We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Big Deposit, Bad credit
Comments
-
Are the parents willing to put cash in to the deal or just act as guarantors?I am a Mortgage AdviserYou 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.0
-
They might do. Would it make a difference if they did ? How much would they have to put it for our chances to increase ?0
-
Depends upon their situation and the mortgage lender.
With only one income at £30k, the types of lenders you may be dealing with may only like 3.5-4 times this salary...
Honestly get the reports and see a decent broker with parents there.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 -
The more the better, as obvious as it sounds.
Do you have any funds of your own for a deposit?I am a Mortgage AdviserYou 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.0 -
no we have no savings0
-
Personally, I think you need a kick up the backside and a jolt of reality.0
-
cornsihblue wrote: »I don't understand. Why cant we get a bad credit mortgage even though those mortgages are designed for people with bad credit ?
Bad credit can arise for any number of reasons. Where lenders draw the line is between misfortune, or have amended their behaviour, and those that show little to no comprehension of how to manage their monetary affairs.0 -
Let_Us_See wrote: »Personally, I think you need a kick up the backside and a jolt of reality.
I am pretty sure this forum is meant for helpful advice not to serve judgement on others.0 -
surfchick106 wrote: »I am pretty sure this forum is meant for helpful advice not to serve judgement on others.
The word judgement(al) normally crops up. When people don't like what's being said to them. When posting on an open forum. You have to accept that some post more bluntly than others. Not to be rude. Merely to make a point. Many people do have there own light bulb moment when what's being said finally clicks.0 -
UPDATE
We have now arranged to meet an advisor with ourselves and my partners parents.
Quick question. What if my partners parents gave us the 80k "as a gift." Then took the 100k, and instead of keeping it in the guarantor account, invested it in the house, so we would then have a deposit of 180k for a house worth 240k. Would our chances increase with such a large deposit ? We could then pay her parents over time and their 100k would be safe in the house.
Regards0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards