HELP PLEASE!! Want to remortgage but can we yet??

charley83

Hi i'm in urgent need of advice.

I am a student teacher at University. I am in my final year, so will soon be working (I am starting to apply for jobs).
My boyfriend owns a house but it is small and we have a child together, so we want to buy a house together soon. We were going to start looking next year.
However, I decided to just check out the market and spotted a bargain house. I phoned up the Estate agents to at least view it, but they said only proceeding buyers can view the property.

My partner's house is roughly worth £100,000 (hasn't been valued recently). When he took out the mortgage he got some extra money so his mortgage was £99,000. He earns £19000 basic but does get a yearly bonus.

The house i've seen is £125,000. Is there any way we would get a mortgage for this?? Would my student income count?? Would they take into account I will very shortly be earning???

All advice very much appreciated

puddy

have you got a deposit for the new house, as it sounds like there is no equity in the house your partner has?

from what ive read on here, i think its unlikely you would get a mortgage if you havent got a deposit, you cant get (and probably shouldnt get) a 100% mortgage so the answer is probably no

however, how old is your child? is he/she young enough for your to stay were you are for a bit more? then you can save the deposit and get a mortgage later.

its not necessarily what you are earning although that is a criteria (also sounds like your partner borrowed an awful lot) but its whether you have a deposit, any equity in your current property would be considered a deposit but sounds like you dont have any

charley83

Hi,
Thanks for that response.
He changed career after taking out his initial mortgage (he now works in IT) which meant a considerable drop in wages, though his job is now more secure. The house was valued at £110,000 a few years ago but obviously with the current climate I don't think this still stands. The house itself isn't fantastic but it's in a very sought after location so that's probably where the value is. Although he bought the house for a fair bit less than it was valued at, he took out extra money to pay off a few things, so I guess there is no real equity in the house.

If we can't get a mortgage now we probably will wait. I am very careful with my spending but I don't have a great deal in the bank being a student!! Probably just enough to cover soliciter etc costs. Its jus such a shame because the house I've seen is at such an amazing price that it should never devalue. With our joint earnings I know we'd be fine next year but I just feel so disappointed to lose out on such a nice house.

puddy

can he extend, into the loft or something?

i have worked out my rough costs in selling and then buying, its working out to 7k at the moment, thats without any unforseen stuff cropping up, so you need to factor that in too