Ive got a 100K in cash and cant get a 50K mortgage. Really?

ACG

Have you told the truth on the bridging loan company? I cant believe you will get a regulated bridging loan in your situation. You need an exit strategy as they are only in place for 12 months max which you do not have, certainly nothing that you can evidence which is usually a requirement of bridging loan lenders.

minimike2

OP moaning about a "wack" (??) system.

Probably also one who was moaning about the credit crunch and how banks ruined the economy with self cert and 100% lending with no affordability checks.

AnotherJoe

Fillippobasso wrote: »

I confess i dont really know how the system works! but surely if for some unforseeable reason i cant muster together 250 quid a month:rotfl: to pay my mortgage, couldnt the lender repossess my house, get their 50K back and the 80K i put down as a deposit?

They could, but thats not their business model. And that would be very costly.

But more to the point, what they want is people who can reliably pay their mortgage.

Lollapalooza86

Not all mortgage lenders need 2 years' accounts, we were accepted last month. My partner is self employed and only had 1 year's accounts - admittedly in our case the risk is lower as I am not self employed BUT the housing developer told us someone with records but no tax return submission yet had just got accepted by Halifax too.

Good luck!

BristolGirl59

I totally understand your position, I was left 2/3rds of a house in a will, but because I didn't have a 'regular' income I was unable to get a mortgage to purchase the other third.

I earned a suitable amount of money each week, but as I was only a tempoary member of staff I couldn't get a mortgage, despite being a valued banking customer and having good healthy savings accounts for 15 years plus.

I was also planning to rent a room out to bring income in to cover the mortgage if successful, but without an alternative income I was turned down for a buy to let as well.

It was a period in my life where I was about to go travelling for a couple of months and this didn't make me look attractive either. I had no one I could turn to for advice, with hindsight I should have postponed the travelling and got a regular job or should have just kept the 2/3rds and forced the other party to take me to court to sell it, but I was bullied into selling it and haven't been able to get a place to buy since despite having a good deposit. The travelling, mixed with temporary jobs also conincided with being a victim of a certain energy providers back billing destroyed my credit rating and left my mental heath very worse for wear.

I wish you all the best with trying to buy a place.

Pixie5740

BristolGirl59 wrote: »

I totally understand your position, I was left 2/3rds of a house in a will, but because I didn't have a 'regular' income I was unable to get a mortgage to purchase the other third.

I earned a suitable amount of money each week, but as I was only a tempoary member of staff I couldn't get a mortgage, despite being a valued banking customer and having good healthy savings accounts for 15 years plus.

I was also planning to rent a room out to bring income in to cover the mortgage if successful, but without an alternative income I was turned down for a buy to let as well.

It was a period in my life where I was about to go travelling for a couple of months and this didn't make me look attractive either. I had no one I could turn to for advice, with hindsight I should have postponed the travelling and got a regular job or should have just kept the 2/3rds and forced the other party to take me to court to sell it, but I was bullied into selling it and haven't been able to get a place to buy since despite having a good deposit. The travelling, mixed with temporary jobs also conincided with being a victim of a certain energy providers back billing destroyed my credit rating and left my mental heath very worse for wear.

I wish you all the best with trying to buy a place.

You were bullied into selling? Really? Your plan appears to have been to bully the other person into forcing a sale whilst you tried to get your act together.

ACG

BristolGirl59 wrote: »

I totally understand your position, I was left 2/3rds of a house in a will, but because I didn't have a 'regular' income I was unable to get a mortgage to purchase the other third.

I earned a suitable amount of money each week, but as I was only a tempoary member of staff I couldn't get a mortgage, despite being a valued banking customer and having good healthy savings accounts for 15 years plus.

I was also planning to rent a room out to bring income in to cover the mortgage if successful, but without an alternative income I was turned down for a buy to let as well.

It was a period in my life where I was about to go travelling for a couple of months and this didn't make me look attractive either. I had no one I could turn to for advice, with hindsight I should have postponed the travelling and got a regular job or should have just kept the 2/3rds and forced the other party to take me to court to sell it, but I was bullied into selling it and haven't been able to get a place to buy since despite having a good deposit. The travelling, mixed with temporary jobs also conincided with being a victim of a certain energy providers back billing destroyed my credit rating and left my mental heath very worse for wear.

I wish you all the best with trying to buy a place.

Speak to a broker. Bad credit and temporary jobs are always deal breakers.

IrishWasherWoman

Erm... Is this the most simplistic, and possibly naive ans. going: Buy a house for £100k or thereabouts, and don't borrow? No interest, no-one else holding an interest in your investment, all rent from lodger all yours, AND as mentioned, halfing your bills. Also, all income from your job is yours to do with as you wish - maybe even save or invest to maximise its benefit to you. (No financial credentials at all, just what seems like common sense to me). (I love security!)

foxy-stoat

How long did it take you to save £100,000 ? Can you not just save the other £30,000.

How did you manage to get 100 grand - play cards....with Harry ?

Kernel_Sanders

IrishWasherWoman wrote: »

Erm... Is this the most simplistic, and possibly naive ans. going: Buy a house for £100k or thereabouts, and don't borrow? No interest, no-one else holding an interest in your investment, all rent from lodger all yours, AND as mentioned, halfing your bills.

The OP has already said that that sum wouldn't buy a 2-bed property, so no spare room to rent out. Also, Council tax would only reduce by a third, which would probably be the case with most of the other bills.