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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hi I hope you can help, Im asking about whether I can get

Resolved Question:

Hi I hope you can help, I'm asking about whether I can get a mortgage with my in-laws, as a combined mortgage, they are pensioners, I work full time and my husband works full time, but is self employed,
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Have you spoken to a mortgage advisor?
Clare
Customer: replied 2 years ago.

No, I haven't.

Customer: replied 2 years ago.

really asking whether we can or not, and what would be the best way to go about it?

Expert:  Clare replied 2 years ago.
Hi
Have you seen a property you wish to buy?
Is there any deposit available?
Will you all be living together?
Clare
Customer: replied 2 years ago.

yes on both questions...

Expert:  Clare replied 2 years ago.
Hi
What deposit do you have and how much is the property you wish to buy?
How much do you all earn?
Clare
Customer: replied 2 years ago.

The property is for sale at 160,000. Mother and father in-laws pensions together are 1,100 per month, mine is 1,400 per month and my husbands is 2,400 per month, we have no deposit as yet.

Expert:  Clare replied 2 years ago.
Hi
Can you raise a deposit - if so how much?
Clare
Customer: replied 2 years ago.

who much would we need and how long roughly does the process take to start going ahead?

Expert:  Clare replied 2 years ago.
Hi
You can find a guide to the various stages of house buying here
http://www.rightmove.co.uk/resources/property-guides/buying-guide.html
However you will need to raise at least a 10% of the purchase price as a deposit - and this cannot be raised via a loan
You also need to consult a Mortgage broker to discover what mortgage capacity you have.
It is unlikely that your in laws income will be counted towards mortgage capacity because of their age.
I hope that this is of assistance - please ask if you need further details
Clare
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