What Are the Chances?

sniffypoopoo

Hi,

I've been looking on various mortgage sites, but they all vary so much. My house is hopefully going to be sold, after a cash offer has come in.

I will have 20,000 clear deposit, i earn 18,000 per year and i Have £90 per month coming out on credit cards, as well as the normal utilities etc.

I thought i would be alright, and able to get another mortgage after the sale of my house, (I have an excellent credit rating also, have never de-faulted) but i am hearing more and more stories of people being turned down, even with a deposit!

The houses I am looking at are around the 100,000 mark.

Has anyone been in a similar situation to this, can anyone recommend some tried and tested suppliers. I'm keen to learn of good experiences as i know that everytime you go to apply for a mortgage, it affects your credit rating.

I hope the above makes sense! :-)

Thanks

beecher2

You're looking for over 4 times your salary which I'd think would be stretch when you're on £18k. Have you fully budgeted for it?

go to see a mortgage adviser to see what options are available to you.

sniffypoopoo

Hi,

Yes, I am currently paying 550 a month rent, plus 200 towards the house that i own at the moment, I have a lodger here, but i manage fine.

I know a mortgage wouldn't cost me more than 700 a month!

;-)

TrickyDicky

Is £90 a month on credit cards all you spend, or do you have an existing debt? Does the 20k you have for a deposit take into account the credit card debts (if you have some)?

sniffypoopoo

Yes, that will be my only debt (the mortgage is the only other and that will be paid when sold). And the 20 will be what is left after cards are paid off.

I owe £4000 on credit card.

Thanks