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New Mortgage Advice - Not First Time Buyer - How Much Can We Borrow?!
diamondeye_2
Posts: 21 Forumite
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With your partners salary, your maternity leave, the current economic climate and the fact that you have no deposit (it is cancelled out by your debts) I would be very wary of this kind of amateur property development. Times have changed.
How can perhaps £15k worth of work increase the value by £40k?0 -
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Clear any outstanding debt as it shows to the banks that you can be trusted with debts, and if in theory you are able to pay off small amounts, then you are also more likely to be trusted with big ones.
When the banks do a calculation, they will factor in current bills, debts (CC etc), salary etc. Anything to lessen your debt will only put you in a stronger position.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Try different lenders' affordability calculators, Nationwide, Halifax, Abbey/Santander.
Key your information accurately and see what figures you get back.
Talk to an independent or whole market broker for further help and guidance. Ask friends and relatives for a recommendation.
No more credit checks until you know the lender will normally lend you enough.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
diamondeye wrote: »We are not in a rush to update the property, but it is a genuine bargain that we would not like to miss, we have alternative paid for accommodation for the next two years so will not be living in it till then. Just wondered if their were any lenders who could be recommended?
Whoa whoa whoa, what's this about? You have to mention that to the lender.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
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This post wasn't there when I posted my post at 10.23 as I was typing.diamondeye wrote: »we have alternative paid for accommodation for the next two years so will not be living in it till then
I don't see any normal possibility of a 90% mortgage on a property which is to be let, or left unoccupied. The only way it might be a goer is if one of you is Armed Forces.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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diamondeye - please set out all the relevant information at the outset, rather than drip-feeding us the data.
I know you may not appreciate the significance of not living in the property as you're not a mortgage professional, but it can drastically change the help you get if you tell us everything up-front.
Thanks,
IanI am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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