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Cant get a mortgage but partner can - advice please?
jatzlauck
Posts: 13 Forumite
hey all- im no financial guru so please bear with me!!
my credit rating isnt very good from quite a few years back. because of this i am not eligable for a mortgage. my partner however is- but on his wages alone we would not be able to afford a place suitable (we have 2 children) i am the main earner - i think between us we have an income of approx £22,000 a year
is there anything i can do/anywhere i can go? or is this just tough with no option?
would really appreciate any advice- thanks in advance x
my credit rating isnt very good from quite a few years back. because of this i am not eligable for a mortgage. my partner however is- but on his wages alone we would not be able to afford a place suitable (we have 2 children) i am the main earner - i think between us we have an income of approx £22,000 a year
is there anything i can do/anywhere i can go? or is this just tough with no option?
would really appreciate any advice- thanks in advance x
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Comments
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what do your credit records actually say
what do his credit records actually say
how much do you earn
how much does he earn
what sort of house price are you looking at
how much is your deposit0 -
mine are just bad- as in cant get a loan etc...
his are perfect- he has previously owned a house with his brother which they sold on a couple of years ago
he earns around £9000 per annum
i earn approx £14000 pa
we are looking around 140,000 minimum around here really (unless we get lucky)
deposit of approx £20,0000 -
You are looking for 5.2 x joint income at just over 85% LTV with a less than perfect credit rating.
It's not going to happen.
Despite the notice 'to be especially nice' those are the simple facts.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Yep, i thought the wages looked too low."We want the finest wines available to humanity, we want them here, and we want them now!"0
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he has been quoted approx £70,000 just on his own... but we're still way off house prices around here0
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and could possibly get something for 130000-140000 x0
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Senior_Paper_Monitor wrote: »You are looking for 5.2 x joint income at just over 85% LTV with a less than perfect credit rating.
It's not going to happen.
Despite the notice 'to be especially nice' those are the simple facts.
at this risk of sounding stupid could you please explain it in laymans terms for me?0 -
he has been quoted approx £70,000 just on his own... but we're still way off house prices around here
he earns £9k and has been told he can get a mortgage for £70k ... that does not sound correct as it is over 7.5 times salary. May get about 4x at a push
2.5 times joint salary is probably the norm, maybe slightly more0 -
he earns £9k and has been told he can get a mortgage for £70k ... that does not sound correct as it is over 7.5 times salary. May get about 4x at a push
2.5 times joint salary is probably the norm, maybe slightly more
sorry, im wrong- he would get around 50k (then adding the £20k in savings amounted to 70k x0 -
sorry, im wrong- he would get around 50k (then adding the £20k in savings amounted to 70k x
That is still 5.5 x income and on a low income that is a hell of a lot.
What exactly is the issue(s) with your credit?
CCJ's? Defaults? Missed payments? Bankruptcy/IVA?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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