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will i get mortgage ????
where2start
Posts: 171 Forumite
Just wanted to ask if i would get a mortgage my annual income is £21 500 my wife is not employed (stays at home with toddler) we currently been renting for the past 5 years and think its by time we tried to get our own house.
Do you think i would get a 100% mortgage with that salary and have no poor credit ratings ? we considering maybe buying on the shared ownership scheme where you buy a percentage of the house and pay part rent to a housing association.
Do you think i would get a 100% mortgage with that salary and have no poor credit ratings ? we considering maybe buying on the shared ownership scheme where you buy a percentage of the house and pay part rent to a housing association.
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Comments
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You should be ok depending the figures you are looking at
What share do you want to buy (percentage and mortgage amount)?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
its 30% share , and its £76 000 with £20 000 premium included in mortgage (dont really understand this premium bit) !!!0
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On those figures you should be ok with getting a mortgage
You would really need to look at some mortgage deals and see whether you would be comfortable with what a £76k mortgage looks liek on a monthly basis.
Some Shared ownership mortgages will want you to put a 5% deposit of the share you are purchasing, and a few will give a 100% mortgage on the share you are looking at.
Do you have a deposit?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Unfortunately no we dont have deposit, very hard to save !! many thanks for all you replies and information given to me greatly apprecaited.0
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No problem at all :beer:I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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
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