[ddang]

Wondering if anyone has experience with buying a house in the UK?

My husband co owns his house now with his mom and has never made a late payment. They have owned the house just over 10 years.

We would like to purchase our own house and would love any information you guys have. I've only been here just over a year now so I'm not sure that my credit will matter since I don't have much however we both work full time. My husband is also dropping his name from the mortgage now.

What is the average down payment? We heard about a new scheme to come out soon called mortgage guarantee?

Also because I've not lived here for 3 years my sis-in-law seems to think we will have to put down a high down payment. Any truth to this?

 

[Joppa]

You should sit down with a mortgage broker (not your own bank who only sell their own limited choice of products) who can explain the full range of possibilities. There is usually one in every High St, or John Charcol which is a well-established firm based in London.
The usual range of deposit (down payment) required is about 20-40%, depending on your credit rating and earnings potential. Those who aren't settled in UK with ILR will find it difficult to get a conventional mortgage or being a co-mortgagee, but there are some specialist products brokers know about which you may be eligible for. We don't yet know the full details of the government scheme of mortgage guarantee.

 

[ddang]

Ok thanks Joppa, we will do just that. When you say mortgage broker, you mean like a realtor correct?

We had plan to sit down with a few banks and realtors to go over the possibilities. I was just curious if anyone had any luck here. On one hand it shouldn't be to difficult since my husband has owned a house and paid mortgage but on the other hand might be difficult since I'm not a resident and with such a high down payment.oh well we shall see. We might have to rent for a while which is ok to, we are just ready to move out into our own place.