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What do we do now?
TrueBlueAngel
Posts: 63 Forumite
We found a house we love at £170,000 and saw the estate agent's mortgage advisor. But because we have a car on HP with Welcome, this is affected our chances of getting the mortgage amount we need. We've tried but we cant give the car back and we have still another 3 years to pay on it. The amount of mortgage offered to us would not even buy a flat, never mind a family home (which we need). We desperately need a 100% mortgage and we're not in a position to save (well, it would take us a few years to get the kind of deposit needed). Is this it for us or is there someone out there who can help us?
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Would you be able to sell the car are realise amount to repay ?
Could you live without a car ?
even without the car could get enough for the house
Could you afford a mortgage anyway
You say the loan is stopping you getting a mortgage , but you don't say the joint repayments would stop you buying if someone would lend you the money ... would you manage
If need 100% I assume little in savings .... would mortgage be cheaper than current (rent) arrangements- if not how will you make the difference.
Home ownership has many benefits, but its not the be all and end all.
Sometimes you have to make sacifices , when we first purchased we saved like mad, stopped going out , had a wedding on the cheap and drove around in an old bangerAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
We asked Welcome if we could return the car, but the short answer was no! Because the amount we pay on the car is deducted from our annual income, thats whats stopping us getting the amount of mortgage we need. The mortgage advisor told us would have got the £170000 mortgage if it wasnt for the car. We want to get rid of the car but Welcome wont allow that.0
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can you not sell your car privatly and then pay the money owed to Welcome?0
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The loan is worth more than the car (theres a surprise!). We had already thought of that. They wont make it easy for us. We either continue with the payments or we pay off half of what is still left to pay. If we had that kind of money, we would be using it as a deposit on a house
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have you considered a shared ownership property?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Yes, we have applied for that though there is very little in the area. But it is worth a try.0
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