Will we get a mortgage?? Help much appreciated

Danny174nw

Hi Deleted_User.. Ook i understand now didn’t realise there was limit to which H2B draw the line, her outgoings atm are car - £170
£100 for each credit card so £300 overall and £300 for the loan. I think our best bet may be to use the gift money to pay off our credit cards and loan, and then start saving from there with the extra disposable income

[Deleted User]

Danny174nw wrote: »

Hi Deleted_User.. Ook i understand now didn’t realise there was limit to which H2B draw the line, her outgoings atm are car - £170
£100 for each credit card so £300 overall and £300 for the loan. I think our best bet may be to use the gift money to pay off our credit cards and loan, and then start saving from there with the extra disposable income

Without sticking the numbers in anywhere i would expect these finances to raise a loan of around £165k-£180k.

you need to reduce your outgoings in general but most important is to stop taking payday loans. The vast majority of lenders will reject you outright if any active payday loans in last 12 months. (there are some that will consider but only 1 or 2).

Spend the next year just trying to reduce outgoings as much as possible and then with smaller outgoings you may find it possible to do a normal 5% deposit deal. They are more expensive monthly but you dont have any future equity loan to worry about.

Danny174nw

Yes definitely the payday loans are thing of the past now, I will take your advise and concentrate on reducing monthly payments and trying to add more to my deposit, if it hopefully my credit report should stand me in good stead for a 5% deposit loan by then. Thanks for your input Deleted_User much appreciated!