Mortgage help

missewan

Hi there

I was looking for some advice regarding my mortgage application.

I have an AIP with halifax, but from what I understand this in no way means I am guaranteed a mortgage.

Basically I was surprised to get that far, my credit is not the best. Not sure how bad it currently is my experian report is locked and I am waiting on them getting back to me to get access to it again.

I earn 15500 per year and added with various benefits and partners part time salary of 8000 per year they offered us 153,000. We only need 90000 as we only have £9000 saved for a deposit and the house we want have accepted an offer of 84000.

I just want to get idea if we are being totally stupid to even apply as about two years ago I was declined for a credit card with halifax so it would make no sense for them to give me a mortgage?

I have no recent defaults but a few nasty ones from about 2006 - 2009. One was for £412 and the other £309.

Is it worth applying?

ViolaLass

Why do you need £90k rather than £75k? (£84k - £9k)

missewan

Sorry I just put the figure of the house valuation in, I know that reads wrong.

Let_Us_See

missewan wrote: »

I earn 15500 per year and added with various benefits and partners part time salary of 8000 per year they offered us 153,000.

You must have considerable various benefits to be offered £153k with joint £23,500 basics.

Personally, I can see no reason not to continue the application.

missewan

There is DLA and a disability element on my tax credits award.

But with them declining me for a credit card is a mortgage not a bigger risk for them?

missewan

I should add aswell current debt atm is a partner has car finance with black horse, no defaults. I have an account with Very which I pay regularly

Nelly321

In your situation I would be more inclined to think about affordability, given the car finance too.

Have you thought much about the monthly payments? How do they fair?

missewan

Well the figures the advisor gave us based on the property was £481 per month which would actually leave us better off as we currently pay £700 in rent a month.

Our joint monthly income is just under £3000.

Car finance is £160 per month. My very balance is 1022 but that was for a big purchase which is paid every month

missewan

I know that we can afford the repayments, its just because I have read threads where people worry about maybe one small default when I know I have had a few in the past albeit a few years ago. That and the credit card being declined.

Nelly321

Is Halifax your bank? How long ago was the CC declined?

If your combined income is 23500 then I don't think you will have anywhere near 3000 left after tax, NI, pension...?

missewan

Yes Halifax is my bank. 23500 is our salaries but including tax credit etc yes we have just under 3000 per month.

It was 2 years ago