Eager Elephant's Effective Everyday Excursion ...

Eager_Elephant

The valuation has come in and it is a lot more than I thought it would be - £60k more!!


The maximum discount for RTB is now £77k so the mortgage I will need is more than I can get on my wage and more than the mortgage in principle.


So.................not sure what to do as DH's credit rating is shot to pieces as he has over £20k of debt but his annual salary is just over £16k so the mortgage broker is not sure how much we could borrow jointly. Plus DH has a small CCJ which was paid off earlier this year but is not showing as satisfied.


So back to the drawing board for now - will have to email local council to rescind my RTB application and then do another one in joint names and if that is approved then the broker will soft search us as a couple and we will go from there.


Another fly in the ointment is that DH has a new job which starts in January and of course that does not look good on a mortgage application......


So not to be beaten by the system I will email the company who applied for the CCJ and ask them to get it marked as satisfied and I will also speak to council on Monday and then I will see about DH clearing his debts quicker than he is currently. Not sure about offering full and finals because then his credit report will show this and that may also hinder us........

crazy_cat_lady

Ah no - sorry to hear that EE. Glad to hear that you're not giving up though!

please-let-me-be-lucky

Sorry to hear about the valuation/mortgage EE Xx

pennywisepoundstupid

Sorry to hear about the valuation/mortgage problem, hope you manage to sort something.

Savvy_sewing

Sorry to read that EE.
Hoping for a miracle for you x

beanielou

Blimey that is a big difference to what you expected.

reality_check

I hope you get it sorted. The only good thing is that with a council house it is basically yours aslong as you want anyway is it not? Not like having the uncertainty of a landlord decideding they can sell up whenever they want...xx

Eager_Elephant

Thanks everyone for your comments.


The wheels are back in motion - just emailed the company who got the CCJ to ask for a letter to confirm when the CCJ was paid off, this can then be sent to the court to be marked as satisfied.


The council have agreed to just add DH to my current application rather than go through the whole process again so he is going in later this week to complete the forms and to take in his ID.

reality_check wrote: »

I hope you get it sorted. The only good thing is that with a council house it is basically yours aslong as you want anyway is it not? Not like having the uncertainty of a landlord decideding they can sell up whenever they want...xx

That is right, reality_check but in April there are new rules about paying more rent the more you earn so potentially my rent will go up by £300 every month which I know is still good for a 3 bed property but when I can have a mortgage for the same as my current rent I would rather spend that money on starting to own a property.


Some may see this as selfish but it is the only way we will ever get on the property ladder, we are not likely to ever inherit any money.
I have lived in council housing for 20 years and always paid my own rent bar 2 months 16 years ago - that is a lot of money I have paid over the years and I always do all my own repairs so it's not like my property costs them much money. I know people in private rented also pay rent with nothing to show for it but if the opportunity is there I think people should grab it with both hands.


Sorry for that little rant!!

reality_check

Quite right EE! You have paid into that house for years and to start charging an extra £300 is ridiculous!! Good news about your husband getting added onto the application, fingers crossed, you deserve some good luck!! xxx

Savvy_sewing

EE, I hadn't heard about any new housing rules. Where is the information about it?
Should my Housing Association have written to me about it? Although currently it will not effect me, as I am still on Housing Benefit however if in April my business has made a profit ( and even if it hasn't paid me what the accounts call profit) my benefit will change again.
And obviously I want my business to be able to pay me a liveable wage eventually or there is little point in my working so hard.
I am already worried that I will be loosing my Tax credit if the government decide that I am not a viable business.