Help-How2GetMortgageUnderTheseCircumstances

andrewharris

I am seeking advice ,

I do not have any bad credit rating. I had a nervous breakdown five years ago whilst studying BSc(Hons) when my Father died unexpectedly. Previously, I luckily passed city&guild in Plumbing and now undertaken further training as a Gas Fitter and then CORGI registration to be complete by the end of this year. I am now working as self employed in plumbing, however, I have nothing to prove my current income.

I am currently renting a property, (for 6 six years) and my landlord has asked me to leave the property as he is selling. He has offered to sell the place to me, and my girlfriend. We have had estate agents to provide estimates which are 140K - 150k. My girlfriend and I are prepared to offer 130k because of the present market instability. She is able to put up 60K in cash but as I am just starting out, I doubt whether I would be considered or offered a mortgage for 70K. The point is, how do I get a mortgage or what proposals/avenues do you suggest I take for this to happen.....I have 1mth to let the landlord know.

I desperately need guidance to get a mortgage and ultimately buy the property as he is keen for us to buy. Please advise.

Thanks for your help and I look forward to your response.

Kind regards


Andrew Harris

_Andy_

Hi Andrew

1) Does your girlfriend work or have an income?

2) What is your income? - also how long have you been self-employed now?

Thanks

andrewharris

Hi Elaine and I have no income at the moment

Elaine was made redundant a week ago as a Buyer(22k) she is now working as a temp untill a suitable position is available. Work has become infrequent of late so I have applied to a number of companies as a Gas Fitter(22-24k), installing meters as I have the neccessary qualifications, certifications and experience and expect to be working very soon.

Thankyou for taking the time & trouble to reply


Kind regards.......Andrew+Elaine

_Andy_

If you have no income aside from the temp work then unfortunately you won't be able to get a mortgage at the present.

luckyfool

Once you have started in a job (non-temping), even if probationary, then a mortgage is likely to be available from a good high street lender as you can put down a big deposit.

Until then you are not going to be able to do anything. Will your landlord give you a few weeks/couple of months to sort out work first?

andrewharris

Hi thankyou for your very helpfull reply, we have two months and the landlord wants us to buy from him as been there for over six years. At least now we may have some hope. Please keep in touch.


Kind regards Andrew+Elaine

Troubled_Joe

I don't have anything substantive to add that hasn't been said above but just wanted to say it's nice to see someone polite and genuinely grateful for advice.

Spangled

If the agents have valued the place at 140k, I wouldn't offer your landlord a penny over 110k. Prices are falling and – if estimates are to be believed – will continue to fall for some time. Even if you bought at 130k, you could well be in negative equity by the middle of next year (well, not if you put down a 60k deposit but certainly a possibility the house would be worth less than you paid for it).

If the landlord rejects your offer, don't offer him any more. Just watch him put it on the market for 140k and see him squirm as it doesn't sell. (You can continue to rent and live there while it's on the market, I assume?) He'll bite your hand off for that 110k offer next year when prices have plummeted further.

If neither you nor your partner have a steady income right now, getting a mortgage will be hard. But you have a big 60k deposit so I'd sit tight, wait for prices to fall further and then buy in a year or two's time when you both (hopefully) have proper jobs. You certainly shouldn't let the landlord pressure you into buying his place, which it sounds like he's doing.

Good luck!

toonfish

Spangled wrote: »

If the agents have valued the place at 140k, I wouldn't offer your landlord a penny over 110k. Prices are falling and – if estimates are to be believed – will continue to fall for some time. Even if you bought at 130k, you could well be in negative equity by the middle of next year (well, not if you put down a 60k deposit but certainly a possibility the house would be worth less than you paid for it).

If the landlord rejects your offer, don't offer him any more. Just watch him put it on the market for 140k and see him squirm as it doesn't sell. (You can continue to rent and live there while it's on the market, I assume?) He'll bite your hand off for that 110k offer next year when prices have plummeted further.

If neither you nor your partner have a steady income right now, getting a mortgage will be hard. But you have a big 60k deposit so I'd sit tight, wait for prices to fall further and then buy in a year or two's time when you both (hopefully) have proper jobs. You certainly shouldn't let the landlord pressure you into buying his place, which it sounds like he's doing.

Good luck!

that's all fine until he just sells it to someone else - maybe you could buy it on a buy to let mortgage

Toughluck

Some lenders will take into account temping but you will have to overcome some hurdles. Temping needs to be regulare with a guarantee from the agency the work will continue etc etc.