a crazy little thing called love...

stewby

Okay... so here we go. I have been in various different sections of this forum and decided I wanted to get my debt sorted.

Until my dream house came on the market. But I don't know if I can afford it and it is killing me as this house is my dream house, it makes me smile when I think about it.

Anyways... I don't know if I can afford it and the problem is that our situation is difficult as although my cash flow has been poor, it is now improved again and will continue to improve.

The house is £255,000 but will need some work done to it. (wood boring insects and a damp course are mentioned in the home report). Oh, we live in Scotland by the way cause I know rules are different from England.

We have a house which should sell for about £139,000 (judging by the price of a house close to mine which is the same size, number of rooms, etc). Our mortgage is £60,000.

Here comes the difficult bit. Recently, due to stress, I reduced my hours but I have now moved jobs and back up to full time. This gives me a salary of £27,000.
My OH has just finished his training and is hopefully going to have a job soon. (so currently has no income).

Does anybody think I have any chance at all of getting a mortgage for this house?? (my debts are not massive, I have a £12,000 loan which I can't do anything with and £3,000 on a credit card).

I would be very grateful for any advice, even if it is just to tell me that I am crazy and shouldn't even attempt it.
:embarasse

ch3101

So you need to raise about 170k mortgage on a 27k salary with 15k of debt? I doubt it unfortunately

stewby

That's kinda what I figured but I was hoping people might have known a way I could do it. Just because I don't know the mortgage system that well as my dad has always sorted out my mortgage. (He was my guarantor as I was only 17).


Thanks very much for replying ch3101.

kingstreet

Use a calculator like this one;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

and see the output you get based on the information about you.

R_P_W

I think 15k of card and loan debt is massive on a 27k salary! Sorry.

You won't get this mortgage. Even if you could, how are you going to afford the repayments, fees, stamp duty, running costs, doing the improvement works and servicing your debt all at the same time? I think the answer is you can't.

dimbo61

Your OH needs to get a good job and be working for 6/12 months.
What you can do is pay down debts, Credit card and build up savings
Dream home can wait a year or two

Eve1975

We have just gone through the mortgage process with Nationwide. With a joint salary of nearly £30K the max they wanted to lend us was £128K and that was with a big deposit. All down to affordability at the end of the day.

As someone has said do not forget other things i.e stamp duty etc. It has cost approx £7500 on top to sell and buy another property for us.

stewby

Sadly, our dream house has now gone under offer so it is no longer possible for us to try and get it. (not that it was ever possible before).


Thank you to everyone who offered me advice. The logical part of my brain was telling me that I was crazy and it wasn't possible but my heart just kept saying "how can you be so sure without even trying". I don't know if it is just me and I am a bit crazy.


Thanks again for all the help.
hugs.