are we likely to get a mortgage

pukkamum

We have just received our valuation for our right to buy purchase, it is 70K with us having to pay 41K.
I deally we would like to borrow another 15K on top to put on a conservatory and a couple of other improvements.
My husband earns 29K, i don't work but receive £360 per month child tax credits and £190 child benefit.
Looking at our credit reports husbands is excellent on one and good on another mine is fair on one and good on the other.
I have one late payment marker back in 2013 and 2 from 2012, neither were defaulted and both have clear balances.
we have a loan which has 2K left to pay 2 years left to run and 3K on credit cards but 2K of that is on interest free balance transfer and are in line to be paid off before the term is up and 1K on normal interest but I pay well over the minimum payment.
We have 1K in savings for solicitors fees etc.
So I know no-one can say for sure but does this look like we would be accepted.
I am so very nervous we desperately want this.

ACG

Afforability should be fine.
Credit history should be fine.
I think your biggest task will be finding a lender who will allow you to borrow 100% of the purchase price plus extra for home improvements.

There will be lenders who will do that but only 2 I can think of off the top of my head. Some lenders will limit it to 100% of the purchase price or want you to put down a 10% deposit of the purchase price.

Alias_Omega

We purchased a £60k Right to Buy a few years back, for £38k. We had no deposit, the equity in the house was enough to get us a mortgage.

We took £40k (£38k plus fees) over 20 years, and fixed it for 5 years at 6.02% in 2008. The mortgage payments were £292 ishy, and when the fixed term ended it went to £254.

At the time, i was earning £28k ishy, 2 children etc.

pukkamum

I was asking for mortgage advice not comments on my life choices.

Shovel_Lad

£190 a month child benefit?
How many children do you have? I make that 13 and a half children :think::cool:

ETA
Opps - ignore this. I thought it was weekly not monthly
You don't need to go hunting for that half child after all :cool:

michelle2008

You have to expect to ruffle a few feathers on a site like this when you post your benefit income and what people see as a heavily discounted home.

All you are doing is claiming what the system allows you to - but some people do react when they see it in black and white.

bloolagoon

Shovel_Lad wrote: »

£190 a month child benefit?
How many children do you have? I make that 13 and a half children :think::cool:

It's £21 a week for first child alone. That said OP's tax credits and child benefit figures look very low.

Edit realised OP is using 4x weekly not monthly

pukkamum

Ok i wasn't even going to justify myself but here goes, my husband has worked very hard to be finally receiving that high wage, we have had years and years of scrimping, we are finally in a position to buy and we did look at leaving our council house and buying privately but the prices and deposit required remain out of reach.
Are people really suggesting on a money saving site that i leave the council house and take my family to live in a private rental with no security, no chance of ever being able to buy etc.
I have wrestled with this believe me but as the last house on my street not to be bought and the fact that we would stay here renting regardless, it seemed ludicrous not to take this opportunity.
If I were your daughter would you be telling me not to buy it and move into private rental?
I can afford my children, I have 3 and all our calculations are based on affordability should the benefits stop.

themull1

Its a good move if everyone else has bought their houses. Can you not ask someone like Nationwide to do a soft search? they can check affordability etc. Good luck.!!

House.buyer.sarah

I originally bought my first house on a right to buy 10 plus years ago, I was a single parent and worked really hard to get a mortgage so my children can have security yet I'm still not sure that morally it was right , and council housing should remain just that .. But come on it's available to do you would be mad not to x

ACG

Nationwide do not do soft searches.

This whole thread has gone off track, we can debate RTB all day long but the fact is its there.