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What are my chances?

Please be gentle - Im a mortgage virgin;)

Background.

I am a 44 yr old retired nurse (due to being assaulted at work) and get an 8.5k nhs pension, my partner is also a retired nurse 7.5k pension (ill health retirement due to long term illness). We also get disability living allowance.

We are looking to buy a place (currently renting) at around 100k, we have around 40k in savings.

I checked our credit score with credit expert and they were 808/830 respecively - but that doesnt mean alot to me :o we have no loans, no credit cards and no debts - I guess not much of a credit history, always used cash or debit cards to pay for things.

Questions.

What are the chances or our making a successful mortgage application, given the above details?

(I would hate to make an application and reduce my credit rating if there really is no chance).

Given the details, would you expect that we should approach standard mortgage lenders or should we look for a specialist mortgage lender?

Finally any advice is welcomed.

Many thanks in anticipation of your gentleness.
«1

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    I've no idea what chances you have, but would assume you would want to pay off your mortgage by the time you were 65? If so a £60,000 20 year mortgage at 5% would cost around £400/month. Is that affordable on your income?

    Maybe you should seek professional advice?
  • benjo
    benjo Posts: 482 Forumite
    We currently pay £425 a month in rent and have done for the last 4 years, yes I think it is affordable.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    Ask a friend/family member etc to refer you to an independent mortgage adviser who they have used satisfactorily. They will be know which lenders will consider yr pension income plus DLA. Criteria varies from lender to lender hence the reason you shouldn't do this on yr own. You don't want to make multiple mortgage applications which could result in yr financial creditability lowered.........Good Luck
  • benjo
    benjo Posts: 482 Forumite
    thanks feisty

    You don't want to make multiple mortgage applications which could result in yr financial creditability lowered.........

    Thats exactly what I want to avoid, sadly I dont have family/friends that I can go to for that sort of advice, but you are probably right, an independant mortgage advisor is the way to go.
  • toonfish
    toonfish Posts: 1,260 Forumite
    it should be easy and also you don't really need to worry about paying the mortgage off by 65 as your income will actually increase then as state pension kicks in.

    From the lender point of view a pension should be more secure than employment income
    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.



  • feisty1
    feisty1 Posts: 1,487 Forumite
    Next door neighbour, corner shop, etc, I'm sure if you asked someone would be able to make a suggestion, people like to help people.
  • benjo
    benjo Posts: 482 Forumite
    thanks toonfish - it's good to know.

    Thanks feisty, I will give that some thought.
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    Some say agency nursing is very lucrative. I am sorry that an assault has lead to the end of your career. Would you advise others to take some form of training to combat the risks to life and limb when dealing with members of the public.
    J_B.
  • koexelek
    koexelek Posts: 7,847 Forumite
    feisty1 wrote: »
    Next door neighbour, corner shop, etc, I'm sure if you asked someone would be able to make a suggestion, people like to help people.

    Yes, everyone is a mortgage expert , regardless of what their job is, or what qualifications they have............or so it would seem :rolleyes:
    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.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    [quote=koexelek;16849107]Yes, everyone is a mortgage expert , regardless of what their job is, or what qualifications they have............or so it would seem :rolleyes:[/quote]

    If you had read this properly I was suggesting they "Ask a friend/family member etc to refer you to an independent mortgage adviser who they have used satisfactorily".
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