Mortgage fear!!! Advice please

Dave808_2

The rush is to secure a place to live following my separation, I'm loathed to carry on renting if there's a possibility I can buy.
The rush to get a mortgage is that I've found a house the day before I was due to go offshore again, so as my friend is with the Leeds I checked them out and found them reasonable (cue being shot down in flames!!)
I've been in this job a year, after leaving the forces it has taken time and money to start again, hence my modest deposit.
My biggest debt is my car which is on pcp, this will be finished next year.
I'm currently saving at a rate of £800-1000 a month

getmore4less

For 4 on/off you living costs seem high do the SOA

http://www.stoozing.com/calculator/soa.php

http://www.listentotaxman.com/82500
where is the other £300pm going

Find out where your money is going.

£180k 25y 4% £950pm
You are probably looking at less than £1kpm, what's your current rent?

If you budget £1k for mortgage that should be on top of that debt, overpaying and able to manage rate rises.


Is the job PAYE or are you responsible for Tax NI etc,

Dave808_2

Oh thanks for that! I'll Use that calculator
My tax and NI is through PAYE
Current rent is £750
Got £9500 deposit so far but will continue savings to lump
Off debts

getmore4less

If you have only been out a year are you sure you know where you want to live?

Is this house a one off or the sort that will come up a again?

Once you understand your finances a mortgage will not seem so scary.

The cost of not waiting a bit is a higher rate for time, as you can bring the rate down quickly with improving LTV, you could probably throw £2k at the debt easy 80% LTV in 2 years, 70% in 3, 60% in 4

Dave808_2

Am I being unrealistic that I'll get a mortgage?

Dave808_2

Im back in my home town so very happy here, got my family here, my son and still have a positive relationship with my ex wife.
The house I want is a one off. The lady in question is a family friend who is desperate to move back to her own family 30 miles away. It was on the market at £195 but will sell at £185. It's a bit of a bargain even at £195 I have to say. She said she had 4 valuations all around the £215k mark but said she needs a quick sale as she's struggling there now so marked it down.

Dave808_2

My mortgage fear stems from trying to secure a mortgage during 2008 using the forces LSAP...yeah right!!! No chance pal. Since then I've never dared apply again!

getmore4less

I think you will get one.

You need someone that can guide you through the process and pick a appropriate lender

Get a good broker on the case on your 4 off. let them know what you have done already and they an be take over if they want or find something better.

Unless a cash buyer turns up you will be as quick as anyone else.
The urgency was not really there if the place was not already under offer.

tell the lady you want the place and will be as fast as you can.

Enterprise_1701C

I know it sounds awful, and I know you don't want to hear it, but buying a house off a family friend can be a BIG mistake. You are inclined to believe what they say.

If it is so wonderful why has she had to mark it down?

You need to arrange a proper survey before going through with the sale, not just a mortgage one.

Of course, she could be totally legit, but just beware.

Dave808_2

It's an old lady house, packed to the rafters with dreadful wall paper and ornaments. She is a family friend however it's all being conducted through agents, not on our own. It's a really unusual property style that rarely come up in our village, think it falls into a tricky category of not being big enough for a big family but too big for a single old person as its a bungalow. Perfect for me though. I'll defo be getting a full survey