£4,200 net income per month and can't get a mortgage!

lilygirl85

I should add that I was only promoted to a new position last month which has increased my salary by £10,000 gross. This is why we've struggled to save any more than we already have.

Plus, as I've already mentioned we now have a wedding to pay for (and unfortunately it isn't going to come cheap!)

I guess I'm just disappointed that 90% mortgages are advertised but seem so inaccessible.

lilygirl85

Dave_Ham wrote: »

Honestly, find yourself a local broker and they will sort this for you...!

Thanks Dave, we've arranged to speak to a broker tomorrow so hopefully we'll get somewhere.

We're just reluctant to start making enquiries with different lenders because we have been told that it could prejudice us in some way. Is this just a misconception or is there any truth in it?

getmore4less

5% is £8k+ how much is +

So you have £16k+ saved for a £160k+ house and need another £8k+ on a £4k+pm income, should be a doddle.

I think you need to look at what you spend your money on?

Any other debt, loans, running expensive cars, high rent?

If the wedding is in 12months you can't be needing say £24k for that from the next 12month income (aining to save £2k pm).

How long have you had this income?
15 years banking say 30+ £16k is not a lot of savings?

Big factor will be where is the money going!

opinions4u

I really dislike the "we're a loaded solicitor and accountant so should automatically be given a mortgage" attitude.

Thrugelmir

lilygirl85 wrote: »

I guess I'm just disappointed that 90% mortgages are advertised but seem so inaccessible.

Your choice. Expensive wedding or a home.........

Dave_Ham

There is truth in it, but there are varying levels of applications and checks that affect it in different ways.

The broker will manage these issues for you, I am confident...

maninthestreet

You should be able to save £1,000 a month atl least, so no more than 8 months until you have the extra 5% deposit you required.

Simon_gloster

I'd like to help but i'm burning up here.

Average (which I what yours iz) credit or high credit scores mean diddly-squat.

Beetlemama

lilygirl85 wrote: »

"the system said no"

Just as moral support - we can't offer any practical advice - my husband and I were shocked to read that you couldn't get a mortgage with a 10% deposit and that level of income AND those credit ratings.

Good luck, we hope it works out for you.

dimbo61

Well done on working hard and becoming a solictor and your OH getting through his accountancy exams.
As you have now discovered 10% deposit means your bank say NO to a 90% mortgage on a modest house £160K.
A number of mortgage brokers have said its possible to get a 90% mortgage with other lenders and I am sure they are out there BUT you will pay for the this with a higher mortgage rate + FEES
BIG wedding say £25K for a nice party and 2 weeks in the sunshine or 15/25% deposit and much better mortgage deals in 12 months time when you have saved up a much better deposit.
House prices are going nowhere at the moment so start saving.
Look at your spending and use Martin,s website to save money on everything GOOD LUCK