So hardHello,

jimmy_teabags

Hello,

our land lady is selling her house that we are currently renting, she has had an estate agent round and was told she could get £125,000 for the house.

we would like to buy the house. we got an mortgage adviser and put in a offer for £120,000 this morning.

we have the 5% depoist, but now he is saying that there is no mortgages aviliable to us as nationwide has pulled out and only does new builds on 5% depoiost.

We are at al loss of what to do, he said its to do with our wages.
im on 21,500 wife is on 5,000 as she is part time due to child care.

anyone know someone or something we can do?

gazfocus

As a general rule you can usually get a maximum of 4 x your salery. Do you have any outstanding debts, etc?

Dave_Ham

There are still providers around offering 95% LTV mortgages, although I fear your income may be a sticking point - or certainly very close...

Typically these are through Building Societies who are less transparent with their criteria and take longer to achieve anything..

Do you have any unsecured credit (or this may throw it out straight away) and your credit score would need to be tip top...

jimmy_teabags

we have got

around £2,500 on a car loan
£4000 in total on credit cards between us both.

gazfocus

jimmy_teabags wrote: »

we have got

around £2,500 on a car loan
£4000 in total on credit cards between us both.

How much is the car loan each month?

The_J

This won't be possible.

Dave_Ham

Then unfortunately I fear you have no hope of a 95% mortgage...

I would love to be more optimistic. At 90% and a mainstream lender it would be tight, at 95% honestly no chance.

Good luck though..

jimmy_teabags

:beer:

gazfocus wrote: »

How much is the car loan each month?

118

DannyboyMidlands

I understand that moving house will be a pain but why not chill out, slow down, move into the absolute cheapest rental property you can find (or with family if possible), pay off your debts, save the required deposit plus an emergency fund and then buy somewhere at your leisure?

kingstreet

1 = £21,500. 2 = £5,000.

£118pm loan plus £4k credit card balance.

1 dependent child.

I've just run this through the Halifax affordability calculator and an "A" pass comes up with a maximum of £77,645 and that's using a 35 year term.

With no credit commitments, that goes up to £117k.

You need to get rid of the loan and the cards and save a 10% deposit to make this a possibility.

jimmy_teabags

thanks for all your help people

if we go renting again, we cant save that much, living with my wifes parents is a choice, but it will be hard.

Getting quite depressed about this,