Any Chance of Getting it ... A mortgage !

flaura

Hi

Just needed a bit of advice, I have four defaults totalling at present £7704.13 ...i've seen a flat for 87,000 (that's a miracle where i live..! and i'm not telling anyone where in case someone snaps it up..)

I earn £19344 at present in process of pay review could go up a couple of grand.. my monthly debts pay out is variable as i have a DMP which i'm paying no interest on ! lucky me.. so i could re-negotiate my monthly pay out..currently £500 as i'm back living with parents ! arghhhh

I don't have a deposit is there a chance in hell of getting a mortgage of £87000 on my earnings ?

Joe_Bloggs

Probably not. Don't Forget Fathers' Day on Sunday.
J_B.

Emmzi

Is there any chance of you paying back that much with your debts?

Have you looked at how much it'd cost?

flaura

as i say i'm allowed to reduce my monthly outgoings to debts it means extending the time i pay back or maybe i oculd tag it to the mortgage,

I have a second job but can't proove income on it , if you know what i mean

I know abotu as much about mortgages as i do about astrophysics ! i keep looking at stuff but don't know where to start or what type of mortgage, or how much a month an 87000 mortgage will cost me

my outgoings at the mo are minimal hence the £500 but giving that i could show i'd be paying out on a mortgage they'd happily drop that to as little as £105PCM

Emmzi

I reccomend a maximum mortgage of 3 times salasry to ensure you can pay it back, especially if interest rates go up. And minimum 5% deposit, preferably 15%, or you get fleeced for extra insurance for the lender to protect them in event of forced sale.

Defaults and DMP won't help much, either.

Then there's solicitors fees, furniture, moving costs, redecorating....

I think it's better to wait, or marry rich!

Joe_Bloggs

Perhaps a guarantor mortgage may be worth pursuing.
J_B.

flaura

hence why i should remember fathers day eh !

thanks !