Mortgage query

ctbs8n

Hi, I was hoping to get some advice.....I am currently renting somewhere and keep getting told by my friends I should be looking to get a mortgage on a place and I know I should. However I don't earn much and don't have a 2nd wage to add weight to my finances. I earn 20K and have no savings. If this wasn't bad enough, in order to help a family member I took a loan out for them which they are now not paying me back....I know, but can't do much about that without causing family issues..so letting it go for now.

So are there still mortages out there for someone who doesn't have much money and if there are, could I add the loan to the mortgage and extend the mortgage term? I'm 31yrs old, so plenty of work time left in me..unfortunately..lol

I have had a look about, but I only found mortgages from known places that want at least 10-15% deposit upwards.

Would a broker be a lot better? Is it even worth asking as I earn such a small amount?

Sorry for being so vague, just looking for general advice or ideas as to what I could do.

~Beanie~

You won't get a mortgage without a deposit, you need to start saving for a deaposit and also to clear the loan. Your income may not be an issue, I earn less than you and bought my own house - suppose it depends on how much houses cost where you live and how much deposit you manage to scrape together.

happybroker

A broker would be able to go through your finances with you and give you an idea of how much you would be able to borrow which in turn will let yo uknow how much of a depost you would need to save.

Do you qualify for any housing schemes where you buy part of the property now and rent part?

(One of my friends keeps telling me I need a Ferrari but I can't afford one!!lol)

Conrad

Try housing associations etc.

_Andy_

A broker won't change what you're eligible for.
With a good credit score etc, 4x your income would be achievable, however you don't have a deposit.
Really your only solution at the moment would be as Conrad suggested and look at housing schemes etc.

ctbs8n

Cheers people, some good advice from everyone and thanks for taking the time to offer it and not moan on at me too much about lack of savings..etc. I already know how stupid I have been, so appreciate the advice.

I'll look into the housing schemes more, seems a good next step.

Thanks again.

_Andy_

kattieclinton wrote: »

If anyone want to take any type of information the log on to eaglenationwidemortgagetx.com and if want to contact us, kindly click on eaglenationwidemortgagetx.com/contact-us/

Lame, lame spam.

happybroker

kattieclinton wrote: »

If anyone want to take any type of information the log on to eaglenationwidemortgagetx.com and if want to contact us, kindly click on eaglenationwidemortgagetx.com/contact-us/

Handy if you want to buy in the US I suppose!! Idiots