can we get a mortgage

someonehadmyusername

me and my boyfriend want to buy a house
we are currently living in a council house which needs major structural work doing to it (new floors/walls etc)
we are technically classed as homeless but they wont move us as they say there are people on the list above us

this has been going on for 4 years!

we have saw a house for £59,000 or near offer

we want it sooo bad
its right where we want to live

only problem is, he only made £11,000 last tax year and i have just went self-employed in february

also, before we met, he had a mortgage with another girl and they fell behind on the repayments
they sold it in the end so its all paid now

and i also dont kno if his credit will be any good? (waitng on a credit report in post)


what can we do?

is my dream possible??

please help!!!
x

herbiesjp

You could get a copy of your credit report from Equifax or Experian.

This would give you a better idea as to what your credit rating is like.

As to the mortgage it all depnds on how much deposit you have to put down

Let us know

someonehadmyusername

we have both ordered one of the mentioned credit reports

by the way what will this tell me?

and how much deposit do you think we should have on a £60,000 home and in our situation?
x

herbiesjp

The credit report will tell you if anything has been registered against your names such as credit defaults, missed payments, CCJs etc

These are all things that a lender would pick up on when they were looking to offer you a mortgage. The worse the scenario, the fewer the lenders available.

As long as there is nothing registered recently you should still find lenders to help.

As for the deposit, that boils down to what you have available - you would always need a cash reserve/emergency fund to help with unforeseen situations - so you need to have a balance.

It also boils down to how much the mortgage will be on a monthly basis and how affordable that will be to you.

You don't say what your own income is at present, so we can only look at your boyfriend's - based on that you could look at a mortgage of somewhere between 46-50k. Again it has to be affordable to you on your joint incomes.

someonehadmyusername

well his income will be much the same as last year if not a bit more

ive only gone self-employed since february

im only making about £200 a week
x

herbiesjp

Do you have that kind of deposit available?

£200 pw will be on track for over £10k - that would help

someonehadmyusername

what kind of deposit?
i could probably get help from family if i knew roundabouts how much i would need

so do you think its possible?
and where do i start (after i see the credit reports?)
x

someonehadmyusername

we both have accounts with halifax
would they help us with a mortgage?
x

herbiesjp

You could try with them, but I do not think they will be flexible enough to agree the loan needed.

To get good rates you would need a 10% deposit - so £6k

someonehadmyusername

so with a £6, 000 deposit do u think we stand a good chance?

and what should we do next?
thanks for all yuour help
xxx

herbiesjp

I think you may need more of a deposit based on your income, but the 10% depsit is a starting point