How Hard Is It To ACTUALLY Get A Mortgage

Mr.J_2

Hi

I have been given notice by our landlady and we are looking at getting a mortgage.

We could raise 30kish from savings to cover the WHOLE purchase (deposit, legal etc) but I have two defaults dating 6 years ago ( which REALLY dent my profile, no other late payments or anything anywhere). One to come off on 12 Feb 16 (Friday) so ONLY 1 showing when I apply and the other should come off in May 16. The issue - I need a mortgage now

My P60 shows last year I earned 93k, this year should be more. My total amount of outgoings/commitments a month are (NOT including rent and household bills) 1948.65 - I usually take circa 4500 - 5000 a month so this should leave 2500 - 3000 spare.

Whats the likeliness of me being able to achieve 325k with a deposit of 5% do you think?!

MortgageMamma

Are you wanting the mortgage solely in your name>? I noticed you said "we" but then only state your own earnings.

Do you know the total amount you owe and on what not just the monthly payments? What is your credit SCORE like? any recent missed or late payments? how long have you got to leave your existing rented property?

Mr.J_2

Yes, my partner doesn't earn so will be me applying - in regards to the amounts we owe, yes I know what they are and what its on, its on;

4 credit cards - NO late payments ever
1 Car finacne - NO late payments ever
1 loan - NO late payments ever
2 catalogs - NO late payments ever

Re: My credit score, thats TERRIBLE, it was 852 but the credit score and the way they get this has changed so I am now half this due to my defaults!!

I'm wondering if we just find somewhere to go until my defaults come off my file and then decide to buy then..

Contemptuous

95% mortgages are (to my knowledge) only available to those with excellent credit scores.

bobothebear

If it helps, I've just had £300k agreed as the sole earner and earn less than you do but have put down a 10% deposit.

I've also got £0 on Credit Cards, no loans and no defaults or anything adverse.
Surely the fact you earn so much more will help a lot.

Thrugelmir

Mr.J wrote: »

4 credit cards - NO late payments ever
1 Car finacne - NO late payments ever
1 loan - NO late payments ever
2 catalogs - NO late payments ever

Paying on time is a basic requirement therefore doesn't even earn brownie points.

How much do you owe in total?

densol_2

Mr.J wrote: »

Yes, my partner doesn't earn so will be me applying - in regards to the amounts we owe, yes I know what they are and what its on, its on;

4 credit cards - NO late payments ever
1 Car finacne - NO late payments ever
1 loan - NO late payments ever
2 catalogs - NO late payments ever

Re: My credit score, thats TERRIBLE, it was 852 but the credit score and the way they get this has changed so I am now half this due to my defaults!!

I'm wondering if we just find somewhere to go until my defaults come off my file and then decide to buy then..

It's just you earn such a high salary yet have a lots of debts. I always think of " catalogue " debts as for those living week to week TBH. Plus only a 5% deposit. Hope someone can find something for you

Annisele

Mr.J wrote: »

I have two defaults dating 6 years ago ( which REALLY dent my profile, no other late payments or anything anywhere). One to come off on 12 Feb 16 (Friday) so ONLY 1 showing when I apply and the other should come off in May 16. The issue - I need a mortgage now

Putting everything else to one side, I don't hugely fancy your chances of completing a purchase by May. It's certainly possible to complete from a standing start within three months - but it's far from guaranteed. It sounds as though you haven't found anywhere you want to buy yet, so you don't know how long the chain will be.

AnotherJoe

Rent for another six - twelve months & save for a bigger deposit & cut down the spending. What the heck are you doing with catalogues? Its not the 1970's any more

Note that a good chunk of what you owe on your loan, car loan, catalog payments, and outstanding four credit card balances (frankly you sound like spendaholics !! ) will quite likely be taken off what you can borrow making your 5% deposit even more tenuous than it is now. You should be working on getting rid of those.

amnblog

This sounds like it may be possible Mr J.


Your phrasing above suggests that your high income includes a large element of variable pay - that may make affordability for the lending you require a little tight.


Consult a good mortgage broker.

Dave_Ham

Vote 2 for decent mortgage broker and there will probably be a solution now.

My pet hate when specific words are capitalised, suggesting we would otherwise miss the significance of the word/phrase. Just me personally.

Best of luck