Got married this year and now looking at buying first place. My wife bought an apartment with a friend 6 years ago. Its probably lost 180k in value, although the mortgage is being paid off by renters since they moved out three years ago, so it does not 'cost' her anything at the moment each month.
Looking at the mortgage calculators, It looks like I would get 300k+ based on my salary for a single application. I have no outstanding debts of any kind and a good bit of savings. Between myself and my wife we have enough for a deposit of 10% in savings. We have paying 1200 in rent in for last few years and saved a lot for our wedding earlier this year which would show a good record of savings for last two three years.
My question is can I make a single application for mortgage without my wife? If not and it needs to be a joint one, would I be entitled to the First Time Buyer and would her negative equity have an impact on the application? She also has a credit card bill of about 3k.
thanks in advance in for any replies.
Looking at the mortgage calculators, It looks like I would get 300k+ based on my salary for a single application. I have no outstanding debts of any kind and a good bit of savings. Between myself and my wife we have enough for a deposit of 10% in savings. We have paying 1200 in rent in for last few years and saved a lot for our wedding earlier this year which would show a good record of savings for last two three years.
My question is can I make a single application for mortgage without my wife? If not and it needs to be a joint one, would I be entitled to the First Time Buyer and would her negative equity have an impact on the application? She also has a credit card bill of about 3k.
thanks in advance in for any replies.