Mortgage possibility?

tg1206

Hi,

Looking for some advise as per say. Partner and myself looking to buy a new build - value of property £280,000 using HTB (20%) and a £30K deposit.

tg1206

Should add no overdrafts on our current account (joint) and never been over limit or overdrawn.

Thrugelmir

tg1206 wrote: »

Cars on HP will remain - approx £700 between us.

Is this per month? How long until the debt is repaid.

How much were the defaults you settled last month for?

enthusiasticsaver

I think your income might be ok for £194k as many lenders will go up to 4 times income. Obviously the maximum would be reduced to take the HP and student loan into consideration. If the credit card is going they will ignore it.

The payday loans and defaults may well be a problem though. I think a broker is your best bet as they will know which lenders may be more understanding. I don't think you are wasting peoples time by pursuing this but I think you should get advice sooner rather than later so you and your buyers don't incur unnecessary costs.

I am gobsmacked at someone telling your partner taking a payday loan out will help his credit record.

kingstreet

Get a broker now.

I don't know if you will be accepted by one of the adverse specialist lenders on the HTB scheme but the only way you are going to find out is to get someone to match your details with the criteria.