Mortgage possible?

abbiesmom

I've previously posted but now have new info with regards to my borrowing needs and am looking for a bit of advice as I just can't wait until I can contact the broker in the morning.

I would need to borrow 81k earnings are 23500 with tax credits of 15600 and child benefit 2300 debt of around 18k spread across CC and a loan and childcare of 918 per month which will reduce to 420 in September but my tax credits will also reduce in line with this. No adverse credit history with everything paid on time and in excess of contractual minimum payments.

The property is valued at 90k and therefore my deposit is 10% but it's of non traditional -no fines construction type and I'm not really sure what this means for my ability to secure borrowing against it.

The properties in my street are all of the same type so I assume it shouldn't pose too much of an issue but obviously with my existing debts I am concerned about affordability test also.

What are your thoughts on this?

abbiesmom

Broker has come back and advised that he can't find anybody willing to lend, doubting his searches or thinking there may have been an error in inputting my info as mortgage payments would be equal to or less than my rent I spoke to L&C who have said the same.

Feel a little in limbo now as don't know what to do for the best

Finchy2018

Surely you should focus on paying off the debt as this will change your affordability in the future.

ACG

How much is on credit cards?
How much are your repayments on the loan?
How many children do you have?

abbiesmom

ACG it's approx 15 on the CC and 3 on the loan, all of which I am paying in excess of the minimum payments whilst still saving to cover associated fees with buying, I've never missed a payment and the debt is reducing. It's all so very frustrating as I don't want to move due to being within walking distance of both work and school and being in Wales this is my only opportunity now so Finchy I'm sure much of what you said was tongue in cheek but had you bothered to read my posts you would realise that my intention was originally to clear my debts but regulations surrounding RTB in Wales changed so my only future hope now of owning is actually to move which was not what I can do until the kids have moved out in some 15years by which time I'll be too old!!!

're the other question it's 3 children 11,10 and 3 hence the childcare reducing in September when youngest has full time place.

ACG

Having just put some figures in on a calculator, this is not going to fit.

If I put all of your debts down as £0 and childcare at £420, it is coming back at around £80k. If I put £10k worth of credit cards in, it is coming back at half that.

I do not like to say something can not be done, but I think the figures are that far out, it is probably not going to be possible.

abbiesmom

Thank you ACG really appreciate it. I can actually do 0 Childcare but I don't want to let my ex have that control over my working situation

newbietech

You should do a mortgage affordability test which doesn't affect your credit score. Its the best way to have some peace of mind. Once you are done reading all of the posts here its hard to say if you will have the answer you need but with a mortgage affordability test you should do. There are a few calculators out there and most of the digital mortgage brokers( habito, trussle, huuti, mojo) are free which means they can access you manually or automatically with their tech and give you an indication on whether the mortgage lender will lend to you.

ACG

You do not need to do AIPs and I would advise against it even if it is a soft credit check. Just have a play around on the affordability calculators.

But with £18k debt and childcare as £0 it will still not fit.

csgohan4

newbietech wrote: »

You should do a mortgage affordability test which doesn't affect your credit score. Its the best way to have some peace of mind. Once you are done reading all of the posts here its hard to say if you will have the answer you need but with a mortgage affordability test you should do. There are a few calculators out there and most of the digital mortgage brokers( Redacted) are free which means they can access you manually or automatically with their tech and give you an indication on whether the mortgage lender will lend to you.

you seem to like spamming this kind of post advertising these brokers and giving poor advice, reported