advice on mortgages and any chance getting one

sapman17

_Andy_ wrote: »

Given the income/loan amount how would that benefit the OP?

sorry what do you mean by OP?

_Andy_

sapman17 wrote: »

sorry what do you mean by OP?

Original Poster

_Andy_

amnblog wrote: »

It's a starting point and likely to be the biggest issue to any lending.

6.66 x income - would make no difference

Thrugelmir

amnblog wrote: »

It's a starting point and likely to be the biggest issue to any lending.

Arrangements to pay in place with utility companies suggests not.

sapman17

Thrugelmir wrote: »

Arrangements to pay in place with utility companies suggests not.

yes I do
brit gas not very helpful though as at first they messed it up
anglian water have been very reasonable

manzanilla

I am not sure you understand what is being said here.

Having an arrangement to pay and your previous problem credit problems mean that you have a bad credit record. This by itself would make it very difficult to get a mortgage.

You are proposing a deposit of just a bit more than 10% - not impossible but not brilliant.

But the biggest problem is that you want to borrow 120-130k, which is WAY TOO MUCH given that you and your partner only earn about 18k a year. On that income you will find it VERY hard to borrow more than about 80k.

Why does your wife earn so little? Couldn't she get more hours?

kingstreet

Are you talking about a suspended repossession order? A big problem if it was.

Household income £18k indicates maximum mortgage £51k with two adults and one dependent, assuming no existing credit or other long-term expenditure.

Arrangement to pay markers, defaults or court judgments on credit files may be another problem.

sapman17

manzanilla wrote: »

I am not sure you understand what is being said here.

Having an arrangement to pay and your previous problem credit problems mean that you have a bad credit record. This by itself would make it very difficult to get a mortgage.

You are proposing a deposit of just a bit more than 10% - not impossible but not brilliant.

But the biggest problem is that you want to borrow 120-130k, which is WAY TOO MUCH given that you and your partner only earn about 18k a year. On that income you will find it VERY hard to borrow more than about 80k.

Why does your wife earn so little? Couldn't she get more hours?

she earns so little as only really does 12 hours a week as she has a skin problem with her hands and as she is a care assistant it make her job very hard.

sapman17

If I sell my house I am hoping to put around £15000 down and get a mortgage for around £120000-£130,000. My current mortgage has £153000 and hoping to sell for £175,000. (WHAT ARE YOU DOING WITH THE OTHER 7K FROM THE HOUSE SALE? PAYING FEES FOR MOVING ETC?)
sorry didn't see this question about 2k would go towards moving and all other
profit on the house would go on the deposit

Annisele

Is the point of all this to get a smaller, more affordable mortgage?

It sounds as though you're struggling to pay the £153k mortgage you have now. Unfortunately I don't think a £120k mortgage will be affordable either - which means you can't afford to buy the house you want.

Would you consider selling your house and moving into a rented property?

Alternatively, are there any houses in your area for around £65k? With your deposit and income you might be able to get a mortgage to buy one of those - although as kingstreet says, credit history might be a problem. (I do appreciate a house for £65k might be completely unrealistic - I live in London! - but there are still parts of the country where it's possible).