Can you get a 100% mortgage anymore?

lazer

Although you can't get a 100% - you can get a 95% mortgage which takes into account rental record!

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8679521/Prove-that-you-could-afford-your-rent-and-well-offer-you-a-mortgage.html

So get saving!

DannyboyMidlands

lazer wrote: »

Although you can't get a 100% - you can get a 95% mortgage which takes into account rental record!

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8679521/Prove-that-you-could-afford-your-rent-and-well-offer-you-a-mortgage.html

So get saving!

At a rate of 6.49% while base rate is 0.5% this deal is a complete rip off.

Hugbubble

poppysarah wrote: »

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.

Surely with a joint income of £50k they would not be a priority. Jeez, I hope not anyway!

Caveat_Mortgagor

You are looking for the wrong type of financial product.

Put the following into google - "savings account"

allybee101

100% mortages aren't available, 10% seems to be a minimum and you'll pay a higher interest rate too.

You probably need to clear your debts (or at least a portion of them before adding more debt to your situation). Mortage lenders will do checks on you and if they don't think you're a safe bet they won't lend to you anyway.
Try the Debt Free Wannabe boards on here for help in clearing your debts (sorting out a statement of affairs, working out what debts to tackle as a priority).
The Old Style Boards have heaps of advice on living within your means (on £50k a year you should be able to put a good chunk aside for clearing debts - and then savings once the debts are gone).
Sorry it's not the answer you wanted to hear, hope you sort things out.

FTBFun

I strongly advise you ask for help here:

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Until you get your debts sorted, and some savings together, you haven't a hope in hell of buying a property. Seriously - joint income of £50k and no savings? I think you need to look at your expenditure.

ILW

You must be taking home around £3000 per month. Where is it all going?

ic

Do you *know* the landlord wants to sell? Just because she's spent money on doing it up doesn't mean she's going to sell - part of home ownership is maintenance. The landlord will now have a property she knows won't need x, y and z doing - so it still remains an investment that is actively providing a rental income, so should be paying for itself.

MrsQ2b

Thanks for people being so polite and understanding!
But we have 950 in rent and where we live this is cheap!!! Ad no we can't move area as it's away from family who help out!
160 council tax
300 loan
400 bills
80 phones
It's also petrol costs to and from work and food and nappy bills.
165 on car
200 on credit cards.

So yes we do know where our money goes thank u, I feel people on here are down right rude!

DannyboyMidlands

I suspect it's because you're moaning about just making ends meet and homelesness when in fact you earn 50 grand a year, around £3k per month. All you need to do is stop spunking all your wages.

3000-950-160-300-400-80-165-200= £745. Save that for a couple of months and you have the deposit right there.