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Could we get a new mortgage ?
mortgagehelp1
Posts: 3 Newbie
Partner earns £76K per annum plus app 8K bonus, me - nothing but will be looking soon.
House value app 300K - after paying all debts we will be left with approx 70K (could maybe lay our hands on another 10K if desperate but rather not). The house we want to buy is a new build and £295K.
We have no defaults/ccj's but have a few late payments on the credit cards (although have always paid within a few days)
Hubby is 51 and no intensions of retiring anytime soon. We have approx £200K already in pension pots.
Would we get a mortgage ? The credit card debt is from running a loss making business which we are in the process of selling hence me no wage.
House value app 300K - after paying all debts we will be left with approx 70K (could maybe lay our hands on another 10K if desperate but rather not). The house we want to buy is a new build and £295K.
We have no defaults/ccj's but have a few late payments on the credit cards (although have always paid within a few days)
Hubby is 51 and no intensions of retiring anytime soon. We have approx £200K already in pension pots.
Would we get a mortgage ? The credit card debt is from running a loss making business which we are in the process of selling hence me no wage.
0
Comments
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Sounds like you should be ok, although not for every lender.
Suggest you either do some research or engage a broker and this should be achievable.
Good luckI 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 -
Term restrictions may apply due to his age depending on what lender you use. If you have 2 kids or more under 18 it MAY be tight. Is he employed with <25% shareholding and not a director?
Should the above not apply you'll be ok as mentioned.0 -
1 10 yr munchkin and hes fully PAYE employee
Thank you0 -
mortgagehelp1 wrote: »Hubby is 51 and no intensions of retiring anytime soon. We have approx £200K already in pension pots.
While you say not soon. Starting a large repayment mortgage at 51 will be a hefty commitment.
Suggest you weigh up your options carefully before making any decisions.
Why are you looking to expend a sizable sum moving between houses of comparable value? Why not just pay down your debts from income.
How much is the debt ? How many late payments?0 -
Schools and family
The plan was to stay here and repay debt (will have at least 2k spare each month to do this) (about 40k debt) but our Ofsted outstanding high school will be horrific and totally wrong for son (special needs but in mainstream schools) so moving is the better option0
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