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help needed and advice new to mortage etc
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destiny_star2006
Posts: 823 Forumite
Hi all would like some help and advice really
me and my partner are interested in a house thats came up for sale next door to where we live its a repossion dont know if that makes a difference but im just stating all i know.
its a lovely house absolutely no work is needed to it and we were wondering what chance if any that we have of securing a mortage with it
currently we live in council accomadtion rented paying £65 a week rent what figures are you looking at when the house is up for sale at 59995 just short of 60 grand what are the montly repayment figures , my parner works 39 hours per week earning just short of £180 could get more with overtime.I dont work im a sahm to my daughter of 5 any my son of 11 months we do get tax credits both child tax and working tax but am sure ive read they dont take this into consideration when applying for a mortage any help and advice would be greatly appreciated within this thanks in advance kelly
me and my partner are interested in a house thats came up for sale next door to where we live its a repossion dont know if that makes a difference but im just stating all i know.
its a lovely house absolutely no work is needed to it and we were wondering what chance if any that we have of securing a mortage with it
currently we live in council accomadtion rented paying £65 a week rent what figures are you looking at when the house is up for sale at 59995 just short of 60 grand what are the montly repayment figures , my parner works 39 hours per week earning just short of £180 could get more with overtime.I dont work im a sahm to my daughter of 5 any my son of 11 months we do get tax credits both child tax and working tax but am sure ive read they dont take this into consideration when applying for a mortage any help and advice would be greatly appreciated within this thanks in advance kelly
We Make A Living By What We Get. We Make A LIFE By What We GIVE:money:
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.
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Comments
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Ok first things first - how much deposit have you got saved up?0
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we could have 6 thousand pound if needed would htat be enough?We Make A Living By What We Get. We Make A LIFE By What We GIVE:money:
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.0 -
also i have jsut looked at his online credit report for him on credit expert and it says his rating is poor but on the file everything is paid and up to date no defaults etc etc score of 684 but i dont understand as everything is paid ?We Make A Living By What We Get. We Make A LIFE By What We GIVE:money:
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.0 -
bump sorry guys need some info xxWe Make A Living By What We Get. We Make A LIFE By What We GIVE:money:
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.0 -
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator
Use this to work out the payments
Over 25 years at 6% you'd be paying £347/month.
I think the poor credit rating means you've no chance of getting a mortgage, particularly as it would have such a high LTV and salary multiple.0 -
do u have any idea tho why the credit rating is poor when there is no defaults on file no late payments etc etc everything looks champion on the report theres nothing badWe Make A Living By What We Get. We Make A LIFE By What We GIVE:money:
show me a man with both feet on the ground and i'll show you a man who cant get his pants off.0 -
I don't think you have enough saved up yet - as well as a bare minimum 10% deposit (assuming your credit is OK for that LTV) you need to allow for legal fees, valuation fee etc.0
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