Please help! I think I have no chance in getting a mortgage...

Enterprise_1701C

Just one thing, do not let your partner know where you have the £70,000. Someone desperate enough to take out payday loans would soon find a way to get hold of money if they know where it is!

Lottie120

Tigsteroonie wrote: »

Because in your OP you say:



It is only later in the thread that you clarify that you mean a £250,000 house with £180,000 mortgage.

Apologies. I did mention at the start that I had a £70000 deposit though and so I won't need £250000, I'll only need £180000..

cte1111

I don't think my post was unpleasant in any way. I was trying to help you get some perspective and making a very mild suggestion.

In what way do you feel I have broken the "be nice to newbies" guidelines?

Tigsteroonie

Lottie120 wrote: »

Apologies. I did mention at the start that I had a £70000 deposit though and so I won't need £250000, I'll only need £180000..

Yeah, but initially I thought you meant you wanted a £320,000 house and I was thinking "Good going!"

Lottie120

I obviously wouldn't be taking out a mortgage with my partner if we havent worked things out. I was simply asking for advice on what my situation could be with these defaults. If I don't ask now I guess I will never know, best to know now so that I am well informed when it comes to making the decision.

Lottie120

Tigsteroonie wrote: »

Yeah, but initially I thought you meant you wanted a £320,000 house and I was thinking "Good going!"

Hahaha oops! So what do you think about my situation, do I stand a chance with a good desposit 2-3 years from now?

cte1111

None of us can tell you exactly what the mortgage criteria will be for lenders in 3 years time. What decision are you hoping to make? If you are relying on the Help to Buy scheme, then this may not be around in a couple of years time, particularly if the government changes in the meantime.

Lottie120

I mean by making the decision of when I come to select my mortgage from a lender. I don't think I will need the Help to Buy scheme as I have a huge deposit. I just wondered if lenders would lend to us 3 years after a default if we have a good deposit. Just trying to make the best of my current situation and plan ahead as hard as it seems.

amnblog

We cannot say what the market will look like in the future. If these problems had occurred coming into 2011 I would expect you could find an option today.

That would probably not be with the help to buy equity loan scheme but on a standard purchase.

Daneeeks

I think £180k with a £45k joint income is quite a stretch! We are applying for that amount with £77k joint income...