What's the chance of me getting a mortgage?

christmas_carole

Hello,

I am 55, in a secure job, I bring home £1006 per month and I have a house worth £185-£190k, the mortgage on that is £112k.

The equity is protected with a 'Deed of trust' as it was my money from the sale of a previous property.

It looks as though the house is going to be sold as we are on the point of splitting up, he has said he does not want anything as he brought nothing and I also gave him 16k to clear his credit cards and free up extra money in order to help him pay the mortgage, he earns £2300-£2400 (take home) monthly and we split the bills in proportion to what we earn.

I'd like to buy somewhere smaller with my equity and take on a mortgage of between £62000 and £72000, what is the chance do you think of anyone being willing to lend me that over the next 12 years?

ACG

That should be possible to do. You will need to have a play around with lenders calculators or speak to a broker to do the research for you but i would be fairly confident of being able to place this.

christmas_carole

Thank you for your help, that gives me a bit of hope and confidence to move forward.

dbramley

You'd be looking at paying out £600+ per month just on mortgage. If you're bringing in just over a grand I'm not sure if that's affordable?

kingstreet

With a gross income of £14,000 to £15,000 I expect you to be able to borrow quite a bit less than what you are requesting. For example, one major lender known for its "generosity" is suggesting £40,605 for a 12 year term for a salary of £14,500, assuming there are no other credit commitments.

christmas_carole

Do you think I could get an interest free deal in the interim? I have looked and it's £100 a month with HSBC.
I know you have to have savings in place to show you can pay off the capital at the end of the term.
I'm pretty sure I will have a lump sum of @ 60k from an inheritance by then. Does that make it any more feasable?