do we have any chance of borrowing enough to buy?

jessy1

This may be a deluded question in these dismal financial times but can anyone tell me just how much mortgage a couple could possibly obtain, if at all? Main earner has income of £28,000 net, myself £4,000 net and a deposit of £15,000. Are there any lenders out there who will still help people still borrow that little bit more???

Mammy0191

Have a look at the mortgage section on the main MSE site. There are also sites where you can calculate how much you could get but they are very basic calculations.I think you have done really well to have a deposit that big but it depends on how much you want to borrow.We borrowed the maximum we could as advised by a certain bank and are now in financial difficulty.I would strongly advise YOU work out what you can honestly afford and don't look at houses above this! Easy for me to say in hindsight! Good luck.

Mrs_Bumble

What are your P60 gross earnings? not including bonus/commission/overtime etc. Do you have any other credit committments or adverse credit history. How much were you hoping to borrow?

jessy1

Well we have old debts so have adverse credit history. All debts are from over six yrs ago. Still though would need 180,000 to buy in area we are living/ working. We are a family with kids living with relatives right now, rents are v expensive, more than mortgage payments. We are desperate to have own home/ space. Basic salary is £25,000 without extras. Mine stands at £4,000. Are there still any lenders who lend with adverse credit history???

beecher

You want to borrow £180,000 on a combined salary of £29,000 with adverse credit? Sorry, just isn't going to happen -even with a perfect credit history you'd clearly be overstretching yourself on 6 x salary. If you're looking at properties of £195,000, you don't even have enough for a 10% deposit. A mortgage of £180,000 at 6% over 25 years would cost you over £1,100 - how could the sums possibly add up?

Are your debts actually cleared? Think you need to radically change your plans.

Mrs_Bumble

Why is your credit history adverse just because the debts are old? Are they settled if not how much do you owe.

You will not be able to borrow that amount of money on your income. You will also need at least a deposit of 10%, plus other funds for the purchase process.

If you are living with relatives at the moment are you on the local authorites/housing association lists for accomodation? I would have thought that you would be treated as a priority?