New Application, new home

Crocker_2

Hiya, to get it over with: great site, long time reader of the newsletter, first time poster. done.

Ok, the problem:
I am just on the edge of becoming un-employed. I used to earn 22.5K.
My wife earns 30K.
We currently pay approx £800 on a 150K mortgage.
We will still be able to live and survive on just her wages, BUT she would like to move closer to her parents.

My question: how much could we get on just her income? and if not enough is it possible for me to obtain a garantor (or or 3rd partyto indemnify(?)) to cover for my lack of wages?

I am also considering re-training to become a driving instructor, self employed (which generates is own problems) I do not quite belive the salary's qutoed by the training agencies (30K pre tax etc) but a salary before tax of around 18-20 would be nice.

Thanks in advance. looking forward to floods of helpful advise.

C.

MortgageMamma

Hello

1, affordability calculations come in various shapes and sizes with different lenders and take things into account such as credit commitments, loan to values etc, Post more info on any outstanding credit you have. Also, what is your wife's credit rating like and will you have any equity from the sale of your existing property?

2, yes, it is possible to get a guarantor, but again that is dependent upon a number of factors, such as the financial status of guarantor, credit history, and lender approached

brannyrhino_2

You will be able to get something like £90K to £120K. anything more than that and you won't be able to survive imho.

You can use a guarantor to help.

I'm not so sure about the Driving Instructor bit at all

£20000pa divided by 300 working days = £66.66per day =3/4 lessons a day if your lucky!

massive stress!!

Big expenses car wise even if tax helps!!

What is the market like (near the outlaws) demand for lessons/competition etc?