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any advice appreciated
Gnomoospan
Posts: 10 Forumite
in Loans
Hi, I'm new to the forum but have been reading this fab website for a while.
OK my hubby and I are trying to buy our first house with 100% mortgage. We're moving to a new area for his job, so at this point I don't have a job lined up. We have found a house and it was all looking rosy but then the mortgage company failed us because I do not have a salary and we have 2 loans that come to 600 quid a month to repay. We will be trying other companies but time is of an essence. What would your advice be a) give up and rent for a while til I get a job b) consolidate both loans into one with extra to put down a 5% deposit (think that might help!)
Any advice gratefully received.
OK my hubby and I are trying to buy our first house with 100% mortgage. We're moving to a new area for his job, so at this point I don't have a job lined up. We have found a house and it was all looking rosy but then the mortgage company failed us because I do not have a salary and we have 2 loans that come to 600 quid a month to repay. We will be trying other companies but time is of an essence. What would your advice be a) give up and rent for a while til I get a job b) consolidate both loans into one with extra to put down a 5% deposit (think that might help!)
Any advice gratefully received.
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Comments
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I don't know much but what I've heard is it is worthwhile doing whatever you can to put down some kind of deposit. 100% mortgages are much more costly than even 95%... I think get a loan - anyone else?Help me to help you :santa2:0
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Is there any chance you could get a job? That looks like the most possible solution, although I guess not instant.
Whats the point in consolidating, you will only owe more money for longer.
Why dont you come to the debt free wannabee board adn we can see if theres any way we can help you get more money together to get rid of these loans asap?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
NO!! JUst read again, dont get a loan to pay the deposit on your house. theres a thread in homes & property about "should I get a loan for a deposit on a place" and the overwhelming advice there is no. have a look
Lynz
x:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
thanks guys I'll have a look at the homes and property thread0
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I suggest you use some of the mortgage search sites like Charcol just as a guide. Don't go wasting your time asking lots of companies yourself get a nice friendly broker to do it for you.There are a number who post on the site and I can personally recommend Andrew Smith (fee free).He has sorted out my mortgage.
Good Luck,
CG:j"You can if you think you can."
George Reeves0 -
Thank you, Andrew Smith are you there??!!0
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