Getting a mortgage when you have debts

bride2be2006

Can anyone help please? I have recently got married and OH and me are desperate to own our own home before we try for a baby (he is 29 and I am 37 and I have a 13 year old daughter from a previous marriage) We are currently renting and pay £500 in rent each month. We have no savings as we have just spent up on our wedding and honeymoon!

I have £16000 of debt and earn £15000 and OH earns £25000 and owes £9000 is there any chance for us and if so where can we get a mortgage?

Robert_Sterling

Two of the reasons why you will now find it difficult to get a mortgage are the you chose to spend money on your wedding and money on your honeymoon which has left you with no money to buy a home. Evidently having a home was not your highest, or second highest, priority.

bride2be2006

Robert_Sterling wrote:

Two of the reasons why you will now find it difficult to get a mortgage are the you chose to spend money on your wedding and money on your honeymoon which has left you with no money to buy a home. Evidently having a home was not your highest, or second highest, priority.

I think doing things in the right order are important, ie: getting married and having a home before starting a family, unfortunately I am struggling with money to complete the loop!:huh: - thanks for the none advice!!

Can anyone else offer me an answer to my question please?

us,thecat&thedebt

Hi there

looks like you need to weigh up you options chances are you could get a mortgage but the rate might not be good.

look in to your outgoings prehaps post a SAO there are plenty of people on this board who have lots of help and advice...

speak to a broker/bank see what you could get/afford and work from there...

me and oh have just had an offer accepted on a flat we both have bad credit and our debt is a lower than yours but it was once just as high..
our rate wasnt great but it wasnt as bad as i thought...

good luck you can do it

bride2be2006

us,thecat&thedebt wrote:

Hi there

looks like you need to weigh up you options chances are you could get a mortgage but the rate might not be good.

look in to your outgoings prehaps post a SAO there are plenty of people on this board who have lots of help and advice...

speak to a broker/bank see what you could get/afford and work from there...

me and oh have just had an offer accepted on a flat we both have bad credit and our debt is a lower than yours but it was once just as high..
our rate wasnt great but it wasnt as bad as i thought...

good luck you can do it

Thanks for that, I feel a bit more hopeful, tbh i wish we had just run off to gretna green and got married in secret at no cost then we would have had a deposit at least but we weighed it all up and decided it just wasnt fair to our families so we will just have to accept the consequences!!

A_Nice_Englishman

Generally speaking it's not considered sensible to borrow more than three times your salary. You will need to base this on hubby's income alone as you are going to try for a baby and will obviously not be working for a while and you have no savings to tide you over.

£25000 x 3 =£75000

Take off the £25000 you have already borrowed and that leaves £50,000.

A search on Rightmove suggests you could afford a run down 1 bedroom flat in Huddersfield.

Still glad you blew all that money on the wedding and honeymoon?

bride2be2006

A_Nice_Englishman wrote:

Generally speaking it's not considered sensible to borrow more than three times your salary. You will need to base this on hubby's income alone as you are going to try for a baby and will obviously not be working for a while and you have no savings to tide you over.

£25000 x 3 =£75000

Take off the £25000 you have already borrowed and that leaves £50,000.

A search on Rightmove suggests you could afford a run down 1 bedroom flat in Huddersfield.

Still glad you blew all that money on the wedding and honeymoon?

Gosh how glad I am that I asked people on here for advice (voice dripping with sarcasm) How on earth do you know how much I spent on my wedding and honeymoon since I havent actually said? thanks for nothing and you really are the most common kind of "Nice English Gentleman" that seem to be around these days - no compassion or consideration for other peoples feelings!

A_Nice_Englishman

Sorry if I have offended you bride2be2006. It wasn't intentional and I believe I gave you realistic advice about what you could afford to buy

You do say that you regretted spending the money on the wedding though

bride2be2006 wrote:

Thanks for that, I feel a bit more hopeful, tbh i wish we had just run off to gretna green and got married in secret at no cost then we would have had a deposit at least but we weighed it all up and decided it just wasnt fair to our families so we will just have to accept the consequences!!

bride2be2006

"search on Rightmove suggests you could afford a run down 1 bedroom flat in Huddersfield."

Realistic maybe but not very nice at all, dont worry I am not offended just very upset that I thought I could find some good advice on here but obviously people are just out to dash others hopes, I will not be posting on this thread again.

A_Nice_Englishman

I wasn't out to dash your hopes, just to give realistic advice on what you could afford to buy which is what you asked for.

I'm sorry the answer was disappointing, but that's not really my fault.

tyllwyd

How much do you think you can afford to pay each month? I had a look here
http://www.fsa.gov.uk/consumer/04_CREDIT_DEBT/loan_calculator.html
and put in £100,000 over 25 years at 5% interest, which came out at £585 per month which is similar to what you are paying in rent. But then you haven't got any deposit, and the fact that you have such high debts possibly means that you are struggling even at £500 per month? Sorry not to be more positive, but if you balance that with hoping for a baby in the next few years, it doesn't look too hopeful. Could you cope with a baby in a rented house, and plan to buy say in 5 years time when the child goes to school?