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buying a house
BillieTheBot
Posts: 8,721 Bot
how do mortgages work?
my fella has suggested that we buy a house together in the next year or two. i say 'suggested' as its a super big move and it depends on a number of things - ie - how things go in our relationship!
thing is, he already owns a house and has paid about £50k of it off.
how do mortgages work if one party already has a house? my boyfriend would sell this house obviously then buy a new one. would the £50k be transferred to his new mortgage? obviously, he'd get a co-hab agreement drawn up on the money he's lready paid.
and how much do mortgage lenders lend? is it 3 x single salaries and 2.5 x joint salaries? does it matter if you have debts on credit cars and stuff. i have about £4k on credit cards and a £3k loan but i haven't missed any payments so my credit history isn't bad or owt.
all this mortgage and grown up stuff is confusing :grump:
my fella has suggested that we buy a house together in the next year or two. i say 'suggested' as its a super big move and it depends on a number of things - ie - how things go in our relationship!
thing is, he already owns a house and has paid about £50k of it off.
how do mortgages work if one party already has a house? my boyfriend would sell this house obviously then buy a new one. would the £50k be transferred to his new mortgage? obviously, he'd get a co-hab agreement drawn up on the money he's lready paid.
and how much do mortgage lenders lend? is it 3 x single salaries and 2.5 x joint salaries? does it matter if you have debts on credit cars and stuff. i have about £4k on credit cards and a £3k loan but i haven't missed any payments so my credit history isn't bad or owt.
all this mortgage and grown up stuff is confusing :grump:
Beep boop. I'm a bot.
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Comments
He bought a house worth £200K
Out of this he gave 10% £20K
And borrrowed the rest £180K
He now sells the house for £230K
he has to pay back what he still owes (£180k-50) =£130K
Which means he has £100K for the next house
If you earn £20K a year and he earns £40K per year you can normally borrow 2.5 - 3 x your joint salary = £150k - to £180
Which means you will have £250 - £280 to spend on your new house
I hope that makes sense - when looking at mortgages though yuour question should always be how much can i afford to pay back per month not how much can i borrow