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Was wondering if anyone can give me some advice on getting a mortgage?


zoena
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hi everyone, will try and put this as simply as possible!! we are currently in housing association house but may have the opportunity to buy my mother in laws house at a very good price etc, my partner and my joint annual income is approx £40,000, and the house will be roughly £140,000. my partner banks with barclays and we could borrow up to £172,000 on a 90 percent mortgage, but, the issue is we have someone willing to lend us £20000 as a deposit but they would ideally want it paid back in a lump sum rather than paying them back weekly etc, so my question is, if we got a mortgage for £160,000 paying £20,000 deposit off is it possible to recoup that deposit to pay back the loaner (who is a friend) we are both in our early thirties and have excellent credit history etc. but are totally clueless as to how it works!! also as the majority of the total household income is my partners and a small portion is mine, i have just put it in the calculator as one total income etc.. does that make a difference? i literally earn about £1000 a month. any help would be great, we are going into barclays on friday to discuss it all, but just wondered if there was anyone on here who could give me the heads up :)

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should also put is it net or gross income as my partners actual yearly take home is approx £32000, so do i use net or gross to calculate how much we could borrow? its all so confusing!

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