Another 'would we get a mortgage' post

ACG

So you have 2 years accounts self employed and your partner is employed - the seasonal work is extra!

Seasonal work wont get taken into account - but you do not need it. Your incomes will support this with most lenders. If you get a decent broker onto this there is no reason why you can not get this property - based on what you have said.

ACG

Thrugel, i bought my house for about £40k below its true value - all because it needed GCH installing a rewire and cosmetics (It was owed by a 92 year old man) - it still had original 70s wallpaper and carpet which im convinced i could have flogged on ebay!

So its possible the property has no structural issues and still be an absolute bargain, although the survey will pick up on this.

lexilex

Thanks for all the advice everyone. To be honest the phone call with L&C has only really confirmed what I already knew - I need a permanent job. Chances of that in the city are next to none though, might as well blow all the savings on tonights lottery, probably got more chance of winning that.

ACG wrote: »

So you have 2 years accounts self employed and your partner is employed - the seasonal work is extra!

Seasonal work wont get taken into account - but you do not need it. Your incomes will support this with most lenders. If you get a decent broker onto this there is no reason why you can not get this property - based on what you have said.

My earnings were only 7k inc the seasonal work

ACG wrote: »

Thrugel, i bought my house for about £40k below its true value - all because it needed GCH installing a rewire and cosmetics (It was owed by a 92 year old man) - it still had original 70s wallpaper and carpet which im convinced i could have flogged on ebay!

So its possible the property has no structural issues and still be an absolute bargain, although the survey will pick up on this.

The house needs double glazing throughout and central heating. That's without even looking inside. We were going to arrange a viewing based on what we found out mortgage wise, but there's no point wasting anyones time now.

ACG

How much was your income without the seasonal wage?
Do you receive any sort of tax credits?

Dave_Ham

I would not be giving up just yet, on the back of one person telling you no and your opinion that this will be tough.

I think there is enough to go at for sure...

witchy1066

I don't thing your employment issue is going to be the main problem but others would have a better idea on this one ,
I know lender are not bothered about double glazing and central heating but.....

if the house needs a rewire and damp proof, and maybe reroofing, would the buyer not need to have those jobs done before lenders will release all the funds , usually giving you a timescale of around 3 months?

manzanilla

we've still had a decent lifestyle, which we could easily cutback on if need be

well there I am afriad is part of your answer. Cut back and save more - clear that car finance!

And get a full time real job - 7k a year for a graduate isn't a job, it's a hobby - sorry I know this sounds tough, but if you two know what you want - a house - than you have to plan to make that happen, even if it means a difficult couple of years doing a job you don't like.

What was your degree in? What sort of job would you like? Are there any qualifications you could get that would help you?

kingstreet

Are there likely to be structural repairs or improvements needed?

For example, if the property needs;-

a rewire
damp course
timber treatment
roof repair or replacement
wall-ties replacement

or similar, the surveyor may suggest to the lender that a retention be held. This means that a portion of your mortgage money is held back until such repairs are carried out.

If your lender's surveyor suggests a £10k retention, that means you would have to come up with an extra £10k deposit to buy the property, then the £10k retention will be released to pay the contractors once the repairs can be evidenced. Often, the actual retention held is equal to the cost of the repairs the surveyor considers essential.

Don't be blinded by one issue, when another may be waiting to kick you in the !!!! later on...!

neverdespairgirl

Thrugelmir wrote: »

A £50k differential suggests that there's some work to be done. Get a viewing and see for yourselves. Rather than guess it needs a lick of paint and some new carpets. Property can eat money.

It might very well be the sort of work that doesn't involve re-roofing, or anything urgent, though.

We bought our flat for £200k under market value because it needed quite a lot doing, but nothing structural. It needed re-plastering throughout, decorating, new floors throughout, new bathrooms, new kitchen, and all windows stripping and re-painting (on the inside).

You could have lived in it, though. It was dated and cheaply done, not about to fall down. We spent £70k, including furniture.

Thrugelmir

neverdespairgirl wrote: »

It might very well be the sort of work that doesn't involve re-roofing, or anything urgent, though.

Hence why I did suggest viewing. Plenty of people are in the market for properties that can be bought cheaply, spruced up then sold at a higher price. With a clear margin of profit. £50k discount on a property potentially worth £140k simply sounds too good to be true.