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Looking for mortgage advice
froslass
Posts: 32 Forumite
Hi guys, I posted in Home buying, re ting and selling but was advised to post in here instead.
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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IT is not money down the drain...renting rather than buying is better for some people...like us we paid cash for our house and the interest off the amount would of covered the rent easily.Wait until you have to do all the maintenance, it costs me a fortune for paints fencing stuff and other stuff you never think about...about to pay to get a 50ft tree cut down ect ect ect..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Sorry, I should have worded that better.
We are renting privately, a friend of my dads who is working abroad, we do all the maintenance on the house. Looking at mortgage repayments we could basically be paying less than half of what we are paying now if we owned our own house.0 -
Your rent seems pretty cheap for a two bedroom flat (well it is where I live anyway), are you sure that buying a place would be a cheaper option?0
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I live on the west coast of Scotland, and rent is very cheap in the town I live compared to in cities like Glasgow and Edinburgh.
It will definitely be cheaper to buy, as we only need to borrow 30000, and even if we paid that off at 450 a month, it's not going to take long to pay it back according to some of the calculators online.
We were hoping to pay about 300 per month.0
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