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First time buyer, want a mortgage

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  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    cleopatra4485 wrote: »
    I have actually paid off most of my outstanding debt.

    The fact is I want a mortgage, .

    Erm, a mortgage is debt.

    It's DEBT. D-E-B-T.

    You want more debt before you've paid off the other debt.

    Debt debt debt.
  • cleopatra4485
    cleopatra4485 Posts: 507 Forumite
    meanmachine wrote: »
    Erm, a mortgage is debt.

    It's DEBT. D-E-B-T.

    You want more debt before you've paid off the other debt.

    Debt debt debt.

    I think we are talking about different things.

    I am talking about getting a mortgage and bad credit, the fact is I have about £500 left which is nothing.

    so you are saying I should pay someone elses D-E-B-T? sorry mortgage.
    Best Comp wins[/B]: , Holiday to Las Vegas worth £3K, £200 shoes, £130 ASOS voucher, £150 River Island Voucher, £100 Toni & Guy Voucher, £250 Red Letter Day Voucher, Holiday to NYC[/COLOR]
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    You need to save up for a deposit if you can. You are right that things will crop up but you have to ask whether these things that pop up are more important then getting you into a position of being able to get your own home with the help of a mortgage.

    You need to understand that you should take the positives out of what you have done rather than what you haven't done. To put yourself in debt again to get a deposit paid, is madness. If you don't have a deposit, you may want to look at new builds where builder deposits are available or for sales where you can do vendor gifted deposits. Clearly your credit history may not help here but that would be a better route in comparison to your suggestion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What if you continue to rent until you are in a position to buy?
  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    cleopatra4485 wrote: »
    I think we are talking about different things.

    I am talking about getting a mortgage and bad credit, the fact is I have about £500 left which is nothing.

    so you are saying I should pay someone elses D-E-B-T? sorry mortgage.

    I think you're in danger of disappearing into a logic black hole.

    So when it's someone else's mortgage, that is debt.

    When it's your own debt - shazam - suddenly it goes back to being a mortgage.

    Securing debt against an asset that is losing value is the worst form of debt imaginable.

    Still, some people won't be told. Often those who are neck deep in, you guessed it, debt.

    Make your own mistakes. I ain't paying for them.
  • Ian_Griffiths_Halifax
    Ian_Griffiths_Halifax Posts: 1,690 Forumite
    cleopatra4485 wrote: »
    I have actually paid off most of my outstanding debt.

    The fact is I want a mortgage, stop paying off someone else's mortage and get on the ladder, is that so suprising?

    I have applied with no avail (before the credit crunch)

    desperate is what I am not lazy, saving is easier said than done, as something else you need to pay for springs up out of the woodworks.

    Do you think these things that spring out of the woodworks just disappear when you get a mortgage? You'll find that even more spring out of the woodwork if you buy your own house as, as a tenant, most household repairs are the responsibility of the Landlord.

    If you really are in the situation you've stated, then you should look to try and pay off as much as possible and only when you are debt free and have a deposit, then look at buying.

    I don't want to appear patronising, but by the time you've paid off your debts you may be a bit maturer. Switch positions and imagine you are the lender. Would YOU lend YOU money? IMO Lenders are doing you a favour by not lending to you.
    I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
  • cleopatra4485
    cleopatra4485 Posts: 507 Forumite
    Ian_Griffiths_Halifax wrote: »
    Do you think these things that spring out of the woodworks just disappear when you get a mortgage? You'll find that even more spring out of the woodwork if you buy your own house as, as a tenant, most household repairs are the responsibility of the Landlord.

    If you really are in the situation you've stated, then you should look to try and pay off as much as possible and only when you are debt free and have a deposit, then look at buying.

    I don't want to appear patronising, but by the time you've paid off your debts you may be a bit maturer. Switch positions and imagine you are the lender. Would YOU lend YOU money? IMO Lenders are doing you a favour by not lending to you.

    slightly patronising, I have £500 left.

    I am afraid I am mature now as I will ever be, I have been renting now for four years, and to be quite honest feel I am throwing my money away!

    £650 x 12 x 4 = £31,200 (god that was hard)

    buy buy 30 odd grand
    Best Comp wins[/B]: , Holiday to Las Vegas worth £3K, £200 shoes, £130 ASOS voucher, £150 River Island Voucher, £100 Toni & Guy Voucher, £250 Red Letter Day Voucher, Holiday to NYC[/COLOR]
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    no_more_debt_2006 wrote: »
    Hi All,

    I am single, and I want to get a mortgage, currently have 2 defaults, one is coming off this october and the other next october. I have paid my debts every month.

    Is there any mortgages that would offer 100% or any other mortgages with less deposit?

    I could only afford 2% deposit if any. If you could help me in the right direction that would be great, please get bac to me.

    Thanks.

    I have heard Martin say on GMTV that if you have less than 10% deposit don't bother.
    DMP Mutual Support Thread Member No 190
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  • Ian_Griffiths_Halifax
    Ian_Griffiths_Halifax Posts: 1,690 Forumite
    Jvic28 wrote: »
    I have heard Martin say on GMTV that if you have less than 10% deposit don't bother.

    With respect, Martin knows diddly squat about mortgages. He just likes the sound of his own voice and the fawning gaze and schoolgirl giggles of Lorraine Kelly.
    I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
  • cupid_s
    cupid_s Posts: 2,008 Forumite
    I don't think you could get a mortgage doing what you suggest. Mortgage companies will ask if you have any loans and these monthly payments (which will be very high on a short term loan for a deposit - seeing as you'd need at least 10%) will be taken into account and will reduce what they think you can afford to borrow.

    Also I bought a house 4 years ago. Since then it has cost me approximately £20000 just in interest on the loan, £1200 in building insurance, £3000 in unforseen building repairs (and we were lucky that a neighbour did most of these for a very good rate - it could easily have cost twice that otherwise).

    So that's £24200 I've just thrown away. For that I could have rented a house much bigger than the one I live in currently.
    And no it hasn't gone up in value (well it had but now has dropped again to more or less what I paid, and it may drop further).

    I'm not complaining about my situation as we love our house, can easily afford the repayments and didn't have the option of renting because of our pets, and the fact we were students at the time. But buying a house can involve 'throwing away' as much money as renting does.
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