Mortgage declined, help!

samtoby

Conrad wrote: »

Sounds like me and most of my mates when we first bought houses. Guess what, none of lost our home, shock horror, we actually managed and that was with far far higher rates (my first rate was 9.1%).

Lets always keep in mind that more than 99% of owners never get repossessed.

You guys are so short sighted. Only yesterday I had a new client that when times where tough, they fostered kids at £600 per week per child (in the South East).

People mainly do survive you know!

If you had 130k to lend would you lend it in these circumstances? If you had the choice out of a handful one being who pays everything on time and has the same credit limits as the above?

paulmapp8306

Into context - Im applying for a 390k mortgage on a £112k house - so 80% LTV. I earn £38k flat, with currently £300/month allowances - and my wife currently earns £6k/year 9though when we move she will need to find a new job).

OK - I have 2 kids that you dont have, but no other outgoings (no OD, no credit) and im concerned I may bot be able to afford the mortgage should rates go up (and Im used to budgeting). Im sure well be fine after running the figures LOTS of times - and with other people as well - BUT on less money than me, with no history of budgeting i think you need to go over your figures again.

do a statement of affairs - post it in the "debt free wannabes" section - or here, and people can advise if it stacks up. If you can afford it after doing that - pay off your credit card and overdraft and re-apply with a more lenient lender.