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Mortgage Affordability / Deposit Question
Technaut
Posts: 38 Forumite
Hi,
My partner and I are living in rented accomodation which the landlord has offerred to sell to us at what we think is a decent price. Only problem is that we don't have a deposit.
I also have a flat with a CTL mortgage for around 85% of the value of the property. This was recently renewed and I dont think I could get any more money on the flat as it wouldnt make it less than 85% and I would not meet their criteria.
As far as credit scoring goes, I actually have a good scoring and have a AIP for a 90% mortgage of £78K. In terms of other credit I have 2 credit cards with around £3k on them. Payments always on time.
My partner has a low income and has not had any credit for a number of years, so probably doesnt have a good credit rating. She has applied for loan of £9k and is being refused.
I earn around £40K per year inc bonus, my partner works part time and earns around £10K.
If I got a loan for the deposit would I still meet the affordability criteria?
Could I get a credit card and do a "super balance transfer"
We can afford the mortgage payments and the loan payments, we just need to find a way to do it that the banks will accept.
My partner and I are living in rented accomodation which the landlord has offerred to sell to us at what we think is a decent price. Only problem is that we don't have a deposit.
I also have a flat with a CTL mortgage for around 85% of the value of the property. This was recently renewed and I dont think I could get any more money on the flat as it wouldnt make it less than 85% and I would not meet their criteria.
As far as credit scoring goes, I actually have a good scoring and have a AIP for a 90% mortgage of £78K. In terms of other credit I have 2 credit cards with around £3k on them. Payments always on time.
My partner has a low income and has not had any credit for a number of years, so probably doesnt have a good credit rating. She has applied for loan of £9k and is being refused.
I earn around £40K per year inc bonus, my partner works part time and earns around £10K.
If I got a loan for the deposit would I still meet the affordability criteria?
Could I get a credit card and do a "super balance transfer"
We can afford the mortgage payments and the loan payments, we just need to find a way to do it that the banks will accept.
0
Comments
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Why not sell your flat and release the equity?0
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The LOAN would appear on your credit file and no lender would allow you to use a loan as a deposit.
If you used your credit card to draw a lot of money the FEES would be massive so again a NO GO0
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