House purchase and Mortgage woes...

LauraFox

HAMISH_MCTAVISH wrote: »

Sorry to hear about your dilemma.

Banks today are rationing mortgages because they don't have sufficient money to lend. They do this by constantly changing the eligibility criteria to reduce the pool of borrowers to match the pool of available funding.

You'll need to go to a mortgage broker. Given your assets and deposit size, it's absurd that you can't get a 50K mortgage. Even by current absurd mortgage lending standards.

Shop around, you should get one somewhere.

Thanks for the input...
Our aim is not just to get a mortgage, but the best mortgage for us, ie early repayments without charges. Currently talking about the HSBC Lifetime tracker at 2.6%, no fees... Do you think I should still go to a broker?

puddleduck

LauraFox wrote: »

worst case scenario sell the other house, but that would be too extreme as it s worth over 200,000 euro.

Do you own that outright or have a mortgage on it? If outright, you could consider getting the extra 10k-ish by a secure loan on that (or even having the mortgage on that and buying your new house with cash; or some other combination).

Also if you own that outright and have tenants in it, I think some mortgage lenders would allow you to count the rent as income on your part.

Obviously you don't want to risk both houses should you be unable to pay the mortgage(s) so think carefully before juggling it all, but you might be able to do it if you get some proper advice.

GavB79

So why not sell the shares? What's the preference keeping them as opposed to owning a house you want?

puddy

but the husbands take home pay is not very much, so a 50k mortgage, whilst not enormous is a lot compared to the take home pay, plus (if i inferred correctly) 2 children, thats a lot of pressure

is there any income from the other house coming in, is it rented out?