Any chance of us getting a mortgage?

lilac24

Hi,

My partner and I currently live in a rennted house and we are thinking about buying.

Firstly we are unsure about if now is a good time, but with the mortgage rate so low and the prices having come down we thought it might be?

The thing we are worried about is getting a mortgage, my partner is employed full time but I am a self employed dog walker. Me being self employed thats what we are worried about and I wondered if anyone could help?

We both have a credit card mine with £500 on it and my partner with £3000 on his from travelling. That's all the debt we have.

Thanks in advance

Catblue

How much do you have saved up for a deposit?

lincroft1710

Two rather important issues, how much does each of you earn and how much would you expect to borrow?

PasturesNew

You will need 10-25% deposit, depending on what age/style of house you're looking to buy and how good a deal you want on interest rates.

The amount you can borrow is directly linked to annual income, which you've not said.

MORPH3US

Need more info as above OP to help please.

lilac24

Sorry, our combined income is £55 - 60,000, at the minute we have about £5,000 saved up. We don't know how much we want to borrow yet. we were going to see if we could even get a mortgage first!

thanks

superfran_uk

Assuming that £5k goes on fess, surveys, stamp duty etc, you need to save a whole deposit before anyone will lend to you.

lilac24

Does it really cost £5k for fes, surveys and stamp duty?

V.Lucky

How long have you been self employed? Do you have 3 years audited accounts available?

superfran_uk

Of course it depends on how much the property is, what kind of survey you decided to go for, what searches need doing and whether the sale is straightforward. Solicitors charges about £200 an hour, if you get a nightmare vendor and they have to spend hours chasing them....

But yes, it could easily cost this much, plus you will have to get all manner of insurance, pay for moving costs etc etc. Bear this in mind before you jump in.

MORPH3US

Even with a 95% mortgage (and ignoring solicitors fees, stamp duty if applicable etc) you would only get a mortgage for £95,000.

Not sure where you live and what that would get you. In London it might get you a garage, up north might get you a terraced house.....

As an alternative you could look into something like https://www.ownhome.co.uk

Failing that you really need to save more deposit and extras.