a couple of mortgage questions

tkwad

stuck in rental accomodation and would dearly love to be able to at last put roots down.
Trouble is with the cost of the rent we cant save as many families out there know the cost of everyday living means we literally cant save.... although a reasonably priced house would be approx 200 pcm less on a fixed rate deal just now....

so question 1/ would going bankrupt 10 years ago have any affect on a mortgage application

question 2/ are there any 100% mortgages available?

question 3/ if no 100% mortgages available how can we best raise deposit (loan etc?)

thanks in advance,

cattie

Can't answer question 1 but answer to question 2 is no and the only answer to question 3 is to save. No lender will grant you a mortgage when the deposit has been raised by a loan.

Is it possible for either of you to take on an extra job to help to save towards a deposit?

To see if you can cut your outgoings, post your income and expenditure over on the Debt Free Wannabee board for more advice on how to lower your outgoings.

DannyboyMidlands

No short cuts I'm afraid, you need to save.

tkwad

ok thanks.....as it is we are eating upinto whats in our accounts to now make ends meet due to me loosing tax credits, all other bills are minimum, so guss thats it, we will eventually loose this place too due to lack of funds, gotta love it when working makes us poor :O(

tkwad

@ cattie i cant take a job as i have a toddler and no family/friends to look after her for me, my partner works long hours as is and is also unavailable to look after baby....

DannyboyMidlands

How come you lost tax credits? Can you not increase your income to compensate? If things are tough on one income then you should both be working.

tkwad

as i said above i would be working if i didnt have a toddler.....in 15 months when she starts at school it wont be a problem, but for now it is a huge problem,,,we lost tax credits due to their overpayment, i am entitled to tax credits but as they are clawing overpayment back i only get 1.69 this year.......and no have appealed but even fact its causing financial hardship dont stop them reclaiming it back under whatever clause/ section it is..... so yes danny boy i know i should be working but unless your gonna come babysit for free after showing me a clean crb check, than thanks for your advice but it dont really help :O)

DannyboyMidlands

Fair enough, if you don't want to work now then sit tight for 15 months and start working and saving when she starts school. Where's the problem?

tkwad

no desperation dannyboy as such, but im not a spring chicken either, dont have a 25 year term left in us,,,we will get there eventually i guess, just wish it could be sooner rather than later you know?

DannyboyMidlands

I totally understand. It took me and the OH years to save our deposit but worth it in the end. I think a 100% mortgage would be insane so am kind of glad we couldn't get one.

sockpuppet

Is your little one not entitled to the 15 hours a week free nursery? I think its from age 3. Not many hours but if you could get a little job for say 10 hours while at nursery could be a little bit of help?