Looking for a New Mortgage

valleyboy123

Hi everyone, im a newbie here, but i've been reading posts for a long time,

ok, basically, I am in a rather awkward position at the moment and would appreciate if somebody could give me a little advice.

I am 4 months in arrears with my mortgage at the moment, although to be fair to them (PLATFORM) although they have a suspended possession order against me they have been very understanding, and i am in the process of paying off the arrears over the next 6 payments.

However, the house i live in was bought by myself for 106k about 28mths ago, it is now worth approximately 135k, i am now looking to sell the house and downsize (the house prices in my local area are about 75-85k)

My question is am i having a laugh in thinking that my mortgage company would consider giving me a mortgage for less than i pay now - My credit score is far from good), to further complicate matters my girlfriend would also want to be on the mortgage with me, together we earn 46,500 a year between us, and we would have about 10k deposit after the house sold.

so we earn 46,500 and would want a mortgage for approx 70-80k

where do i start guys, any help would be much appreciated

homer_j_3

the first question I would be asking you is - why cant you afford what you have now if your earnings are what they are?

I would rent for 12 months and pay all your payments on time for the this period anf then try for a mortgage..

valleyboy123

I can afford everything (note that i do live alone at the moment - so the wages are 29000 a year and not the 46500 it would be if we moved in together), its stretched but i do pay everything now, i am paying over a thousand a month on mortgage and arrears, i also have a secured loan for 200 pounds a month, that leaves me with about 580 a month to pay all my other bills, i reckon if i move now, it would pay off my secured loan, and the arrears, which would instantly save me 550 pounds extra per month, and no doubt my mortgage would be smaller too. on top of this i would be living in a location that i want to, and i would also be living with my girlfriend who would naturally pay her way. oh and if it would make any difference to the mortgage application, she has a very good credit history

davesgirl97

I would approach a mortgage broker, they would be able to find a good mortgage deal for your circumstances, look them up in the yellow pages or yell.com

JoeK_3

Sounds a pretty easy one.

Apply for a mortgage in her name, using her income only.

JoeK

valleyboy123

as simple as that sounds JoeK, I think you may be on to something, My OH has a great relationship with her bank and im fairly sure that they would throw a mortgage at her, however having looked at their website it states 4x annual salary, and works out at 70k, not quite enough by about 5k, do you think that the bank may lend her a little extra (shes never missed a payment ever on anything) the crazy thing is that I would pay a large chunk into her account every month so the payments would be no problem.

also does anybody have any advice about a bank who may stump up that little bit extra cash?

JoeK_3

valleyboy123 wrote: »

as simple as that sounds JoeK, I think you may be on to something, My OH has a great relationship with her bank and im fairly sure that they would throw a mortgage at her, however having looked at their website it states 4x annual salary, and works out at 70k, not quite enough by about 5k, do you think that the bank may lend her a little extra (shes never missed a payment ever on anything) the crazy thing is that I would pay a large chunk into her account every month so the payments would be no problem.

also does anybody have any advice about a bank who may stump up that little bit extra cash?

You need the services of a whole of market mortgage broker as there are lenders out there that will lend her more that 4 x salary.

JoeK