Broker wanted. Subprime?

[Deleted User]

Hey all, I'm looking to apply for a mortgage, would prefer a broker to help me.



Income 26.5K and 17.5K

Want to borrow 150k

20k deposit



Current obligations;



HP/ Lease Car £250 pcm, balance 18k - but won't be paying off as lease

PL £240 pcm, balance 9.5k - paying it off as quick as I can

CC - £80 pcm, 0% 18 months, £8k



No childcare costs, no other large costs.



Very happy to consider high interest rates for a couple of years. Have income top up of approx 3k for child benefit and tax credits. Also have a business, but the income from this is variable and would prefer not to use.



Thanks for any help or advice!

amnblog

The monthly cost of the unsecured lending here is high compared to the incomes and this makes £150,000 lending ambitious,

Get the credit card cleared and you may be in with a chance with a lower deposit.

A broker will be a smart move.

ACG

Do you have any bad credit? Defaults/CCJs/Arrears etc?
Or is it just the fact you have a lot of debt?

AnotherJoe

You say you've got a £20k deposit but £8k of that is borrowed from a credit card.

[Deleted User]

Your £80pm credit card is more likely to be seen @ £240pm (3%) by many lenders, hence advise to get rid even with lower deposit They don’t care what you are paying, they base it on you not being able to get a 0%


(Not a fan of NatWest, but they state that’s one of the reasons they stopped 0%’s - for some people, particularly lower earners, eventually the merry-go-round will stop and you’re left paying interest on what was previously cheap 0% debt)

[Deleted User]

Well the 8k credit card are about from spending a long time ago, but I accept the point that it’s money owed, but wasn’t borrowed to save as a deposit so to speak.

I’m confident I can reduce the debts, but the amount I’m paying currently is 2 x what a mortgage repayment would be. I’ve been waiting for quite a long time and whilst the incomes are low ish, I do have additional income from business (as and when) which will clearl debts quickly.

But I don’t want to wait 😳

No bad debt as such, have some missed payments, petty mistakes which I regret!

Many thanks again

[Deleted User]

AnotherJoe wrote: »

You say you've got a £20k deposit but £8k of that is borrowed from a credit card.

You could say all of the money is borrowed, it wasn’t it was saved, but the same theory I suppose.

Ps the lease for the car I want to keep, as I quite like the car and I understand I’m just renting it from them.

[Deleted User]

Anyone that can help? Ideally a broker to advise me and help me get into the right situation