Can you get a 100% mortgage anymore?

Hugbubble

£665 of your take home pay goes on credit commitments.

This is why people believe you have, at least in the past, if not anymore, lived beyond your means...

And £400 a month on bills, not including council tax....seems excessive

And I'm not meaning to be rude, but these things will get picked up on a MS website, especially as someone said, when pleading poverty

I wish you all the best

abankerbutnotafatcat

I felt some of the replies weren't as pleasant as they could have been. OP asked for advice - none of us are perfect and it would seem that OP isn't (yet!!) as financially disciplined as many posters on this forum are.

But to ask for advice is the start and no doubt OP has picked up 1) no 100% mortgages about at the mo 2) 100% mortgages not a great idea in the first place 3) advice is to pay off debts and save for a deposit 4) homelessness may be some way down the line (although always good to have a plan of action in case house is put on the market).

As to £50k income / £950pcm rent - this really totally depends on the area because in the London region neither is that large a number.

ILW

MrsQ2b wrote: »

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!

Not being rude, but where is the other £750 going?

Brodiebobs

Although the replies may seem harsh you have to understand you have a good income, and most of it seems to be taken up with servicing debts, we earn less than half than your income between two of us and our mortgage combined with overpayments come to nearly what your paying in rent.

As prev mentioned you seem to have alot of 'spare' money after your commitments have been paid. Get this thrown at your debts, when they are paid off get it in a savings account.

I know it can be done, when i first started using this site about 4 years ago we were £7000 in debt excluding our interest only mortgage, we paid debts off, started overpaying the mortgage, and i was even able to reduce my hours at work to spend more time with the kids.

MrsQ2b

Thank you certain people for your advice.
I have no idea where our money goes and now am starting to sit down and think jesus we should have money spare at the end of the month.
The Loan was for our wedding 3 years ago which we are still paying off. I became pregnant and couldnt work as i was very sick in my pregnacy and then was made redundant and the money just went downhill from then. Our money overall is 50k including overtime when we can due to having a young child. I get £660 a month and husband gets around £2200 roughly some months its amazing and is about £2600.

But again £950 is deemed cheap here where we live and we live in a really grotty area to be quite honest!

Suarez

Maybe you need to sit down and have a look at your bank statement and post a SOA. Then the people on here can give advice to cut your spending and get rid of your credit card bills etc..

ILW

MrsQ2b wrote: »

Thank you certain people for your advice.
I have no idea where our money goes and now am starting to sit down and think jesus we should have money spare at the end of the month.
The Loan was for our wedding 3 years ago which we are still paying off. I became pregnant and couldnt work as i was very sick in my pregnacy and then was made redundant and the money just went downhill from then. Our money overall is 50k including overtime when we can due to having a young child. I get £660 a month and husband gets around £2200 roughly some months its amazing and is about £2600.

But again £950 is deemed cheap here where we live and we live in a really grotty area to be quite honest!

You cannot even think about buying until you have sorted that little puzzle.

BitterAndTwisted

Get a notebook and write down every single penny that you spend between you adn keep the receipts. Then review it after a month highlighting everything that's not absolutely essential. Things that you can do without will suggest themselves.

£400 a month on "bills" is hardly credible imo. I cannot conceive of what they might be for excluding heating and electricity. It might be time to downgrade that expensive Sky package.

Pop over to the the Debt-Free Wannabe and Old-Style parts of the forum for pointers for how you can start getting yourselves out of debt and spending a lot less on housekeeping.

hazyjo

I can be a horrendous spender. I've found the best thing for me is to draw out a set amount each week, every week. That goes towards clothes, going out, spending generally, and I live well on it. Maybe for a while you could write down all you spend. Do you tend to buy in dribs and drabs? Maybe a shop to somewhere cheap like Lidl might help for a while. Or do your grocery shopping online to stop temptation. Don't buy the BOGOF deals if you're binning half of it. Go for the cheaper options.

Do you bin/waste a lot of food indoors? Do you have takeaways? Smoke? Drink? Look at ways you can cut right back.

How many separate loans, credit card debts, etc do you have? Just one card and one loan? Get that card cleared asap - even if it's interest free. Are you just paying off the interest each month? Do you tend to use it for things like grocery shopping, petrol, etc? You really should just cut the damn thing up.

Those phone bills can come way down. Presume you're talking mobiles? Try pay as you go, or change contracts. Tesco Mobile have some great deals.

People aren't generally rude, they just feel a bit like bashing their heads on walls. You do bring home decent money between you. Okay, so it is low for London standards, but only a third of your money goes on rent. That's a pretty standard amount. People try scraping by on far less here - some have saved tens of thousands for a deposit on tiny wages. I think it's just frustrating for people to hear someone saying they have a £50k income and yet are so in debt.

Won't bang on about the wedding 'cos the horse has bolted.

Some people just see credit as the norm. It's just so easy to get. But it's only once you start adding up all those extra monthly payments... scary, isn't it.

I was a bit like it for a while - but I know that's cos I was single, going out far too much, never saved (still don't, really), got a loan for a car and kitchen and didn't really think anything about it. Would never do it again! Ended up whacking around £8k on my mortgage and cleared the lot. Had over 50% equity so was in a fortunate situation.

Hubby and I have a pretty huge mortgage, but no debt apart from that. We live very comfortably on the rest. If you could clear those debts, make a real stab at them, just think what you could be doing with the several hundred pounds each month you're using to pay them off! And the £750 you have spare each month. You could be holidaying every three months, debt free, if you chose!

Out of the £750 left, why don't you try putting £500 of that towards debts and drawing out the rest cash. Get at least one debt cleared asap. There's tonnes of other things you can cut back on/reduce - as advised, check out the recommended boards on MSE.

Good luck.

Jx

climbgirl

What's the £400 "bills" for if it doesn't include council tax? I live in a two bed flat and our elec & gas is £50 a month. £400 on bills seems very high....