Can you get a 100% mortgage anymore?

MrsQ2b

We are renting and theres been a few issues with the house that are now resovled but we have a horrible feeling that the landlord will want to sell as its prob cost her a fortune ie new roof, plumbing issues etc.

We dont want to move and love this house but have no savings whatsoever.
We both have good jobs in the public sector and earn about 50k plus between us. Although we have many debts we make ends meet just.

We pay £950 a month rent would they take this into account?

GAH

No 100% Mortgages Available anymore.

You will need 10% deposit but you will pay a higher rate of interest. The bigger your deposit the better the rate you will get.

ruggy83

If you were both first time buyers then you should be able to get a 95% mortgage, but the debts that you have could well mean you are denied.

Your best bet is to focus on clearing the debts, and then building up a deposit.

MrsQ2b

looks like we will be homeless then as dont have the savings to get another rented property lol.
thanks for the help.

and yes would be first time buyers.
x

poppysarah

MrsQ2b wrote: »

looks like we will be homeless then as dont have the savings to get another rented property lol.
thanks for the help.

and yes would be first time buyers.
x

Let him evict you and the council may help rehousing you.

You should speak to shelter and the housing team locally to make sure you know your rights.

missjy

Could you not get your deposit back from LL n put that down on another (cheaper) rented property? (£950 a month is rent sounds very high for two people in debt)

BitterAndTwisted

Even if your landlord does decide to sell the property and gives you two month's notice tomorrow it does not mean that they will find a buyer in that time. Only a court order can compel you to leave the property. In the meantime, you should start planning for your onward move and set aside a decent amount of savings. With a joint-income of £50k per annum you should be able to do that.

nomoneytoday

MrsQ2b wrote: »

looks like we will be homeless then as dont have the savings to get another rented property lol.
thanks for the help.

If you can't afford the deposit on a rental, then how would you pay the costs of purchasing a property?
In addition to the deposit there are legal fees, surveys, mortgage costs and possibly stamp duty..

sonastin

Buying a house should never ever be considered as a fix for a short term housing crisis. It is a long term investment with a HUGE amount of money at stake. Hoping to pay hundreds of thousands over the next 25-30 years because you can afford hundreds over the next 30-60 days is definitely not a sign of good financial planning.

GDB2222

MrsQ2b wrote: »

We are renting and theres been a few issues with the house that are now resovled but we have a horrible feeling that the landlord will want to sell as its prob cost her a fortune ie new roof, plumbing issues etc.

We dont want to move and love this house but have no savings whatsoever.
We both have good jobs in the public sector and earn about 50k plus between us. Although we have many debts we make ends meet just.

We pay £950 a month rent would they take this into account?

The fact you have many debts means that you have been living beyond your means, at least in the past. You really need to get back onto an even keel, pay off the debts, and start building up savings. That may well mean giving up a lot of the luxuries you have got used to. But, as you have seen from the posts above, you really can't go through life with big debts and no savings. If there are just the two of you, you ought to be able to manage easily on £50k a year. So something is very wrong with your spending.

It's a bit like losing weight, though. It's easy to pile on the debt, but much harder to lose it. There's a debt management board here where you can go for advice.

DannyboyMidlands

Jeez you earn over 50 grand between you. Just save a deposit for a new rental. Job done.

And while you're at it rent somewhere cheaper. £950 pcm is ridiculous.