Is it possible to get a mortgage?

Jafar

Hi this is my first time posting on here so I hope somebody could help me please.
We are hoping to get a mortgage.
The house is worth £160000
We will have between £15000-£20000 deposit
A joint income of about £30000 (hopefully more-depends what job I can get)
My husband and I both have poor credit. We both have defaults due to drop off in a year.
We owe approx £6000 on credit cards
We will have a guarantor with a house with payed off mortgage.
My husband will have been in the same employment for 23 years and I will be 1 year as have been off work for 4 years raising children.
At the moment we pay £600 rent so mortgage couldn't be too far off that.
I understand we will not get a good mortgage quote but does anyone think that any mortgage will be possible or is it pointless looking?
Thank you for your time

lee111s

Pay off your debt. Save a little more and then go see a mortgage broker

Jafar

Hi we don't have the time to wait longer unfortunately. We are renting off my parents and they want to sell. Either to us or someone else. We need to buy now or move out and rent elsewhere.

~Beanie~

You can't include possible income, if you don't have a job at present then any mortgage would be calculated on your husbands salary alone. Or do you mean that you do have a job but are looking for a better one?

Jafar

Oh no I would have a job by then. This will be our circumstances when we apply.

Neutrinno

With the amount you are looking to borrow, your joint income and debts I would likely say this would be very tight on lenders affordability assuming the debt won't be paid off and you don't have any dependents.

Jafar

We have 3 dependents.

Jafar

Neutrinno wrote: »

With the amount you are looking to borrow, your joint income and debts I would likely say this would be very tight on lenders affordability assuming the debt won't be paid off and you don't have any dependents.

Will there be nothing offered to us? We have 3 dependents

Neutrinno

Jafar wrote: »

Will there be nothing offered to us? We have 3 dependents

Yes there will likely be a lower offer but I would say the £140k you are after will be out of your reach assuming you have no more income. That's going off a £20k deposit anyway, will you still have funds left over after that £20k for things like stamp duty, solicitor fees, cost of moving etc?

With a joint income of £30k it would very tight as it is to reach the £140k you need, but with £3k on CC's and 3 dependents this will be reduced significantly.

csgohan4

160k is definitely pushing it, especially with debt and dependants

Verix

I think this might be possible (but certainly tight and broker essential). You'll have a better chance if you look at a new build house for that price and use the government help to buy scheme.