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Joint Mortgage worries

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  • Joint Mortgage worries

    Hi to all,

    I was wondering if any of you would be so kind as to give me your opinion on my current dilemma.
    My situation is as follows:
    Me and my partner are contemplating buying a house. I am more than lucky to have parents who will help me out with a gift deposit of 281k for the house we're hoping to buy. (at 560k including stamp duty). We recently found out we have to take out a joint mortgage for the property for both our names to be on it.
    And here is the beginning of my problem... I lost my job about ten months back and have been finding it very hard to find another job so far. Being too proud or too stupid, actually both often go hand in hand in my case, and my pay off package got to nothing eventually taking me into an overdraft of 3400 pounds. I've been barely able to see out of for the last 4 to 5 months by doing some freelance work here and there Basically scrapping the bottom of my overdraft every month. However, little to my advantage i guess I never went past the limit agreed and have no outstanding debt.The money from my deposit will only be available after the sale of one of my parents properties which is to be finalised beginning of January, so we're effectively on a chain.

    Understandingly I'm hating myself and very worried that my partner and I will be denied our joint mortgage because of my bad record. They've asked for 3 month bank statements. He is on 75k at the moment and will bring another 50k deposit on the house. So our total deposit would be 330k out of 560 and and we would like a 230k mortgage.
    He was less than impressed with me hiding this of course and I think i'll go mad if the purchase eventually falls through because of me.

    Could anyone enlighten me how likely we are to be rejected? And if so would there be any other way of securing my deposit if the house was to be solely under his name.

    Thank you for your patience and help if you find the time,


    Last edited by Jeanat; 14-11-2012, 12:01 PM.

  • #2
    Re: Joint Mortgage worries

    I'm not a mortgage broker, but if your partner is on £75k a year, I would have thought that should be fine with a mortgage of £230k.

    While you may have spent and earned little, the big flag is unpaid debt - if I were in your position I would not be so worried, though perhaps a mortgage advisor might disagree.