wanted to buy a house it would only be possible if it were in my name, as I assume my OH's credit rating and his DMP would scupper any hopes of a joint mortgage? I also guess that his salary could not be taken into account either?
Would it be possible to have his name on the house in some form, so he had a share in it, even if his name were not on the mortgage? He would be paying me directly for half the mortgage repayments and I don't want him thinking I would fleece him for his payments toward the house if we were to split up :o (I know I shouldn't think like that but I am being practical lol)
Thanks in advance for your help :)