How much can we borrow?

gerturdeanna

Anyone know of any good mortgage affordablilty calulators that tell us how much we could borrow? Or maybe someone on here could help??
OH 18300
Me 11500
Debts: 26500 but 23.5 of that will go when our house gets sold.

Thanks

foot_loose

its all about deposit

if you got 15% you can borrow loads

how much have you got for deposit after the sale and after your depts are paid

squibby

Try Royal Bank of Scotland. I have just applied for a mortgage with them with a combined income of £31000 and with a 12% deposit managed to get £150,000 mortgage

ModernSlave

Interest only mortgage or repayment mortgage?

herbiesjp

Some lenders could look to offer you between 4 times and 5 times you jont income

However as other posters have said, it will depend on your exact circumstances and your credit history

gerturdeanna

Got a bad credit history, am hoping that we will have about 5k depoist and we are looking for a repayment mortgage.

herbiesjp

What do you mean by "bad"?

What kind of things are on your credit file?

gerturdeanna

Two charging orders and numerous CCJ's.

herbiesjp

With only a 5k deposit I doubt very much you will be able to get a mortgage agreed with that adverse credit history in the current climate

I would suggest clearing up those problems as quickly as possible in order to improve your credit history and therefore make you eligible for more schemes as quickly as possible.

gerturdeanna

When the house is sold, the two charging orders will be cleared and that will then only leave me with 4k debts. Two of these I'm in the process of claiming back credit card charges so they will be gone also leaving me with about 1k worth of debt. Is it your suggestion that we wait another 3 years until the CCJ's have fallen off our credit ratings?

herbiesjp

Sort of

I am suggesting clearing all your debts.

I am then suggesting waiting as long as possible in order to become eligible for a mortgage.

Again, with your current credit history and only 5k debt, you will not be able to get a mortgage in the current credit crunch climate