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Mortgage or loan for new unemployed
cazzybabe
Posts: 182 Forumite
A bit of a long one ....sorry
My DH has now been made redundant.
We have our house on the market, our plan is to sell and buy a place outright. At least that way my DH can take a job which suits him best rather than the bank manager!!!
The thing i need to know is:
If we needed to borrow further money for example 20 - 30k to enable us to get the home we really wanted rather than making do would we be able to get a mortgage or would we have to go down the loan route?
I only work 16+ hours per week term time therefore an annual income of 5.5k ish.
We have 2 children and receive CTC.
The amount of cash for our home we have would be 200k ish, which i know in itself is a nice situation to be in, however, I am trying to cover all situations.
Hoping someone out there can help.
My DH has now been made redundant.
We have our house on the market, our plan is to sell and buy a place outright. At least that way my DH can take a job which suits him best rather than the bank manager!!!
The thing i need to know is:
If we needed to borrow further money for example 20 - 30k to enable us to get the home we really wanted rather than making do would we be able to get a mortgage or would we have to go down the loan route?
I only work 16+ hours per week term time therefore an annual income of 5.5k ish.
We have 2 children and receive CTC.
The amount of cash for our home we have would be 200k ish, which i know in itself is a nice situation to be in, however, I am trying to cover all situations.
Hoping someone out there can help.
keep saving :wave:
0
Comments
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How would you pay for a loan or mortgage? If there is only the one income and you will have all of the other housebills and expenses that will have to be paid, why add any additional stress on top?
I don't think you should bank on borrowing the additional as I don't feel that it is affordable and I feel that is the way the lenders would look at it.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The only alternative might be to rent for a while until your partner gets a job. Wouldn't the interest on 200k pay for the rent?0
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HI,sorry to says there is no lender will accept to lend to unemplyed ,however the good news is there is too many lender will more than happy to lend you up to 30% of the property value depend on the total income by the househole ie you and your DH ,
just a quick note if you are claiming from family tax credit you will not get help for your mortgage payment ,BUT !!!!!!!!!!!!
YOU CAN SIMPLY WORK 15 HOUR AND GET YOUR FULL MORTGAGE PAYMENT PAID (interst only )FROM THE JOB CNTER
under the job seeker allwance you will receive an interst mortgage payment and to get this benfit you must be working less than 16 hours even 15 work will be granded,hope that help and remeber i said nothing :T0
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