Advice please I don't have a clue!!!!

TotallyBroke

I have an Interest only mortgage with Woolwich/Barclays (was repayment but to clear debts changed last year) and have had since Dec 1998. I want to get a better deal and go back to repayment. I would also like to include my partner on the house. So that if anything ever happened to me my son and him have somewhere to live.
I got myself into trouble (as my other posts tell) mortgage arrears - now paid off since July 07. I also have a "satisfied" ccj against me.
My partner has no work history for the past 5years. (He ran away from home and joined a travelling fair. Therefore paying no tax or ni) He has been in full time employment since April 07.
I have no idea about Mortgages whatsoever but can someone advise what our chances of getting a new mortgage would be please.
I've seen a lot on this site lately about people charging for advice etc but can someone tell me where I can find a Mortgage Advisor/Broker or a Financial advisor that can help me. Are they listed in the phone book or anything like that.

Thanks

herbiesjp

A quick way to see if you are likely to be able to move, is to ask if you have any deposit at all?

In the current credit climate, lending criteria has become tougher, and therefore sub prime lenders are requiring bigger deposits

What are your incomes? What property prices are you looking at?

TotallyBroke

Our joint income is approx £39,000. My mortgage left at the moment is £60,000 if we sold we could get £180,000 for the propery so after fees we could be left with a deposit of approx £100,000. Only problem is that house prices around at the moment are about £300,000+
At the moment we have no other savings. I think I'm answering my own question here. The best thing to do would be to stay put until we have some more savings behind us wouldn't it?
Thanks

homer_j_3

You would really only be looking at 3-4x joint income and it is probably for that reason that you would not get the 300k house as your equity + borrowing capacity would only take you upto 260k mark approximately.

There are lenders that may lend you more but you don't want to over stretch yourself and get yourself in a mess.

TotallyBroke

So I was correct the best thing for us at the moment is to pull our fingers out and save. Then when we are better off financially we can make the move. Well we'll have to start now!!!