80k deposit but cant get any type of Mortgage please help

Mortgage_Mark_2

nospaceforbaby wrote: »

Thanks so much for responding, what else can I tell you ? - please connect me a with a good mortgage broker, I have tried two "whole of market" without success.

I am 33, Wife is 34 - we have no credit cards and outgoings of around 2k a month - car is paid off, no store cards etc - my credit score is 907 but two CCJ`s from 2012 both satisfied, her score is perfect.

I spoke to a specialist IT contractor mortgage broker who said they could not help due to the CCJ`s despite the fact they had been satisfied and my credit score had been built back up to "excellent"

The contractor mortgage broker understood my low salary/lack of proof of earnings as all contractors work in a tax efficient manner hence why so many work in this way rather than as full time employees, the issue for them was old CCJ`s - the mainstream lenders like Halifax can look past the CCJ`s but they want to see earnings record.

Feeling a bit stuck, any suggestions most welcome. thanks

Use Google and find a contractor specialist mortgage broker, particularly in light of the credit issues too.

EDIT: If you 'contract back to yourself' you may well struggle. Speak to a broker ASAP.

nospaceforbaby

Mortgage_Mark wrote: »

Use Google and find a contractor specialist mortgage broker, particularly in light of the credit issues too.

Thanks, spent all afternoon yesterday search "contractor mortgages" - they dont want to know due to CCJ`s within 6 years.

Mortgage_Mark_2

nospaceforbaby wrote: »

thanks, it would be a huge sum if we lived somewhere else but in London/Surrey we need around 300-350k purchase price - ideally I would live somewhere else, I like mountainbiking and I would love to live in Wales in a house costing maybe 60k, no mortgage happy life - my Wife is Slovakian and again I could live in a mansion over there for about 200k euro - however my Wife does not want to move and has friends around the Surrey hills area, she is stubborn as hell and just shouts and cry`s if I suggest slovakia or somewhere cheap like the midlands where im from - I dont want her getting upset while pregnant so I am working 6 days a week trying to hustle a bigger deposit together for a 350k home in Surrey area. The flat is another issue, if I sell it I will break even and make no gain - if I rent it out I will gain as the property value rises but also I will gain maybe £100 a month in profit as the rental income exceeds my mortgage payment on it, the flat does not cause me any concern its just the issue of getting into a house locally ans securing the mortgage to do so, I was also thinking of getting an employed job again in order to get some earnings record back but this would be a drop in earnings of about 50% as my skills pay about 65k a year salary which would be at 40% tax on PAYE so I would be earning a lot less just to get some earnings record built up. Can anyone explain to my why I cannot just pay my Wife more, build up her payslips so that she can get the mortgage with her perfect credit score, 80k depos and payslips showing 100k salary on PAYE? THANKS

...because YOU are her employer. I could employ my wife too, but they see it as a risk that it could not be a genuine contract/job, since she has a contract with you.

Mortgage_Mark_2

nospaceforbaby wrote: »

Thanks, spent all afternoon yesterday search "contractor mortgages" - they dont want to know due to CCJ`s within 6 years.

Any registered in the last two years? There might be a place for this...

nospaceforbaby

Mortgage_Mark wrote: »

Any registered in the last two years? There might be a place for this...

that might be the issue, both of them were raised and satisfied in 2012 - my credit score is now 907/excellent but both of these are only two years ago. thanks

kidmugsy

nospaceforbaby wrote: »

if I rent it out I will gain as the property value rises but also I will gain maybe £100 a month in profit as the rental income exceeds my mortgage payment on it

(i) It's not "as it rises", it's "if it rises".
(ii) A potential gain of £100 p.m. is far too small compared to the risks and hassle of letting. A baby => shortage of time and energy. Dump the flat.
(iii) I still don't see why you don't just rent the sort of house you want. It's a solution while you wait for another child to come along, and you accumulate heaps more moolah while you wait. You can even set part of the rent against income tax, since it will include the work space of both of you. You are almost a text-book illustration of the sort of person who should rent for a while.

PasturesNew

nospaceforbaby wrote: »

... ideally I would live somewhere else, I like mountainbiking and I would love to live in Wales in a house costing maybe 60k, no mortgage happy life - my Wife is ... stubborn as hell and just shouts and cry`s if I suggest slovakia or somewhere cheap like the midlands where im from

Short term, bite your lip ... but in the longer term you need to get her sorted out. She's behaving like a 6 year old who wants an ice-cream. Life gives us stuff.... but we can't have all the stuff we want.

If she wants those things then she needs to contribute towards working for them!

nospaceforbaby

kidmugsy wrote: »

(i) It's not "as it rises", it's "if it rises".
(ii) A potential gain of £100 p.m. is far too small compared to the risks and hassle of letting. A baby => shortage of time and energy. Dump the flat.
(iii) I still don't see why you don't just rent the sort of house you want. It's a solution while you wait for another child to come along, and you accumulate heaps more moolah while you wait. You can even set part of the rent against income tax, since it will include the work space of both of you. You are almost a text-book illustration of the sort of person who should rent for a while.

thanks, I have a bit of a mental block on renting as it seems like wasted money, however I will have a search and see if anything is cheap. the flat is a ground floor new build flat next to a London tube station so as it has now passed the stamp duty value of 250k I am confident it will continue to grow in value, we have spoken to a company who gurantee the rent so I am confident it will be a no hassle assett so would like to retain.

nospaceforbaby

PasturesNew wrote: »

Short term, bite your lip ... but in the longer term you need to get her sorted out. She's behaving like a 6 year old who wants an ice-cream. Life gives us stuff.... but we can't have all the stuff we want.

If she wants those things then she needs to contribute towards working for them!

she did used to work but gave up work around a year ago to have IVF treatments and now doesnt work because she`s pregnant, she is pretty irritating with her list of wants but I have my share of faults too and we try to accomodate each other as you do.

Mortgage_Mark_2

nospaceforbaby wrote: »

that might be the issue, both of them were raised and satisfied in 2012 - my credit score is now 907/excellent but both of these are only two years ago. thanks

No problem, happy to help - a perfect example of why the Experian (I'm assuming) credit 'score' is absolutely worthless.