Mortgages For Low Income Earners

Wutang_2

999mph wrote: »

I appreciate everyone's feedback but to me it appears as though most people in the forum are only looking for short term gains and pleasures and appear to lack the zest of living on anything more than the State pension. :rolleyes:

I would say the opposite about most people on here

PasturesNew

I look forward to a state pension. It'd be nice to have that much coming in regularly. It's more than a lot of jobs pay as it's money in your hand with no housing costs.

maninthestreet

999mph wrote: »

Ultimately I will have to get a mortgage if I was ever to be a home owner just as you all have. But how much of our lives are we willing to waste over a mortgage? Some go for the longer term mortgages and spend a lifetime paying it back. Some start early, finish off the mortgage with the shortest practicable time and enjoy the freedom (not to mention the fortune they save in the process).
I am a well qualified individual who made a few bad choices in life and hence the payscale and the IVA. I appreciate everyone's feedback but to me it appears as though most people in the forum are only looking for short term gains and pleasures and appear to lack the zest of living on anything more than the State pension. :rolleyes:

So how deposit do you have to put down on a house???

_Andy_

Have to assume the OP was trolling, given the fact they didn't bother responding to basic questions trying to help them. Muppet.

Toughluck

Maybe he was genuine and really did want advice. Those sort of posts you love dearly Andy I know!!!

999, try GE Money Home Lending. Cheap as chips and low rates.

999mph

Just a quick apology for my last post. I didn't consider myself to be any better than the rest of you at this forum. But some of the sarcastic remarks made by a few, made me feel like no one intended to share any genuine advice anyway.

olly300

999mph wrote: »

Just a quick apology for my last post. I didn't consider myself to be any better than the rest of you at this forum. But some of the sarcastic remarks made by a few, made me feel like no one intended to share any genuine advice anyway.

People are writing bluntly because it's the truth.

Why are you trying to buy a property when:
1. You are in debt already and you can't even afford to live on your own
2. The housing market is on the slide so prices are getting cheaper
3. Mortgages are getting harder to get and the rates on them are increasing
4. Lenders are being more ruthless in repossessing properties.

maninthestreet

999mph wrote: »

Just a quick apology for my last post. I didn't consider myself to be any better than the rest of you at this forum. But some of the sarcastic remarks made by a few, made me feel like no one intended to share any genuine advice anyway.

For the 3rd or 4th time of asking - how much deposit do you have?
If the answer is 'none', then you won't be able to get a mortgage. Sorry.

LilacPixie

I was under the impression that an IVA was really 1 step from bankrupsy. When your creditors agree to allow you to enter an IVA they are agreeing to your assesment that you are insolvent. You are still effectivly insolvent until your IVA finishes and it can still fail and you could be made bankrupt.

There is also the question of sensible income multiples. Mortgage at maybe 3 times single income = 45k. What can you buy for 45k. Of course you may have a large deposit but if you are on an IVA your IP may be interested in where that came from.

My advice ffinish your IVA and then save like mad while your credit record heals. Take a 2nd job, take a 3rd job but the chance of a mortgage for you now is slim and IMO financial suicide.

Conrad

This thread demonstrates the perversness of modern Britain.

You can well image this very same clinet on here in 2 years with a new thread;

"Help was I missold a mortgage, am I entitled to compensation"?
They would then go on to describe how the Bank "threw money at them even though they were on low income" (as seen on Documentaries on this very matter).

One of the reasons not to be a mortgage broker