Chances of getting accepted for a mortgage in current climate. Mort. £80k, earn £15k

depurnell

Have you considered adding your relative to the mortgage as their income can be used to enable you to borrow more money from the lender.

Alternatively you could ask the relative to put some money towards the deposit and they can see that as an investment into the property also.

That way you are likely to keep them long term as they have a vested interest in the property.

Kind regards,

Damian Purnell
Mortgage & Protection Consultant

A_little_stressed!!

If I can include Tax credits my earnings will go up, I didn't realise you could include them.

I'm going to get some advice and do some research then come back to you fab lot with more questions!

Thanks loads,

Stressed:T

depurnell

Some lenders will include 100% of both Child Tax Credits and Working Tax Credits and may be the answer to your prayers!

Kind regards,

Damian Purnell
Mortgage & Protection Consultant

drbeat

Excellent, more tax payers money plowed into mortgages! Damn disgrace!

willsonline

£50,000 would be nearer the mark matey.

space_rider

After trawling the high street I have found Abbey, Halifax and Cheltenham & Gloucester are the only ones that will include tax credits.

dunstonh

The last house price crash saw prices decline over a period of 6 years. Those that bought at the peak in some areas took 12 years to recover back to where they were.

Problem is that no price correction is the same. This one could be over by Christmas this year or in 5 years. One thing of note is that the monthly income to mortgage payment ratio was almost identical of that of the 90s price crash at the point prices started to decline (source HSBC). So, whilst many say that prices are more expensive than they have ever been, in real terms in relation to income, they are not.

Lenders are not keen on flats as they tend to take a bigger hit during a correction. So larger deposits are needed.

Your debts are debts whether you are stoozing or whatever. Unless you clear them from the savings, they could work against you as they have a monthly commitment.

Is the property ex-authority owned?