Mortgage Help.

Bert20123

Hi,

I'm sure there any many in the same situation as me but I am just growing increasingly frustrated. I have done lots of research on this matter but just wondered if I may have missed something or whether anyone else has any advice.

We currently rent paying £1200 a month, have a deposit of £40,000, and believe we would need a mortgage of £200,000 to be able to get on the housing market in the area we rent. On looking about I saw that Nationwide had a mortgage at 3.98% on a £200k mortgage with a repayment of £998 a month. I went in to see Nationwide about this and was dismissed straight away due to my annual wage not being anywhere close to what was needed for a £200k mortgage.

This is true on my wage which is 18k a year, but the contract I am on has some great perks meaning that I take home roughly between £1500 and £1700 a month (this can be proved). This along with private work which generates roughly anything between £200 and £400 a month.

Our situation will only get better as I gain more qualifications, which I am currently going through and when my partner starts back at work to.

I have no doubt that we could afford the repayments as we have been proving with our rent, but finding anyone to lend is proving impossible.

I think I know the answer but is there anyway around this?

Many Thanks,

Bert

ACG

What are the great perks?
Also when you say private work... is this cash in hand or declared? If declared how many months worth of payslips or SA302s/Accounts do you have?

R_P_W

Well no bank is going to lend you eleven times your income!

Ways round this are to earn about 50k a year or only borrow about 80k.

Bert20123

The private work is cash in hand.

My work includes a company car which is inclusive of everything, not only work but private use as well and costs me £60 a month. This includes fuel too. For me this a massive perk

ACG

You cant have your cake and eat it. You either have to declare and pay tax on your income or you cant use it for mortgage purposes.

A car isnt worth £20-30k a year.

To sum it up, you have no chance of getting what you want until you have been declaring your income. £80-90k is the maximum your going to be looking at.

R_P_W

Bert20123 wrote: »

The private work is cash in hand.

My work includes a company car which is inclusive of everything, not only work but private use as well and costs me £60 a month. This includes fuel too. For me this a massive perk

Declared income? Or just regular tax evasion?

Bert20123

That's all I needed to know, does seem daft rent can be achieved at £1200 but a mortgage is well out of my league.

Time to apply for a council house until I can achieve what I need, as it proves private renting is dead wood.

Cheers for the advice all.

[Deleted User]

Private renting is not dead wood - it is providing a roof over your head!