Will I ever get a mortgage?

SouthCoast

Annual income twenty pounds, annual expenditure nineteen six, result happiness.

Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.

Charles Dickens, David Copperfield, 1849
English novelist (1812 - 1870)

joolley

Opinions4u is spot on. However, if you are a doctor, do not go near the BMA mortgage services! They are run by somebody else now who from what I hear, do not seem to know much about doctors, their banding suppliments, 6 months rotation contracts etc. But you'd probably know this already. Try Weslyan and L&C. They deal with doctors all the time and will be familiar with the above. Weslyan will meet you having researched the banding of your specific job and take it from there.

EDIT: I should say that I've heard that BMA mortgage services are good for practice mortgages so not all bad.

joolley

herbiesjp

What house prices are you looking at?
What deposit do you have?

Knowing these figures, will allow us to see what income multiples you are looking at, and if it will be possible with or without the extra income

northerner999

Dr_Icognito wrote: »

Just wondering if any MSE users are in the know really.

My wife and I would "like" to get a mortgage. But I can summarise our position in an ebay style ad.

We had a mortgage with northern rock and sold our house (luckily) when the housing market crashed and broke even (just about). Our current position is this:

The Bad
Credit cards - Just paid 1 egg off. But still have barclaycard (4k), Egg (2k), Mint (2k) to clear.
Overdrafts - Between us we have about 7.8k
Student Loans
Professional Studies Loans (Combined 45k)
Bills (the usual)
Childcare (2k a month)

Oh dear.

The SL / PSL / Bills / CCs and Childcare automatically come out of our account every month. Never missed a payment.

The Good

Our income from our main job is 80k (combined) this equates to about 4.5k a month. Our jobs are guaranteed in todays rough times.
We both also work extra shifts as a limited company and this can add up to an extra 8 - 10k a month depending on how much extra we do.

Problem is, if we go for a mortgage they only seem to focus on our main income and not our extra shifts this work.

Is there anyway to combine our total income together from main job and extra shift work to present a stronger case?

We are focusing over the next few months to clear the CC's and ODs completely and to save some kind of a deposit.

Any help or advice greatly appreciated.

When I got my mortgage (Halifax) in 2007 they took into account extra earnings as guaranteed overtime, my boss did a letter on headed paper explaining my extra duties and what I earned. It was £100 a week and tipped the amount they would lend me over by a couple of grand which meant I could afford my dream flat.

I'd have thought unless you were buying an absolute mansion you'd be in a strong position in a few months if you clear your debt and add to any deposit. If your extra money is as much as you say then you can safe a deposit which is not only key to getting a mortgage but to keeping payments manageable.