FTB_mortgage advise

sandysoomu

Hello Everyone,

Recently our offer has been accepted on one bed room flat where we are renting privately since last 3 years so before starting the mortgage process thought to ask for this forum's advice.

This flat is one 3rd floor on 8 story building. The trouble is this is ex-council building so I guess there wont be many banks willing to approve mortgage on this. I went to 2-3 local mortgage advisor but they all asking for fees beforehand.

Flat value : £120000
Cash in Bank : £43000

my salary : £60,000 ( working since last 5 years)

debt : £5800 ( never missed any payment or defaulted) And my wife has around £13000 debt but again never missed any payment and both have clean credit history.

I would like to take mortgage on my name only.

Could someone please guide us as we dont have much idea about mortgage.

any idea about banks which offers mortgage on ex-council medium rise buildings.


many thanks,
Sandy

Dave_Ham

Hi Sandy,

It depends on the specific area you are looking at and the specific ex-council places.

Typically Woolwich and Halifax are more flexible on these, but it honestly depends..

Good luck

sandysoomu

To be more specific the flat is in East London. Post code E6 2JH

Dave_Ham

I have got a mortgage on this Estate previously (was about 12 months ago)

Lenders are unlikely to definitively commit to this though, most will say subject to valuers comments. I had this last time, but was accepted.

Hope this helps

Wh05apk

[QUOTE=sandysoomu;54088165

I would like to take mortgage on my name only.
[/QUOTE]

I take it you don't see the marriage lasting then?

Why do you want just in your name, should always be in joint where possible.

harvey115

Wh05apk wrote: »

I take it you don't see the marriage lasting then?

Why do you want just in your name, should always be in joint where possible.

I do not agree with this. I think the joint names mortgage makes it more complicated usually rather then making the process easier. If one person is able to get a mortgage then one should be party to the mortgage.

As for the name on the deeds, once the mortgage is paid this can be done without issues.

sandysoomu

Wh05apk wrote: »

I take it you don't see the marriage lasting then?

Why do you want just in your name, should always be in joint where possible.

Well my wife works as Contractor and her income is not fixed. One year she earn more then 70k but next year less then 30k. So don't want to mess up application as my sole salary should be sufficient as we need just 96k on 60k salary.

regarding lasting marriage, only death will separate us.

Wh05apk

sandysoomu wrote: »

Well my wife works as Contractor and her income is not fixed. One year she earn more then 70k but next year less then 30k. So don't want to mess up application as my sole salary should be sufficient as we need just 96k on 60k salary.

regarding lasting marriage, only death will separate us.

Then do it in joint names, if your income is sufficient then hers will not need to be taken into account.

Also as you have a very healthy deposit, I am guessing that some of that has come from her income? if so that would complicate things, most lenders/olictors would not accept it.

shortchanged_2

OP, why don't you pay off some of your debts with some of your savings?

You seem to be earning a good wage and are obviously able to save so I would clear my debts because I would imagine you are paying a fair bit of interest on them, unless they are on interest free CC's of course.

sandysoomu

shortchanged wrote: »

OP, why don't you pay off some of your debts with some of your savings?

You seem to be earning a good wage and are obviously able to save so I would clear my debts because I would imagine you are paying a fair bit of interest on them, unless they are on interest free CC's of course.

Your guess is right. We have been planning for this mortgage since couple of years so manoeuvred few credit cards on balance transfer to build our credit history.

So I should approach to Halifax and Woolwich now for mortgage. Thanks everyone for your suggestions so far.

Dave_Ham

sandysoomu wrote: »

Your guess is right. We have been planning for this mortgage since couple of years so manoeuvred few credit cards on balance transfer to build our credit history.

So I should approach to Halifax and Woolwich now for mortgage. Thanks everyone for your suggestions so far.

Slow up - I think you could speak with them as they are flexible. Given your circumstances I would approach a broker and let them manage the case and give you advice. Unfortunately side fact is that typically brokers will charge a fee for this, but if you save more than you would pay the fee for, surely a good compromise..