Ftb Help Please

lipstick

Hi I am a recent graduate I have a permanent job with the NHS however I have a low income of £12922 going up to £13922 in April and then £13500 in October. By partner earns around £22,000 however he has numerous default on his account.
W e would like to buy a house I have £5,000 in savings and everything is green on my credit report when i have checked today. Because of my boyfriends defaults we were going to get a mortgage in just my name.What is the maximum I could lend???

Any help is greatley appreciated.

herbiesjp

You will need at least a 10% deposit.

You will get maximum 4-5 times your income of £12922

That will be reduced though if you have any debts.

What prices were you looking at?

It sounds like you really need to save more, and your bf needs to do all he can to repair his credit file, in order to be able to buy together. Is he putting anything as a deposit?

lipstick

Thanks for your reply.Do u know what mortgage companies will offer me 4-5 times???I dont have any repayments. I spoke to Halifax whom on the internet said they could lend me £59,000 however when I spoke to them on the phone they said they would lend me 49,000. The only reason I could think of why they had reduced it was because I have credit cards which i dont use so ive cancelled them.

I was looking at offering £64,000 for a house.My partner is currently trying to repair his file. We just thought while the prices are falling that we should try and get on the ladder.

herbiesjp

In theory, plenty will offer those income multiples

However the fact you will need a 10% deposit will mean the number of lenders that could help at that level are limited - do you have the extra funds to make a 10% deposit are on £5k savings you are short at the moment (you need £6,400 based on what you want to offer)

Also do you have funds to cover other costs like solicitors, survey fees etc?

I would suggest going via a whole of market broker rather than going direct to lenders,as having too many credit searches against your name could harm your chances with an application

lipstick

Hi thanks for that u have made me feel better because I cant find any that will offer me that. I have £5,000 in savings and am going to hopefully borrow £6,000 off my Nana. Yes i have 1000 upto now for feesa and things. I was going to speak to mortgage advisor at the estate agent where i have seen the house.Is there any names u can think of off the top of your head that i could try for mortgage with?? Also do u think my theory about the credit cards being to blame for the reduction in £10,000 off the Halifax is correct?

herbiesjp

There are no definites here.

As the lenders will look at your whole scenario, and not just a few lines on a forum, however in theory some lenders could offer you the amount needed.

Using the adviser in the estate agent may not be a good thing - check that they are whole of market. Find out up front what fees they charge.

Also, by being linked to the estate agent, they could pass on information between themselves i.e. how much mortgage you could get, and the try and puch you up on the asking price -not all agent based advisers work this way, but I have seen it happen a lot.

To be honest, there are lots of things that can reduce your mortgage score/mortgage potential with a lender, even silly things like not inputting an address in the correct format!

jade1986

FAO Lipstick.. Just noticed that you were the same person who poster on the other thread regarding the deposit. I would definitely recommend giving Nottingham BS a call..

People keep saying 'you need 10%' but it is not the case, and I have had all the details in writing today

ILW

lipstick wrote: »

I was looking at offering £64,000 for a house.My partner is currently trying to repair his file. We just thought while the prices are falling that we should try and get on the ladder.

Blimey
Where can you get a house for £64k?

lipstick

The house is on the market for £74,000 but needs work doing to it

lipstick

Thanks Jade1986 im going to call them now