A Mortgage, do I stand a chance? Any scheme will do:)

Hussy123

Hello, I am new to this site and have a few issues with my credit rating. I gather from other post I have read today that scores are worthless. So I stopped worrying about that as mine ain't great.

A little about myself, I am 25 and Married.
I am in R.A.F and met my husband in Oxford while while I was based at Brize Norton.

We live in Married Quarters (have it easy with rent etc) and he works locally for £20,000 a year. I earn £28,000 and at moment my job is secure.

We want to buy a house back in my home (Manchester).
The house we have seen(getting built as we speak, went to show house over Xmas) is £129,000.
The lady there said on our incomes it would be no problem.

I would be the one staying in a permanent job as hubby would have to give his job up. Would we have to declare he is going to give up his work? He will get work back home, I am sure.

There is also my credit to consider. His is pretty good and no debt. We got copies of our reports from Equifax and Experian as lady told us to. I have a few late payments(Car HP) from back in 2011 and Pay day loans in 2012. Apart from that all is in green since. I have 6 accounts all in Green and up to date. I have one credit card. I have a couple of hundred on it. Could easily pay that off today.

We have £9,000 deposit. Does any one know how much extra we will need for solicitor fee's etc?

We only nipped into that show house and fell in love. I am just worried about my credit. And if my husband is taking out of the equation. So sorry for all the question and you probs didnt need my life story!

Any advice is welcome! Thank you

---

BLUE MOON YOU STARTED SINGING TO SOON!!
:rotfl:

justcat

You might want to try making use of the Help to Buy equity loan. You need a 5% deposit and the government will loan you 20% for 20% equity.

You would need just over £6k deposit and a £97k mortgage. That's 3.5 x your salary.

So I'm no mortgage advisor but think by doing basic numbers, you can achieve this.

Get yourself to a broker where they can tell you if they can place you with a lender.

I also remember hearing something about a forces help to buy so you might want to look into that. Unfortunately, I don't know anything about it.

Thrugelmir

Hussy123 wrote: »

Would we have to declare he is going to give up his work? He will get work back home, I am sure.

Buying a house in Manchester. Employment in Oxfordshire. :think:

Jambo5

Get a broker ...xxxx

ACG

Your partners income is unlikely to be included as its not going to carry on once you move (I assume). But it should still stack up.

Forget schemes, your just looking for a 95% mortgage (give or take) regardless of whether its help to buy or not.

kingstreet

It's a newbuild, T.

amnblog

Likely to be affordable on your income only with the right lender but your husband would be a dependent if we cannot include his income (this reduces your affordability and makes it tight).


A job for a mortgage broker.

stephenni1971

Why are you not looking at Forces Help To Buy.?

50% advance of pay towards house deposit repaid over 10 years...

Hussy123

Thruglemir. My husband is from Blackburn(prior to his few college stints). We want to go home, and the fact I am being posted in June up North! Hope this cleared that up for ya.

Thanks AGC. I am due posting up there so we could get a quarter and find him a Job first. Just we seen a property we like and all of a sudden I find myself worrying about my credit report hence why were chatting now.

Thank you amblog. I think I will ASAP.

stephenni1971 thank to for your reply and PM. I may be in touch real soon. But to answer your question. I don't want to owe the force money as this will tie me down with them. I would like to leave when I want without a further debt to worry about. Although it is tempting.

stephenni1971

If you pass your 12 year point your resettlement grant would cover all/part of the advance?

Not sure how long you're in or what engagement you are on.

BWZN93

I'm taking FHTB with the intentions of using my year 8 bonus to repay the rest of it - it's interest free and means you're paying less interest on your mortgage. Worth it if you're planning to stay in for a couple of years at least. If you really wanted to put your notice in you'd find a way to repay FHTB! Worth investigating imo - especially if the additional money outs you in a lower LTV bracket as your mortgage rate will fall also.

FYI - I'm RN. Taking 10k as any more has tax implications, with 3 years to run to my bonus date and notice in. I'll easily pay £3k on basic repayments over that time, and then with bonus, pay off most of the rest. There should be £1000 ish to pay off in the last 12 months of service. It's allowing me to borrow the rest of my mortgage (FTB) in 85% LTV at 2.99%, without it I'd be looking at a rate of 3.69%. It's worth playing with the maths :-)