Will I get a mortgage?

pennypinching_2

I need to buy a bigger house with a garage for my business. I have considered selling then renting, renting then renting and I am now considering selling and buying. Selling and buying would have been my first option but I really dont think I would get my current mortgage let alone a larger one, due to change in circumstances.

These are my finances:

£6000 employed
£4000 self employed approx.- 1st yr of new business
£10800 house keeping form husband - i would get this amount from WFTC if I wasnt married
£4320 WFTC
£6000 maintenance

I have a mortgage of £88,000 and debts of approx. £35,000, both costing approx. £1,300 per month. House is worth approx. £140,000.

Can anyone tell me what would be the max mortage I would be able to have. Im thinking I wouldnt even get the £88,000 I already have.

pennypinching_2

Anyone!?!?

poppy10_2

pennypinching wrote: »

Can anyone tell me what would be the max mortage I would be able to have. Im thinking I wouldnt even get the £88,000 I already have.

Sounds about right, I'm afraid

pennypinching_2

The maintenance isnt supported by a court order but was agreed by solicitors, this didnt cause a problem with my current mortgage.

The house keeping is from my current husband. He pays this amount as this is what I was getting form WFTC before he moved in. We do not want a joint mortgage for various reasons.

I stated my business in April 07.

I think the two stumbling blocks are being newly self employed and my husbands house keeping because if I were single I would get over £15,000 WFTC whcih ML would consider as an income. Is there anyway around this?

Emmzi

A new joint mortgage, house deeds in both names, both salaries taken into consideration, is the way round it.

Whether you *want* to take that way round it, is another matter entirely.

silvercar

Emmzi wrote: »

A new joint mortgage, house deeds in both names, both salaries taken into consideration, is the way round it.

Whether you *want* to take that way round it, is another matter entirely.

I agree.

The only other way is to ditch the husband and pick up the WFTC.;)

Your caught in an odd situation, married but totally separate financing for what really is the family home, which is why it doesn't fit into standard underwriting criteria.

Either approach a mortgage broker who can guide you through the maze or approach a lender that you already have a relationship with (eg your business bank?) who can look at your situation rather than issueing a "computer says no!" response.

pennypinching_2

There are three reasons why I dont wnat a joint mortgage.

1. Having been stung before by my first marriage I am trying to protect what im mine and my childrens especially in the early years of marriage and also as my husband has come with no assets (financial of course)!

2. I want to know that I can provide for my children if the marriage fails. Im not expecting this to happen but neither did I the first time round. This is how we have come to the financial arrangment where my husband gives me the equivalent to my WFTC.

3. My husband has a poor credit rating and has he has an IVA, where as I have an excellent credit rating.

I had thought as you say silvercar "ditching the husband" but I really shouldnt have to do that and I dont think he'd be too chuffed!!!!!!

pennypinching_2

Ok as I dont fit the "norm" are there any lenders who look at individual circumstances?

silvercar

All lenders should classify every mortgage application as yes, no or refer. You need to know which one is likely to place you in the refer catagory so your situation can be examined. So I would suggest using a broker who will know his way round the system. You can always post their suggestion on here for second opinions.

PS I was only joking about ditching the husband, hence the

toonfish

can you really earn £10K and get another £15K working family tax credit?

I might as well give up my job.

PS with regard to the mortgage I think there are a few lenders that will look at it on an affordability basis

pennypinching_2

Just to clarify WFTC dont take into account my money for being self employed as its the first year and I will make a loss due to initial outlay, I also have three school age childen and expensive child care cost. Doesnt seem right but thats the system.