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Do we stand a chance?
llcooljayne1
Posts: 84 Forumite
So after some advice please,
Me and my partner have a 1 year old daughter, both work, have moved in with his mum from our rented place to save and sold our car all in order to save to buy our own place. What is like is some advise as to ether it's possible for us to do this! Or shall we just go back to renting because living with his mum is HARD!
Our situation is,
He works full time earning approx £30k plus football semi pro part time at £10k a year
I work part time earning £15k plus approx £1500 bonus
We also get £985 in child benefit
My partner has no debt but I have two credit cards.
We are aiming to save £20k by July next year
My partner has a Ccj which comes off June 2016
Will this be enough deposit?
Will his Ccj stop us getting a mortgage?
Thanks
Me and my partner have a 1 year old daughter, both work, have moved in with his mum from our rented place to save and sold our car all in order to save to buy our own place. What is like is some advise as to ether it's possible for us to do this! Or shall we just go back to renting because living with his mum is HARD!
Our situation is,
He works full time earning approx £30k plus football semi pro part time at £10k a year
I work part time earning £15k plus approx £1500 bonus
We also get £985 in child benefit
My partner has no debt but I have two credit cards.
We are aiming to save £20k by July next year
My partner has a Ccj which comes off June 2016
Will this be enough deposit?
Will his Ccj stop us getting a mortgage?
Thanks
0
Comments
-
What is the approximate price of the kind of property you want to buy?
New build or existing?Grateful to finally be debt free!0 -
With a decent credit score a purchase price of £200,000 sounds probable.
Purchases above that may be possible depending on further detail.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Ideally for where we live we would like a property around £230-250k
Not fussed wether new build or not0 -
Would his CCJ affect us?0
-
The ccj won't be an issue in July next year.
Perhaps you should consider the help to buy equity loan scheme and reduce your deposit requirement to under £15,0000I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thank you that's good to know that that won't affect us. Do you think it's worth going to see a mortgage advisor now to see how much we could borrow and wether we would be accepted or wait until we have our deposit?
Also will I have to pay my credit cards off before applying for a mortgage?0 -
If your deposit is available next year, that is really the time to look seriously into your options.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
And do you think they would want me to clear my credit cards before applying? Because if that's the case it looks like we are going to be living here a lot longer 🙈0
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Only if the credit cards balances pull your affordability 'under the line'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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