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

The_J

mildred1978 wrote: »

No, Ringo's a bloke.

Any man who got married was coerced by a woman.

Any man who says otherwise is brainwashed.

edit: I'm a real catch.

CBR600F_2

ringo_24601 wrote: »

Smashing night (bootleg beatles played)

Pfff, Bootleg Beatles? Give me a break.Would've been better with the real Beatles, even though they're all dead (don't give me that guff about McCartney still being alive. He's a goddamn robot if ever I saw one.)

Eh, who am I kidding? The Beatles sucked. They were Scousers, you know.

Back to the topic though. I'm saddened by this sorry tale. So saddened that I'm going to cancel my annual Oxfam donation, and send it to the OP instead. Hope you like goats.

Just kidding. I don't give money to Oxfam. What am I, a mug?

Seriously though. Cool topic. Would would totally read again.

[Deleted User]

Neverland wrote: »

Well the OPs problem is that her *wants* exceed her total resources so some have to be postponed or scrapped

I get the impression you think £8k is a trifling sum of money, but for most people in the UK it would take them a year or more to save that

Oh, it's not an insignificant amount of money - but the OP's mortgage expectations are hardly grandiose. 5 years ago mortgage lenders would be throwing cash at them.

I'd also say that couples that become solicitors are often from families who might be in the financial situation that would enable them to help out relatives.

I've been watching my wedding videos quite a lot recently with my son; he loves watching the dancing. Doesn't seem like a waste of money at all. Then again, in a few years i'll be saving up to pay for 2 bar mitzvahs.

yellowrock

Mods - can I ask why when this is an advice forum, where someone has taken the time to ask for advice, even if it appears simple to others -that person would like some solid polite advice. Is it too much to ask to be polite-certain forum members like to take the time to have a personal 'dig' at others expense. I have to feel sorry for people who do this, you have my sympathy you quite clearly have a problem - slating others anonymously on a forum, how to make friends and influence people. My guess is you are very lonely and have no 'real' friends.
I might have money problems and have made some large mistakes but I have genuine in the flesh friends.

It's a shame this forum is ruined by such vindictive people intent on criticising others.

DVardysShadow

lilygirl85 wrote: »

We earn about £70,000 gross between us. We have a £16,000 deposit and are hoping to borrow £140,000.

lilygirl85 wrote: »

.... I understand what you say about us posing less of a risk with an 85% mortgage, but I don't really see how a couple with our income can be seen as a real risk.

Actually, I would say that a couple with your income and your savings are more of a risk than people on much more humble incomes. This is on the easy come easy go principle.

Your savings are a mere 4 months take home. So there is not a lot of evidence that you are in it for the long haul.

Consider a couple with a joint income of £35,000. Probably take home £2000 ish. Their £16,000 deposit represents 8 months take home. They want to borrow 4 times income, £140,000 to buy the house next door.

As lender, if I had just £140,000 left for this months lending and it was a choice between you and this hypothetical couple, I would give it to them and not you. The reason is that they have had to work much more than twice as hard to put their deposit together. The fact that they have struggled shows me that they are likely to perform well, work together and continue fighting to overcome any difficulties which come against them.

Whereas your £16,000 you could gather quite painlessly and you might not actually be up for working hard to overcome financial stress.

I suggest looking at how many month's salary typical deposits represent and working to accumulate that as a deposit. Your application will look much better

MoneyMagic01273

I seriously roll my eyes at some of the responses on this thread.

"Make a choice", "welcome to real life", "£25k doesn't make you more married".


Seriously people, could you BE more patronising and judgemental? For the love of [insert chosen deity], the OP has only tried one lender by the looks of it.

The best advise that has been given on this thread is to discuss their situation with a decent MA as there certainly are plently of options available - even with just a 10% deposit. I know, I just did it myself as have plenty of other people. Wedding or no wedding her mortgage aspirations are hardly out of this world.

All of the extra free advice the OP has been given about how you all think she should be living the rest of her life is frankly uneccessary at best - and in fact has been downright hostile and borderline troll-like at some points during this discussion.

Had the OP been asking to borrow millions there may have been sufficient justification to widen the scope of the discussion. As it is, there really isn't any need for the OP to put the rest of her plans on hold after being turned down by one lender (again - the same thing happened to me, before I sought advice from an advisor)

OP - a mortgage advisor will be able to discuss your options with you in detail and should be able to draw on their knowledge and experience in order to recommend a lender and product you stand the best chance of success with. Thats what they did for me in circumstances similar to yours. Good luck (with this - and the wedding)!

yellowrock

here here MoneyMagic01273 , I have just been shot down in flames on my own post for accusing someone for being troll like in their posting. How is it acceptable for others to comment so vidictivley on others way of life's? I should learn to expect criticism and not advice on these boards which is such a shame.

FATBALLZ

Your situation seems quite similar to ours when we bought, in terms of your ages and income, we were able to get a mortgage with HSBC who allegedly are one of the hardest banks to get mortgage finance from. Although we did put down a 20% deposit. Have to agree with the others, surely £8k isn't a big amount to save on your income, especially assuming you don't have kids? Even though we had one child (and huge childcare bills) we were easily able to save over £1k a month before we bought.

Regardless, as others have said speak to a mortgage lender (london and country?), I'd be surprised if you can't get a mortgage from somewhere.

DVardysShadow

yellowrock wrote: »

here here MoneyMagic01273 , I have just been shot down in flames on my own post for accusing someone for being troll like in their posting. How is it acceptable for others to comment so vidictivley on others way of life's? I should learn to expect criticism and not advice on these boards which is such a shame.

Take care not to become what you despise.

opinions4u

xland wrote: »

interesting you'll take time to post that drivel but without any substance at all that the OP can use (which is the purpose of this site).

Understanding that bigger deposit changes a mortgage applicant's risk profile in the eyes of any lender is surely something of substance that the OP can use, given that they are currently trying to buy a house.

Well done you must be very pleased with yourself. .:T

Utterly delighted.