Mortgage accepted 05/12 - trying to complete 14/12

YoungBusinessman
YoungBusinessman Posts: 1,239 Forumite
in Mortgages & endowments
As per title...obviously away to see a broker but which lender is most likely to take this on? Not looking to get flamed/told to pay off debt first, that is not the concern of this thread..

adivce please on getting a mortgage with outstanding loans...
:eek:Living frugally at 24 :beer:
Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
«13456789

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    YoungBusinessman wrote: »
    adivce please on getting a mortgage with outstanding loans...

    Extremely unlikely. As you have a negative net worth.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Nobody can give you an accurate answer to the question.

    Speak to a broker and give full details of your circumstances to see if it is possible.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • YoungBusinessman
    YoungBusinessman Posts: 1,239 Forumite
    Not having a positive net worth has nothing to do with getting a mortgage. Sure it would help but its hardly the deciding factor now is it....

    Broker meeting is set up...wonder how the gf will take it when she sees it all written down!
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    YoungBusinessman wrote: »
    Not having a positive net worth has nothing to do with getting a mortgage. Sure it would help but its hardly the deciding factor now is it....

    Depends on the lenders criteria for the product applied for. Negative net worth means the deposit is effectively borrowed. Which significantly increases the risk (statistically not on an individual applicants basis).
  • YoungBusinessman
    YoungBusinessman Posts: 1,239 Forumite
    Well the last debt was taken on back in April, bank statements will show the deposit being saved since then. I get what you mean though. It will be pretty crap if I don't get accepted because of this as got £25k debt plus my half the mortgage I will be owe £75k. Not that bad on a salary of £52k. Could clear all that in a few Years of frugal living....
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • shop-to-drop
    shop-to-drop Posts: 4,340 Forumite
    So £52K isn't the total income for the mortgage. What's your GF's income?
    :j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)
  • Leon_W
    Leon_W Posts: 1,813 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The debt may not be a problem to you but it certainly will be for any lender. They, quite simply, have to be seen to be lending responsibly and in your case I feel it is pretty hard to justify. Say you lose your job tomorrow, what then ? £25k unsecured is not going to be cheap to keep on top of.

    At this point in time lenders have more applications than funds available and can afford to be choosey.
  • YoungBusinessman
    YoungBusinessman Posts: 1,239 Forumite
    Gf went self employed in April she is making around £2k gross a month so £24k a year. Didn't think we would be able to use her income aswel as she only has 6 months of accounts available. If we are able to include her income it is £76k income £25k debts and £100k mortgage. Income will be more than £4k net a month, mortgage and loan repayments would be £1500 of this. £2500 a month to pay fuel insurance council tax electric up keep of flat etc. very do able.
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • YoungBusinessman
    YoungBusinessman Posts: 1,239 Forumite
    Well application is in, offer is accepted on property so waiting reply on mortgage then hopefully all systems go!
    :eek:Living frugally at 24 :beer:
    Increase net worth £30k in 2016 : http://forums.moneysavingexpert.com/showthread.php?p=69797771#post69797771
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Where did you apply in the end?

    Fingers crossed for you
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.6K Banking & Borrowing
  • 252.5K Reduce Debt & Boost Income
  • 452.9K Spending & Discounts
  • 242.5K Work, Benefits & Business
  • 619.2K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture