Is it possible to get a mortgage??

SortingIt_2

Hi just a quick (sort of) question!

My partner and I want to buy a house but we are not sure where we would stand with getting a mortgage...

The good bit, partner has £30K deposit (inheritance) and has less than 5k debt - earns approx £27,000 per year plus a bonus of £1k and then overtime. (policeofficer)

The bad news (ME) currently in a DMP with payplan paying £787 per month. I earn just shy of £31k per you however I have £58K of debt. :mad: Horrid!!! All debts are within the dmp. I have had a couple of defaults issued but that is it.

The question is would we be able to get a mortgage, I am guessing not with my bad credit. The area we live in is particularly expensive so we are not sure whether just to hold off or keep renting or what, if any the amount we could borrow?

Any advice to this situation would be greatfully received.

Thanks.

wardlaw

Hi There

Without knowing the ins and outs, of your own persional situation, in full, it might be possible to source a mortgage especialy as your partner has a good reliable and well paid job and I assume a good credit rating

It might be rhat you would need to go down the sub prime route, but lenders have increased their rates,and altered their respective lending criteria as a result of the credit crunch

The best advice that I can convey to you ,is that you find an independant mortgage broker who will gather and collate all your details and based on that information try and source a suitable lender and try and obtain a decision in principal from a lender, to grant you a mortgage

Hope this is of some assistance

Best of Luck

John Wardlaw
Independent Mortgage Broker
Business Development Manager

SortingIt_2

Thank you John. We are both completely new to this and were aware that my circumstances would cause us a problem. The only other thing we were thinking is if OH could get mortgage on his own and we (should I say he) countinues to save for next six months to bump up his deposit?? Not sure how much he is likely to be lent though based upon his salary. Obviously working for police he gets a lot of overtime, is this taken into consideration?

Sorry for all the questions!

Thanks

dpesky

Call a mortgage broker who can search the whole market for you - let them do the hard work for you in regard to what you can and cant borrow. Once you have all the answers you can make an informed decision. You shouldnt be charged a fee for advice so what have you got to lose...

Owner of a Nationwide Mortgage Brokerage and features writer for UK mortgage magazines

This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.