Joint mortgage application

Timpg

Hi all.
Without sounding silly ( I don’t know hardly anything about mortgages ). Is it possible for two separate families with a combined income of in excess of £100,000 per year, to get excepted for a 100% mortgage of around £430,000? Obviously as it’s two families ( four adults and four children), we would need a large house for it to work. The only snag is, unfortunately due to my own recklessness in the past, I haven’t got great credit, no ccj’s, just a few defaults. The other applicant has good credit though. I know it’s a long shot, but as I said I’m not very clued up unfortunately. Many thanks in advance

John-K_3

You!!!8217;d really, really have to hope not. 2008 was only ten years ago, and was caused in the main by banks thinking that proposals like yours were a great idea.

You need to save a deposit to show the bank both that you are able to plan your finances and that you have skin in the game. How much are you currently saving a month?

Timpg

So in a nutshell, your basically saying it’s a terrible idea. And no one would even give us a second look?

Candyapple

No such thing as 100% mortgage anymore Im afraid. If you are looking for a £430k house, you need to save at 5% minimum which would be £21.5k.

John-K_3

Timpg wrote: »

So in a nutshell, your basically saying it’s a terrible idea. And no one would even give us a second look?

A terrible idea for the bank, yes. The question about savings was to try to illustrate why it could be a bad idea for you, too. How much have you in your emergency fund; would it cover needing a new boiler if yours broke shortly after you moved in, for example?