Criteria for applying for a loan?

Baby_A

Hi

We are wnating to buy a house but cant without a 5% deposit, so am I able to apply for a loan if I am in temporary employment or does it have to be permanent?

Unfortunately my husband who is permanent in employment has a CCJ on his name so cant apply for a name, just trying to look for ways to be able to buy our own house.

Thanks

johannamse

Why do you want to buy a house so badly? If you cannot afford it (due to the fact that you need a loan) save up. You will feel better, and be better off financially in the long run and be much more in control.

Baby_A

johannamse wrote:

Why do you want to buy a house so badly? If you cannot afford it (due to the fact that you need a loan) save up. You will feel better, and be better off financially in the long run and be much more in control.

We are renting at the moment, and the amount we are paying is the same that our mortgage payments would be. I feel like I am throwing money away.

Also my daughter is 13 months and still shares the same bedroom with us. I am desperate to create some stability for her and also so she has her own bedroom before its to late and shes used to sharing with us.

The flat is in a bad condition (damp, huge cracks in the window, floorboards coming out etc), not having any luck with the landlord and Im just fed up with the whole situation.

cattie

Baby_A wrote:

We are renting at the moment, and the amount we are paying is the same that our mortgage payments would be. I feel like I am throwing money away.

Obviously you haven't been able to save enough for a deposit from what you have coming in right now. What you have to consider is that while you may end up with a mortgage payment of what you currently pay in rent, there will be the additional costs of building insurance, repayment of any loan you take for deposit, maintenance of the house & of course all legal costs of buying a property. Owning a property can be a bit of a millstone around your neck unless you have a little bit of money behind you to prop you up.

Lot's of children have to share their parent's bedrooms for quite some time & at 13months it's far too soon to worry unduly about your daughter sharing your room. My son was almost 4 before he had his own room. My friend's grandson has to share his mother's room at 5yrs old. They are in council accomodation & no doubt will eventually be offered a 2 bedroomed flat.

Best to get your heads down & save as much as you can for a deposit. In the meantime, if your flat is in such a bad condition have you contacted your local council's environmental health department? They can order landlords to carry out essential repairs