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As a first time buyer, you may be buying your home with your partner.
But, particularly if you're not married, bear in mind how you would deal with the mortgage if you wanted to go your separate ways in the future.
If this happens you would most likely want to minimise any negativity and get on with your lives rather than having to extricate yourself from a difficult mortgage deal.
If there's a joint mortgage and one of you stops paying both of you will be held responsible for the mortgage payments - regardless of the ins and outs of the situation.
And that could mean either of you landed with the bill for both partners - bad news if your relationship breaks up and one of you does a runner.
An interest only mortgage with the capital being repaid with an ISA could give you an inbuilt safeguard because these can only be held in individual names. So you're not stuck so together as with other mortgage arrangements. Ask an IFA about this.
Whatever happens make sure that your home is owned fairly between you ie according to who's paying what towards it.
If there's a problem with sharing openly, at this point, it may be a timely alarm bell to listen to before you commit.
Be wary of any undying statements like "I would never... you can trust me".
Basically if one partner puts up 60% of the dosh then they should own 60% of the property... If there's a problem with that, why should it be a problem. Don't they trust you?
OK it may be best not to let this interfere with getting on with your lives. It might never happen. But you were warned...
If you did split up you'd probably have to sell up and each buy something cheaper.
There's also a section on If you and your partner already own separate homes
Plus Adding your partner to your existing mortgage
Checkout some possible solutions for buying your first home
Process / Flow Chart of What Happens
Intro / What you're getting into
Buying
your first home
Be careful out
there
Don't just grab the first
mortgage you can
Problem: having
enough money
100% Mortgages for First Time Buyers
Should I borrow five times my income?
If you have problems paying off your mortgage
Buying as a couple
Already
own separate homes?
TIPS for First
Time Buyers
Having problems as a First time Buyer? Read some Solutions
UK Government Help, HomeBuy and Key Workers Schemes
Choosing
a Mortgage
UK Mortgage Types
UK
ReMortgages
How to get Your Mortgage
What is a Mortgage in Principle
Costs and Fees of UK Mortgages
Summary of All UK Mortgage Types
Guide to Home Buying for the UK
UK Mortgage and Home Insurance
Many websites don't make it clear that filling in their mortgage enquiry form means you might be credit checked.
This can put you at risk.
UK Mortgage lenders may assume an enquiry you have aleady made to another lender means you were turned down - and not that you are in fact carefully shopping around and rejecting the bad deals.
The best way around this significant problem is to ask an independent mortgage adviser to make anonymous enquiries for you.
Without risking your credit score an adviser can find you the best available mortgage deal. They will also know how likely you are to be accepted by the lender if you decide to make a formal application.
If you would like a recommended adviser to check out the best deals for you, anonymously, simply fill in the quick form below.
" Hmm..." You might think; "Won't I be hounded by a salesman hungry for my business? "
This is the most common question we hear from our users.
The answer is no you won't.
Firstly your enquiry is only passed to ONE person on a carefully vetted list of independent advisers.
Secondly,
these mortgage advisers are professionals. Even
when the market is slow they are busy
people. There many people who need to move homes, or get
a remortgage and are looking for advice all the time.
Regardless of the state of the property market, life goes
on.
So the advisers don't have time to hassle people. It just
doesn't work like that. No one is gong to be forced into
taking out a mortgage unless they really need one.
The advisers are very used to talking with people, perhaps like yourself, who are only "dipping their toes" into the water.
Many people just want an initial quick chat and if they feel comfortable will ask the advisor to contact them again later - often in several weeks or months. As a professional, the adviser will simply diarise this and call back at the appropriate time. There is no obligation at all.
(In the unlikely event that you ever feel at all "hassled" by someone on our list please let us know immediately. We have never heard of this. But if it happened we would definitely want to know).
Read on about Mortgages for First time Buyers
or
See full contents of How to get a Mortgage
or
See contents of Home Buyers Guide
or
I've read enough for now and want to get a free Quick Mortgage Quote
What
you're getting into
Be
careful out there
Don't just grab the first mortgage you can
Problem:
having enough money
Buying your first home
Buying as a couple
Already own separate homes?
Summary
I'm
employed -
shortcut
I'm
self-employed
-
shortcut
I've
got a bad credit history -
shortcut
Mortgage
Basics
How to Choose your Mortgage
Types of Mortgage
Where to Find Your Mortgage
Getting a Mortgage in Principle
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |