Hi help me please

angelcake

Hi, I have just found a house that I wanna buy, I have never ventured into this world before and am scared and don't know what to do!

I don't work at the mo bu OH does and earns a reasonable wage

first of all.... where do we start???

petermb_2

First of all find a fee free whole of market mortgage broker.
Any good broker will then tell you all you need to know. It is painless or should be.

angelcake

petermb wrote: »

First of all find a fee free whole of market mortgage broker.
Any good broker will then tell you all you need to know. It is painless or should be.

Thank you.... and where do I find this person

Sorry to be dumb but it is all greek to me as I have always rented!

Kiernan809

Which estate agent is selling the house? You need to know how much your mortgage will be required for before you can really apply for one. Realistically you will have an offer accepted before talking to an adviser about mortgages although many will not begrudge you information for possible future business if you were to wish to ask more questions beforehand.

Speak to the vendor or agent of for your first step. A lot will have in-house advisers and this is no harm but you are best off speaking to (as above) a no-fee whole of market broker. Probably the best place to start is the yellow pages? London and Country are the biggest of that kind although are telephone and postal based - if this does not suit you then you can find local variants in the phone book.

lynzpower

The first step is to have a gander at some of the mortgage calculators online.

I dont know
a) what your OH earns
b) what property costs round your area.

A general rule of thumb is that OH should get at least 3x income, although 4 isnt uncommon, and maybe even more ( tread carefully tho)
so if he earns 30k, he will probably be able to get a 120k loan. this is a rough idea tho.

Once youve fathomed roughly what you will be able to be offered ( i presume his credit history is good?) then you can take it from there, if there is prtoperty for that price in the areas you aree considering. For us, there isnt, but then we are in london and things are more expensive here.

if so, see a broker ( details provided above) take payslips/ bankstatements/ proof of who you are ( eg passport) they will tell you all this over the phone anyway.

angelcake

credit rating is pants! he is on about £30k and house is £169k so theres no chance!

angelcake

pants credit rating ... bank in a mess ... getting better everyday though - slowly sorting it ...so there is no chance?

sammyjammy

Credit rating aside you haven't got a hope unless you have lots of savings, that would be a mortgage of over 5 times his salary, if you have any debts they would be deducted from what you can borrow.

Sam

WildHaggis

170K of mortgage would cost you 850 per month - interest only -as an absolute minimum, or realistically up to 1200 per month - with a repayment mortgage, but high interest due to credit history.

If you have been paying rental of a similar amount, then this is possible. Not easy, maybe not even advisable, but possible. Contact a fee-free whole of market mortgage broker for specific advice.