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Looking for mortgage advice
froslass
Posts: 32 Forumite
Hi Guys,
My partner and I are looking at buying our first home together.
We currently rent a 2 bed flat at 450 per month, which is money down the drain as far as we are concerned.
Between us we have 10K-15k for a deposit and we would require to borrow £30,000 or £35,000.
My partner has 2 jobs. One job he earns £6000 a year, and the other he earns about £3500 a year. We also get roughly £6720 a year in tax credits and child benefit.
Both of us are students and we also get student bursary and loan, which I'm certain don't count towards income so we'll ignore that.
What I'm unsure of is:
- Are there and lenders who will lend to people with 2 part time jobs (both held for over 3 years) and who also are at university?
- Are there lenders who will take tax credits into account as income (or better still, student bursaries?)
- The mortgage will be based solely on my partners income as I'm currently paying off debt - he has a squeaky clean credit rating with no outstanding debt ( apart from a £600 overdraft which we use form time to time) is he likely to be rejected.
Apologies in advance, we have no idea where to start looking, and the flat we are going for is really a bargain in the area we live in.
Any help would be much appreciated!
My partner and I are looking at buying our first home together.
We currently rent a 2 bed flat at 450 per month, which is money down the drain as far as we are concerned.
Between us we have 10K-15k for a deposit and we would require to borrow £30,000 or £35,000.
My partner has 2 jobs. One job he earns £6000 a year, and the other he earns about £3500 a year. We also get roughly £6720 a year in tax credits and child benefit.
Both of us are students and we also get student bursary and loan, which I'm certain don't count towards income so we'll ignore that.
What I'm unsure of is:
- Are there and lenders who will lend to people with 2 part time jobs (both held for over 3 years) and who also are at university?
- Are there lenders who will take tax credits into account as income (or better still, student bursaries?)
- The mortgage will be based solely on my partners income as I'm currently paying off debt - he has a squeaky clean credit rating with no outstanding debt ( apart from a £600 overdraft which we use form time to time) is he likely to be rejected.
Apologies in advance, we have no idea where to start looking, and the flat we are going for is really a bargain in the area we live in.
Any help would be much appreciated!
0
Comments
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Bump
Can anyone help?0 -
I would wait till you both get full time jobs and save that deposit bigger.
What sort of price level of housing are you looking at?
While house prices are falling renting isn't dead money as the landlord takes the equity hit instead of you.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0 -
the flat is £45000 - its in an area that is about to have a massive amount of money injected into it for a regeneration project.
The town i live in has cruise ships regularly docking, the flat being round the corner from the port where the ships dock.
If we could get it it would be great!0 -
I believe that many lenders have minimum lending amounts and minimum salaries that they want to see.
Probably best if you post on the Mortgages & Endowments board with your question - say that you posted here first and were directed over there (so you don't get told off for multiple postings).
There are a lot of mortgage advisors over there who don't always get over here.0 -
Thanks I'll try over on there
I wasn't sure if it was for existing mortgages that section!0 -
While house prices are falling renting isn't dead money as the landlord takes the equity hit instead of you.
But house prices aren't falling brit. On the Debate House Prices board, you are currently claiming that house prices will fall 50% from their 2008 peak by this Saturday.
Can you please stop peddling this nonsense?
It's getting tedious seeing you make a fool of your self so often0
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