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mortgage
digiman97
Posts: 65 Forumite
I am looking to remortgage, i owe 50k to bank 19 yrs left.house is worth 125k.
I would like to get a mortgage for 160k putting 70k down from my existing house only thing is i have very bad credit history.I earn 15.500 k per year
do you think i would get a mortgage for the remaing 90k?
I would like to get a mortgage for 160k putting 70k down from my existing house only thing is i have very bad credit history.I earn 15.500 k per year
do you think i would get a mortgage for the remaing 90k?
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Comments
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You want to borrow 6 times your salary and have a bad credit history? I doubt it.0
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You earn 15.5k a year and will bring home roughly 1k net from that. Have you worked out the mortgage payments on that?
Do you have any other income - tax credits etc? I would think that you are going to struggle, especially with a lot of the subprime lenders really tightening the belts.
A Nice Englishman - 6 times salary is feasible but not something I would be able to recommend and sleep comfortablly at night with.I am a Mortgage AdviserYou 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.0 -
A Nice Englishman - 6 times salary is feasible but not something I would be able to recommend and sleep comfortablly at night with.
Are there actually lenders who will do that for someone on £15K? I thought such multiples were only available for high earners whose 'fixed' expenses (food, energy etc) represented a relatively small proportion of their income keaving more to pay mortgage interest?0 -
in short - yes. To be honest, I never ever go near that lender as often you are just losening the noose for a few months.
Just done a quick calc - presuming no outgoings - 88571 would be lent based on a 15500 salary with no loans. 5.71X income!!!! So not quite 6 but is close enough!I am a Mortgage AdviserYou 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.0 -
Digiman
You are NOT looking to remortgage. You are looking to move house and hence take out a new mortgage.
Please don't say "remortgage" (especially as a thread title) when it's not what you mean.
I would listen strongly to the advice from the others - you will struggle to afford anything like the repayments on a mortgage that big.
Do you have a possible alternative to selling and moving up? The sheer transaction costs of doing what you propose will be large as you will incur stamp duty as well as selling/buying legal fees.0 -
Thanks for the replies,so if i put 70k down as a deposit i would be borrowing around 90k,hmm maybe i should re think my plan0
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