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Newbie - morgage advise required
newhome1986
Posts: 3 Newbie
Hi There,
My partner & I are looking to purchase a home.
The value of the house is £80,000 - Looking to pay £68,000 for it.
Joint earnings are £58,000 PA.
Partner - no outstanding debts - 1 default 3 years ago but satisfied.
Myself - £2,000 outstanding loan - paid on time, £500 outstanding credit card - paid on time.
Around 4 or 5 years ago, I missed a few payments - loan was rescheduled & credit card arrangement made.
Will this affect our chances??
Thoughts please
My partner & I are looking to purchase a home.
The value of the house is £80,000 - Looking to pay £68,000 for it.
Joint earnings are £58,000 PA.
Partner - no outstanding debts - 1 default 3 years ago but satisfied.
Myself - £2,000 outstanding loan - paid on time, £500 outstanding credit card - paid on time.
Around 4 or 5 years ago, I missed a few payments - loan was rescheduled & credit card arrangement made.
Will this affect our chances??
Thoughts please
0
Comments
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The lender will base everything on £68k, do you have any deposit?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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We have £3K just now - Hoping to have around £10K by summer.
Do you need the 10% deposit or are there ways around this??0 -
You need 10% deposit as a minimum, and at that level of LTV you need to have a spotless credit history. Saving up a 20 or 25% deposit might be your best option, but I'd go to see an adviser for help.0
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So does the deposit need to be a cash one? I know in the past the difference in the valuation and what you actually paid counted toasted this?0
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