Hi, I am alllll confused

angelcake

Hello!

Me and OH are 27, we have been in a housing association house for 5 years and need to move as we need space!!

We obviously wanna buy, We have bad credit rating but over the past few months have really been sorting ourselves out, we are in credit in bank accounts and he is earning quite a bit now!

I think his basic wage is £18k but he has been earning commission taking it up to around £35K for the last 2 months! He is going to ask for a basic wage rise.

Also when this baby is born (2 weeks), after about 6 months I will be thinking of getting a job!

This is all quite difficult to think about as we don't really understand it!!

first of all will we get a mortgage in about a year?
What sort of mortgage is the best for us to go for? we don't have a deposit yet but could start saving soon.
How much would we get
And who would the best people to get a mortgage from?

I don't want any of that new housing being built in estates for people that can't really afford housing if we can help it as I want to stay in the village I am in!! - and we have to move as this is a 2 bed and this is our third child! We just want to start getting clued up on our options!!

Sorry If I have made you confused now!

Thanks for taking the time to read this! :T

angelcake

bump....please?

ixwood

I'd say save for deposit and you'll be in a much better position.

Andy_Hamilton

Friends of mine could not afford there home on paper so they got interest only mortgage for 2 years. When they remortgaged the house was worth more so it was only an 85% mortgage needed and got better rates.

I went 97% mortgage for mine and I really wished I had saved more!
Don't be put off by affordable homes. I've just picked up a proper sized 3 bed house for £82K brand new.

raq

we also went 2 years interest only, ends in 2 weeks but so glad we did. We also had a lot of equity from our previous home. we are now changing over to repayment and it is only £70.00more. At least it got us where we wantedto be.

all the best angel