low income

tomambros

hello everyone !

I need help

My and my partner would like take a mortgage about £166.000
Our income is :

£18 000
£13 000

Any chance for mortgage? Any advise? please Where should I apply?
Thank you

herbiesjp

Is that a 100% mortgage?

Id not, what is the purchase price and deposit you have available?

Do you have any other debts in the background i.e loans or cards?

Do you have a clean credit history?

tomambros

price of the house is 175000
so deposid is about 8000

95% mortgage i haven't got any debs and my history is ok

herbiesjp

There may be a few lenders that will go to the income multiples that you are looking for.

It will however depend on all your current circumstances, and what kind of score you get on their internal scoring systems

Are you sure that a mortgage of that amount will be affordable to you not only now, but also if rates increase in the future?

Best bet is to talk to a whole of market adviser and let them comes back with options, so that way at least you will get an idea as to the monthly cost and what impact it will have on your household budget

tomambros

yes but can you recoment any for me and i could check on internet?

herbiesjp

Sorry - it is against board rules for advisers to recommend on the open board

densol_2

I am not an advisor so I can give you a few names - when I waas seeking to buy my partner out of our property I needed some hefty multipliers. Have a look at Northern Rock and Cheltenham and Gloucester - but be aware that the multipliers shown on websites differ to those offered by Morgage Advisors who can normaly get better offers.

Although I would say doing a quick calculation you seem to want to borrow 5.5 times your joint salary - that really is rather high - have you worked out what the payments would be on that ?

The bigger the deposit the more generous mortgage companies may be with multipilers. As you are near maxing out on mortgage there is very little scope for the mortgage company should you not pay and houses just don't increase like they did previously and they are less likely to take a risk than someone borrowing say 50% loan to value.

Do a few sums - have a read of the debt free wannabe board and then decide if it really is worth it. Are you wages likely to increase dramatically in next two years? then maybe go for it - BUT are you likely to be having babies in near future ? - something to factor in.

All the best