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Will we be able to get a mortgage?
slscarborough
Posts: 851 Forumite
We are considering buying our council house under the right to buy scheme.
I estimate our house would be valued at around 150000 and we should be entitled to 47% discount. So we would need to borrow around 80000.
I earn 23500 pa plus around 2000 in bonuses although these are not guaranteed.
OH earns approx 5000.
We received around 1700 in child benefit and 1500 in maintenance.
We have around 8000 in debts but have never missed any payments and have no defaults etc.
We have no idea where to start?
Any advice welcome.
I estimate our house would be valued at around 150000 and we should be entitled to 47% discount. So we would need to borrow around 80000.
I earn 23500 pa plus around 2000 in bonuses although these are not guaranteed.
OH earns approx 5000.
We received around 1700 in child benefit and 1500 in maintenance.
We have around 8000 in debts but have never missed any payments and have no defaults etc.
We have no idea where to start?
Any advice welcome.
0
Comments
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Should be fine, but will depend upon how your debts are structured.
What is the monthly commitment on these debts?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£2700 on an interest free credit card paying £60.00 a month
£1800 on another credit card paying £50.00 a month
£3000 left on a loan paying £336.00 a month
Thank you for your help!0 -
slscarborough wrote: »£3000 left on a loan paying £336.00 a month
:eek: :eek:
Hope you got that figure wrong or is it only for 12 months ?0 -
Even though the loan is a hefty monthly commitment, this should still fit depending upon ages.
The reason I put that is that given almost all mortgages are now repayment, if you are 50+ the term will make it less affordable.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you ever go overdrawn on your bank account(s) ?"You were only supposed to blow the bl**dy doors off!!"0
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maninthestreet wrote: »Do you ever go overdrawn on your bank account(s) ?
Do have an overdraft which we occassionally use but not by much.0 -
You will be fine - all the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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