Mortgage and being young?

swanseajack91

Hi All,

Basicly im a little worried about getting a mortgage in the future im thinking about 5 years. at the moment i dont realy have a good credit rating i was very irisponsible when i was 17-18 and wracked up massive debt for my age was about 4k however finding out my girlfirend was pregnant i managed to knukle down and get rid of most of it i have 1 deafult for vodaphone £400 which has been payed in full also 2.3k to littlewoods which was in arreas for about a year since iv been paying back 80 pound a month currently have about £700 left not in areas but this still all shows on my credit history i also have a captil one card which is clean but i missed 2 payments a while ago. my main concern however is my job im working in a fastfood place where i get a good wage amazing flexable hours and im a manager/chef at 20 i plan to stay here for the next 7-8 years at least before opening my own shop main problem is that i get diffrent pay every week due to diffrent hours some weeks 200 other weeks can be 400 also its not paid directly into my bank its cash in hand ( completly on the book i get payslips) also like to add we are living at my girlfiriends parents massive house (rent free) to save and not waste money on rent bills ext i could easily save about 5k a year what sort of deposit should i expect to be saving towards? any advise on getting a mortgage or any advise in genral would be great
thanks for reading !

ACG

Without knowing how old the defaults are, i would say a 15-20% deposit is what you should be aiming for.
£400 default is quite a big default, genenrally speaking anything around £100-150 can be waived but above that it a bit of an issue.

Most lenders will go off what your annual wage is, so if you have P60s that will help - especially if your pay slips vary massively.

Poppy9

Also depends what area of Swansea you want to live in. You can buy a house from £50k to almost a million!

Is your g/f working? If she is earning a decent salary you always have the option of getting a mortgage just based on her salary if he credit history is clear.

ACG

Sorry, thats something i should have asked.

If your gf is working then yes you can have a look at her income and whether or not it would support a mortgage on her own, but if not its not impossible for you to get a mortgage on your own.

swanseajack91

Poppy9 wrote: »

Also depends what area of Swansea you want to live in. You can buy a house from £50k to almost a million!

Is your g/f working? If she is earning a decent salary you always have the option of getting a mortgage just based on her salary if he credit history is clear.

the expensive part im affraid lol .. we dont realt want to leave this area i dont know if you know swansea but its the mumbles / westcross area we been looking at houses around 150k price range


Yeh i was an idoit... however i did pay it in full and says settled on my credit file they will be about 3-5 years old when i try for a morgatge um well she is in her final year of college now so only benifits at the moment and they are very minimal due to parents income ect id hope she will be part time working bye the time we apply lol thanks

Poppy9

Okay you will not find any sort of liveable property in Mumbles for £150k, a holiday chalet is the best you can hope for!!

West Cross £150k will buy you an ex LA house but these don't tend to increase much in value so if you are looking for investment and moving up property ladder in this area the profit has already been made on these houses.

Your earnings are not great for a £100k plus mortgage either. £200 a week or £800 a month if you have 4 lower weeks on the trot and without your g/f working and a young child you will struggle. When taking on such a big commitment such as a mortgage you need to see if it's affordable on bad weeks if you income varies regularly.