FTB advise please

Beckxy747

Hi everyone.

My husband and I wish to get a mortgage, i know very little about mortgage's except for what I read onthe net.

His earnings - 12k
My earnings - 9k

We both have 2 defaults on our credit report too..

Do you think we would be able to get a mortgage? A affordability calculator online says we can get a mortgage for 63k, but property prices in Bournemouth start at at least 100k for a studio appartment..

I'm confused, that'll mean we'll never get our foot on that ladder!? Yet my mate who's in 50k debt just got a mortgage??

Is the system really that screwed up? or have i missed something?

Thanks in advance to anyone that can help

herbiesjp

Hi Beckwy747

Welcome to the board

How long ago were the defaults and what were they for?

Do you have any other debts?

Based on your incomes, you are looking at just under 5 times your joint income.

I wouldn't say the system is "screwed up" it's just that everyone's situation is different, and when you friend manages to get a mortgage it makes it all the more annoying if you can't.

But remember that there are limits on what lenders will lend for a good reason

If you can give a little more information we may be able to help

ashli_2

Becky, try the borrowing calculator at Alliance and Leicester. We have just applied for a mortgage at nearly 4.9 times our income there, also not being in a position to buy anything bigger than a shoe box for less than 100k.

Beckxy747

Thanks for the replies!

I'm gonna pop into Alliance and Leicester today, just run though there calculator and they've come up with 97,000, well at least that'll buy one room! lol

The defaults we've got are all defaults on Loan repayments, i am hoping to get one removed (taking capital one to court regarding excessive charges) Most of them where in 2003/4. 1 of these loans have been paid off.

MortgageMamma

Hi Becky

You would be better talking to a mortgage broker about this, its important not to overstretch yourselves. I think taking a 100k mortgage on your salaries is a big stretch on affordability, have you worked out what the monthy payments would be?

herbiesjp

Hi Becky

I would just make sure your credit file is all OK before going applying directly to lenders - check with them first if they will be ok with your credit history

HTH