Background info: when I met my hubby he had purchased a house (now our family home) from a family member. This was done completely legally through a solicitor but due to the circumstances, he never had a loan through banks. It's in his name.
He is a low income earner and I make most of the money even though I work only part time and look after the children the other days (I have a reasonably well paid job) and I've managed to save $25000 and we have minimal debt.
We have now outgrown our small home and want to either sell and borrow a small amount to buy again or (he wants) to rent out our home and buy another.
Where do we start? Considering we have no loan history etc I think the banks will be reluctant.
I've never been in the market before and our situation is very unusual so any tips or information would be greatly appreciated.
Buying/selling home where to start?
Buying/selling home where to start?
Posted in:
Money
1 Replies
Firstly get your house valued by an agent. Once you've done that speak to a mortgage broker. They take into account how much equity you have etc. and how much you need to borrow. You may need someone to go guarantor or you may need to purchase mortgage insurance but the mortgage broker will explain all that. It's easier to get a loan if one of you is a full time employee. I don't think you will find it as difficult as you think!