Lend a hand mortgage , strange situation

greenmoneysaver_2

What would be the rent income on a 50k property where you are?

Is it similar to or less than bying?

That may help tip the scales in your decision?

I am with others - 1 yrs salary in debt is monstrous, no matter how you dress it up!

Even if you sold and "made" 8 k, it would fund only a minimal deposit on the intended property!

thewinkshow

Hi
Rent on the property would be 350-375 I would think .
I know the debt is high, but I'm going to sit down with lloyds anyway and
See what they think , if they do it on affordability , plus 20% down that they can take if I screw up, plus parents would be a guarantor if needed. Like I said I've rented and managed fine , the mortgage on this place would be about 46k and about 250 per month. I would eve. Put the shares up as collateral , I know they can go down but I've a 8k buffer before I would have to sell at a loss, so I would never let it get to that point .
Credit score is 999 (I know it's pointless before the Martinlewisexperts jump Dow. My throat) never missed a payment or been late on anything, had over 35 different finance products over the years , currently have 4 credit cards . Same job for 8 years . Same bank For 10 years and lives in house for 15 years so stability .

hcb42

how have you rented and been in same address for 15 years?

thewinkshow

I never officially moved or changed electoral roll, so for application purposes I would say I've been at the same address, which apart from 7 months I have . no point in mebtioning the brief move IMO , it was renting a house off my fathers friend to help him for a short period so everything was very informal and I didnt sign anything , but it was quite a large house and i run it quite well and managed okay.
The only thing I struggled with was cooking good meals , I didn't really know what ingredients to buy to make a complete meal . I would never quite get it right or get the right bits.

So regardless of the little ins and outs or nitpicking , does anyone think it's possible I could get accepted ?

Thundercat_2

No one can answer that question other than the banks and to be fair you've had plenty of people on here giving you clear reasons why they think the banks won't accept the terms you're putting forward.

The banks have to be extremely overcautious given the last few years, in making sure they're not creating bad debt. What you want is to have your cake and eat it. No lender would be happy to loan you a large amount when you have a large debt already, especially when you supposedly have the means to pay off that debt. I can't imagine for a second they're going to allow you to keep your debt and investments, whilst using your parents money to put down a deposit - it just doesn't make sense.

There you go - I've added my twopence worth to the thread by reiterating what others have already told you. I'm afraid it's no good just asking the same pointless question until you find someone who is going to agree with you...especially when the only people who can answer the question categorically are the banks.

I wish you luck - I think you'll need it!

bingobob777

Ooooh, investment advice from Goldman Sachs, fancy!

I fancy getting 17k in credit and putting it all in one share, that being the case could you enlighten us who this dead cert is, due to grow 1000%, wow :rotfl:

Also, where the fluck are you getting a 50k house? Is it a shed? I love the thought of you dossing about your little dump, dreaming of making it big.

neverdespairgirl

thewinkshow wrote: »

but I remember what my grandfather told me, if you do the exact opposite of everyone you won't make another mistake in your life .

If everyone is exiting a burning building, or refraining from driving over a cliff......?

neverdespairgirl

thewinkshow wrote: »

I know the debt is high, but I'm going to sit down with lloyds anyway

We've just got a mortgage from Lloyds - not the helping hand one, just a normal fixed rate mortgage.

Ours was for a reasonable, not excessive, income multiplier, and we wanted a 62% mortgage.

We had some credit card debt @ 0% for 3 more years, and as a condition of getting the mortgage, we had to pay it off, even though we could prove we had assets to match the debt and it was 0%.

Emmzi

I used to do investment advice and I'd get sacked if I actually advised one of my clients to do what you are doing!

- only invest what you can afford to lose - you can't afford to lose it, it's all paid for on cards
- spread the risk - so no single company, but a range
- buy low, sell high

I strongly suspect you are misinterpretting what this advisor is telling you; or that he is in fact just a broker and not an advisor.

FWIW I would sell 17k share pay off the cards and keep the other 8k if you are so emotionally attached to them.

thewinkshow

Emm
Thanks for the advice but I won't be selling the shares .
Not all the credit card debt is what I've invested in shares , as I have also bought a car - so it's not 17k of debt invested in shares as such . Done quite well so far .
Thought banks were now moving to affordability , if so 250 a month mortgage is quite easy compared to 450 month rent , but of course the computer may see the debt and auto decline .
I know what I an doing is risky and I wouldn't have it any other way , quite happy paying minimums abs keeping the shares, if I can also get a cheap house then great, if not I will wait .
Indeed it's rather like wanting my cake and eating it , and I agree this is the case and im not ashamed to admit what I want or that yes I am greedy, people don't seem to be ashamed to be in poverty and happily plod Along saying brain dead generic things there mates say like money doesn't matter - well I believe it does , and the shares represent my chance at having a better shot that the next guy so I won't give them up. I know this may come across wrong, but I genuinely think it's not abnormal to want to be the best you can be in every area in your life including wealth , some (usually poor) people seem to frown upon mebtioning the notion as if they are in some way a nasty person . Not sure why society has conditioned people to think like this , what a prosperous country we would be if society was instead conditioned with the belief that wealth was in fact good and should be strived for so you have the resources to enjoy the great pleasures life has, sorry for sidetracking guys but in short as you can see, this is why i am keeping the shares - I may lose the lot , but I can say i tried , which is more than mr play it safe poverty can ever say. Worth the risk IMO .
Anyway got meeting sat so will keep you updated