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Some advice please for first time buyer!
hacarya
Posts: 29 Forumite
Hi
Hoe someone can help me.
We are currently renting and pay £430 a month rent. We starting renting a year and a half ago when my hubby came out the RAF !! we were in married quarters before}.
As we were unsure what job m.y hubby would get we decided to rent as the house was low rent and near to kids schools. The landlady told us she would not be looking to sell at all as the house had been passed on from her deceased grandmother so we felt relatively secure and decided that when my youngest goes to school !! this september }, I could work full time and we could start to save for a deposit for a house.
However we got a shock this weekend when the landlady told us via letter she would be considering selling in the summer.
We only have £2000 saved and feel we really need to look at getting a mortgage as do not want to rent any more after this experience.
My hubby earns £29,000 a year.
I earn £5000 a year in a part time job.
Other income is child tax credit and child benefit, a combined total of £2440.
This gives us a combined total of £36, 440 a year.
Would we be able to get a mortgage on this?
The houses on average around £140,000 round here.
Would we have toi get a 100 % mortgage as we have no deposit?
Any other advice would be greatly appreciated!
We have outgoings of £630 excluding rent and we have about £2000 on credit cards, £123 on a car loan every month and a sofa on interest free credit of £39 for the next three years.
Thanks
Sarah
We dont want to buy this house we are in by the way but look for something else!
Hoe someone can help me.
We are currently renting and pay £430 a month rent. We starting renting a year and a half ago when my hubby came out the RAF !! we were in married quarters before}.
As we were unsure what job m.y hubby would get we decided to rent as the house was low rent and near to kids schools. The landlady told us she would not be looking to sell at all as the house had been passed on from her deceased grandmother so we felt relatively secure and decided that when my youngest goes to school !! this september }, I could work full time and we could start to save for a deposit for a house.
However we got a shock this weekend when the landlady told us via letter she would be considering selling in the summer.
We only have £2000 saved and feel we really need to look at getting a mortgage as do not want to rent any more after this experience.
My hubby earns £29,000 a year.
I earn £5000 a year in a part time job.
Other income is child tax credit and child benefit, a combined total of £2440.
This gives us a combined total of £36, 440 a year.
Would we be able to get a mortgage on this?
The houses on average around £140,000 round here.
Would we have toi get a 100 % mortgage as we have no deposit?
Any other advice would be greatly appreciated!
We have outgoings of £630 excluding rent and we have about £2000 on credit cards, £123 on a car loan every month and a sofa on interest free credit of £39 for the next three years.
Thanks
Sarah
We dont want to buy this house we are in by the way but look for something else!
0
Comments
-
Hi
Is there anyone that can help?0 -
Hi There, Have you tried posting this on the mortgage board.
There should be lots of people on there who could advise you.
GOOD LUCKThanks to all who post comps :A :T0
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