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100% mortgage with outstanding debt of 10K??

ClareT
ClareT Posts: 30 Forumite
in Mortgages & endowments
Hello, in situation where landlord of our house we're renting is thinking of selling, both me and partner earn decent salary but have £10K loan outstanding between us (would be paid off by this time next year). Is there any chance of anyone offering us a 100% mortgage?? Earn 30K and 40K and would need about £250K to buy our hosue or similar.... are first time buyers too... only had loan cos other half was made redundant and couldn't find work quick enough!!!
Please help/advise... it's all got very stressful now and very upsetting. Don't wanna have to rent another place now...

All help much appreciated.:confused::confused:

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    There may well be a few options available to you.

    However it will depend on your whole scenario.

    Have a word with a whole of market mortgage adviser and they should be able to help
    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.
  • ClareT
    ClareT Posts: 30 Forumite
    Can you recommend where to start to try and find one???
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    ClareT wrote:
    Hello, in situation where landlord of our house we're renting is thinking of selling, both me and partner earn decent salary but have £10K loan outstanding between us (would be paid off by this time next year). Is there any chance of anyone offering us a 100% mortgage?? Earn 30K and 40K and would need about £250K to buy our hosue or similar.... are first time buyers too... only had loan cos other half was made redundant and couldn't find work quick enough!!!
    Please help/advise... it's all got very stressful now and very upsetting. Don't wanna have to rent another place now...

    All help much appreciated.:confused::confused:

    No savings of any description?

    Do you have a robust budget to show what you will need to live on, if you buy this house?
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • ClareT
    ClareT Posts: 30 Forumite
    All potential savings have been going into paying off the debts.... we budget to the letter so can do that no problems and it'd only be for the year as after that when loans are paid off there'll be alot more money in the pot to play with. The rent we're paying at the mo is only a couple of hundred short of what the mortgage repayments would be too....and if the landlord sells our house then the rent we'd have to look at spending else where would be £100 more (we were on a low rental) so the real different would be about £100 more a month on mortgage.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    ClareT wrote:
    Can you recommend where to start to try and find one???


    Where are you? send me a pm and I'll see if I can recommend someone local
    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.
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