Can you get a 100% mortgage anymore?

GDB2222

It's hard to turn your finances round in one go, but you should make it a top priority to save up £2,000 in ready cash. That's one month's rent in advance and one month's deposit, so that you are not faced with being homeless if your present tenancy ends.

Part of the harshness from people was because they misunderstood your position. First, you said you were earning £50k, which I took to be net of deductions, which it isn't. Second, you did not mention the baby. Sorry.

Out of interest, where (roughly) are you renting at £950 a month in a grotty area?

puddy

whats the baby got to do with anything?

FTBFun

I'm curious about the bills also.

My electric and gas, TV licence, water, BT line rental and Sky probably come to about half of that at most on a 1 bed flat in London. You could look to see if you could reduce your utilities as a starter - perhaps having a look at a switching service/going dual fuel?

twirlypinky

here's how i work out where my spare cash goes:

download bank statement into excel.

in a blank column at the end called "spend type" label every line with one of the following:

mortgage
utilities
council tax
telly box
mob phone
car

etc etc for your main outgoings.

Then label everything else:

groceries
eating out
gifts and cards
personal care (for me this is contact lenses)
clothes and shoes
etc etc until everything has a label and is grouped. If you need them also use: credit card payments; OD fees and stuff like that.

Then go back to the top and in the next column called "detail" write a bit more about the item, so for mortgage i've got "halifax DD" and for gifts and cards i've got things like "hubby b-day painting" or "sister 18th voucher". do this until everything has a description.

Then turn the data into a pivot table, with "spend type" and the value. It's an eye opener the first time you do it. Then, if you want a closer look at something, say "gifts and cards" is a touch higher than you though it'd be, double click on it. Then a page will open up with those items and it'll all make sense.

I do this and have been doing to for yonks, i can tell you just what i've spent on petrol for about 3 years.

I find it really handy for when hubby goes "what on earth have you spent it all on this month" so i can reply "all my usual bills, your aunty maureen's 70th birthday gift and my MOT". Works a treat.

MrsQ2b

puddy wrote: »

whats the baby got to do with anything?

What do u mean what's the baby got to do with anything? I do hope ur not getting personal about my child!!!!

_Andy_

DannyboyMidlands wrote: »

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

Why is it a 'rip off'?
Banks don't obtain funds at the base rate.
Also the rate is going to be higher as at that LTV the risk to the lender is much higher.

Hovel_lady

If you need any help with the debts please come over to the debt free wannabee board.
We're quite a friendly lot, honest

MrsQ2b

Hovel_lady wrote: »

If you need any help with the debts please come over to the debt free wannabee board.
We're quite a friendly lot, honest

think i may do.