Mortgage depression!

Legacy_user

Hi

Reposting as got wrong board!

Recently got some mortgage advice through my union and it is depressing to say the least. They are saying that with our joint commitments we could only get £50,000 at best which is clearly neither use nor ornament where we live, even for shared ownership.

I have a good job and my partner now has a regular income. I've seen people on way more modest means than us get shared ownership places. We earn £45k between us annually so it just seems to contradict everything I've read. Could it be that just because it's not megabucks he's not interested in the business?

Any advice / hope to be given?

Theguywhovapes

How long a term was it?
How much are your commitments each month?

Seems pretty low for a joint income of 45k. Either quite short term or very high comms.

Thrugelmir

Ashamed_of_Bristol wrote: »

with our joint commitments

Would appear to more to the story...........

Edi81

Your union?
Have you approached an independent mortgage
Advisor or put your numbers through the intermediary sites of a lender?
Sounds as though there is more to this....
What debts do you have?

ACG

I would expect you to be able to get around £200k.
Assuming your signature is right and you have £1900 in debt then you should still be in and around the £200k mark.

So I am guessing you either have a football team worth of kids or you are retiring in 5-10 years and can the maximum term is 10 years. If neither of those are true, then £50k seems miles out, what reason did they give you?

fewcloudy

Hi


With respect, some of your older posts on this website suggest a more problematic financial history than this thread suggests.


Probably worth mentioning, as the advice and opinions offered might be a bit different.


For example, this one issue alone could be affecting the amount you can borrow depending on how it ended up...


https://forums.moneysavingexpert.com/discussion/5622382


fc

System

fc - like most people I have more going on than a brief forum post would suggest. I've been working hard to get my finances in order for a number of years, which the 2016 post was part of.

My concern and query here was that the £50k figure was stated as "without taking into account any bad news" so although I expected my history to impact, £50k seemed to be a disappointing starting point.

Here's a fuller breakdown of our info if it helps:

Monthly budget:

Domestic
Mortgage/rent £750
Council Tax £110
Gas/Electricity/Water £90
Loans £113
Hire purchase £ N/A
Credit Cards £60 (min)
Telephone £55
Home Insurance/Contents Insurance £0
Food £150
TV Licence £13
TV/Video rental SKY/CABLE £ N/A
Childrens Clothes £ 10
School expenses £ 10
Child Maintenance £300

Personal Expenses
Life insurance £N/A
Pension contributions £
Regular savings £500 per month
Season Ticket/Transport £64
Subscriptions £ 20
Clothing £ 30
Health costs (dentist etc) £ 30

Car Expenses
Tax/Insurance £26
Servicing/repairs £ 20
Petrol/Diesel £100

Leisure
Holidays £30
Entertainment (cinema,sport,etc) £20
Major events (birthdays etc) £10
Smoking/drinking £25
Others/ Service Till transactions £

Total Monthly Outgoings £2536

Total Net Income £3619

---

Disposable Income £1083



Income
Me: 25356 Partner:£19600
Debts:
Barclaycard: £ 1200
Credit card: £200
Loans:
Car Finance: £5694 Monthly Payment: £113

DMP Finished 5-6 years ago.

-taff

do you have defaults on your credit file?

cjmillsnun

You need to seek out an independent mortgage broker.

System

Taff~ no defaults showing up any longer

Cj. It is an independent mortgage broker

Pixie5740

Have you asked the mortgage broker why the amount you can borrow is so low and for suggestions on how to improve your situation?