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Mortgages-Confused!
sugartree
Posts: 95 Forumite
Hi,
I was looking for some advice (Or maybe a lot, i'm totally clueless!)
Me and my Partner are currently renting and our Landlord has decided to move back in so we need to leave by 2nd December.
We have decided that it's better to get a mortgage than continue to rent but we are both clueless about it.
We have a couple of problems:
We have no deposit and no time to get one.
We now have a little 'un, so my wages will go to around 10500 a year from 15795 once i return from Maternity Leave at the end of December. My partner earns 16500.
I also have an outstanding loan £9000 over 7 years (£145 a month) Only just got it in order to consolidate debt.
What are our options? Can we get a mortgage with no deposit and with such a change in finances. We have seen properties in the area coming up at around £140000.
I also have no idea where to start in order to find out these things.
Sorry for being a total blind spot. All advice gratefully recieved.
I was looking for some advice (Or maybe a lot, i'm totally clueless!)
Me and my Partner are currently renting and our Landlord has decided to move back in so we need to leave by 2nd December.
We have decided that it's better to get a mortgage than continue to rent but we are both clueless about it.
We have a couple of problems:
We have no deposit and no time to get one.
We now have a little 'un, so my wages will go to around 10500 a year from 15795 once i return from Maternity Leave at the end of December. My partner earns 16500.
I also have an outstanding loan £9000 over 7 years (£145 a month) Only just got it in order to consolidate debt.
What are our options? Can we get a mortgage with no deposit and with such a change in finances. We have seen properties in the area coming up at around £140000.
I also have no idea where to start in order to find out these things.
Sorry for being a total blind spot. All advice gratefully recieved.
Oh I do want to live in Countryside.......with the kids, pets and LOTS of books.........
£2020 in 2020 challenge #90 - £274.37/£2020
2020 penny challenge
£2020 in 2020 challenge #90 - £274.37/£2020
2020 penny challenge
0
Comments
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this probably isnt whwt you want to hear but I would look for more rented accommodation. The houses would be unafordable on your incomes.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Yes - the mortgage you're after does exist, but you'd be stretched beyond affordability with those salaries.
A repayment mortgage would probably be around the £800pcm mark - how much could you rent the same for?
Even if you went interest-only (and it would be difficult to persuade anyone to lend to you on that basis, looking at the figures above), you would still need to pay £650pcm and would not be building any equity (so effectively still renting).
Do you have future scope for increasing salaries / moving to a cheaper area?Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |0
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