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Can i get a mortgage? Please help
Jhoney_2
Posts: 1,198 Forumite
Hello and thanks for reading this.
I really need some clarity on what I can or cannot do.
I have a huge (pre-crash) interest only mortgage that i'm trying reduce next year (by selling) and eventually freeing myself from by hopefully obtaining a repayment mortgage.
I need to relocate nearer to family (more expensive area)
I am looking to borrow £85-100k max. LTV is 20-25% as a sole applicant. I will have a good deposit which will be from equity after the intended sale. Lender is Santander.
I am currently not working as at home with 1 dependant, have 1 lodger and my total income is 2000pcm. O credit cards, loans,ccj's etc. all payments are made in full and on time.
Current deal ends June 2015, so retention enquiries still a few months off. I know thing have changed in order to get a mortgage now, and to make things worse I am in my 40's.
Who if anyone would give me a mortgage? I really want to rid myself of this debt and selling is the quickest way to reduce it to a 'normal' level.
If there are any other options I will happily look into them, but I don't know if I should bother if I can't get past this problem.
Any comments appreciated.
I really need some clarity on what I can or cannot do.
I have a huge (pre-crash) interest only mortgage that i'm trying reduce next year (by selling) and eventually freeing myself from by hopefully obtaining a repayment mortgage.
I need to relocate nearer to family (more expensive area)
I am looking to borrow £85-100k max. LTV is 20-25% as a sole applicant. I will have a good deposit which will be from equity after the intended sale. Lender is Santander.
I am currently not working as at home with 1 dependant, have 1 lodger and my total income is 2000pcm. O credit cards, loans,ccj's etc. all payments are made in full and on time.
Current deal ends June 2015, so retention enquiries still a few months off. I know thing have changed in order to get a mortgage now, and to make things worse I am in my 40's.
Who if anyone would give me a mortgage? I really want to rid myself of this debt and selling is the quickest way to reduce it to a 'normal' level.
If there are any other options I will happily look into them, but I don't know if I should bother if I can't get past this problem.
Any comments appreciated.
0
Comments
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So what's the source of that income?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks for reply Kingstreet,
I did PM you about a week ago but I imagine you get a lot of post.
The income is caring allowance and can be verified.0 -
Understood. To be honest, you would be better speaking to a broker and establishing which of your various bits of income might be acceptable to a lender.
I don't know off the top of my head and unfortunately don't have the time to research it. Your paid-for broker will do that as it's part of the job.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ok thanks.
Do you think I should still speak to my current lender or will that scupper any hope a broker would have with them?0 -
It will make no difference. If a broker can use your existing lender, he/she will do so...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Great, i'll start there then and find a broker in the New Year.
Fingers crossed:eek:0
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