Advice needed please, 9s there a mortgage for us!!!!!

sickandtiredofdebt

Hello everyone, i really need some advice, we had an offer on our house for £112000, our mortgage on this property is £89000, and we want to buy a property for around £145000.
Since accepting this offer on our house my husband was made redundant, he got a new job straight away but took a drop in wages, and as he is in sales it is mainly commission based. Back in 2003 we got a self cert mortgage to buy our house but i realise that these arent around anymore.

The other thing is i have 2 defaults on my file, one for £63, and one for £233, apart from that my file is clean and so is hubbys.

Now i know he will need to be in is job for 6 months before we could even think about moving again, but i just wanted to know if there options for us.
The probs we were havings was obviously my defaults, Loan to value rate, and with his new job being mainly commission based.

My husband is likely to earn £1500 a month and my wages are £800 a month,

is there any way of taking out a second mortgage to move house and port our existing one over, im just trying to think of all possibilitys to be able to move, we have 4 children in a small 3 bed house, hence the reason why i want to move lol!!!!


Any advice would be greatly appriciated, sorry if ive confused you all.
Thanks
Hayley

Thrugelmir

As your name suggests. Clear your existing debt first. Rather than take on more.

On the salary figures you've quoted why over commit.

_Andy_

Are the monthly figures stated before or after tax?
What is his basic going to be?

sickandtiredofdebt

All after tax, his basic will only be 12k cos its car sales, this is why we has to self cert last time. It frustrating cos he has gone from earning 30k a year to this!!!! Maybe its just best to hold fire untill the recession gets better.
Cheers

_Andy_

I think hold fire - even if you did manage to get a self-cert mortgage, it's early days with his job, do you want to risk your new house on his income not being as high as you think?

Conrad

Even after the recession ends, most pundits are'nt expecting the return of self cert deals.

Some lenders will accept payslips as proof of income, but will have questions if they show commission earnings, in which case he will need a couple of years track history and even then it could be a problem due to tighter regulation of mortgages and the 'responsible lending' initiative.

My advice clear your debt, get some savings and take it from there.