19yr old single male on £14K

hotblu

"Total income including CTC and WTC."

You mean just CTC, because your income is too high for WTC.

hotblu

dmg24 wrote: »

If you are struggling hotblu, you really need to look at your outgoings. A relatively high mortgage plus that £150 just on finance are not necessary expenses.

Hello dmg24,

I came off a fixed rate mortgage last December and it went up from £400.00 per month to £550.00 per month. The plan was to sell the property after the fixed rate ended because the early redemption charge ended with it, but their are already 2 houses for sale in the street that are not selling (due to the market as they are nice houses). I got this mortgage when I turned 21 so have had it 2 years, but since then got 1 CCJ and 1 default (back on track now, but credit rating took a hit) so don't think shopping around will help. The only reason I bought the house was because seller wanted quick sale and got it for £50,000k, now worth around £90,000 to £95,000.
With regards to the car finance, it finishes in 18 months... so just haven't thought about it. Might be considering it soon though.
The only point I was trying to make is you don't know peoples personal cirtcumstance which can affect their finances.

Regards

Hotblu

dmg24

hotblu wrote: »

"Total income including CTC and WTC."

You mean just CTC, because your income is too high for WTC.

Not necessarily, it depends on the sources of the rest of the income.

dmg24

hotblu wrote: »

The only point I was trying to make is you don't know peoples personal cirtcumstance which can affect their finances.

Regards

Hotblu

The only words that I can think at this moment are ... POT KETTLE and BLACK. Maybe you need to look at how you have responded to people on this thread?

hotblu

dmg24 wrote: »

Not necessarily, it depends on the sources of the rest of the income.

For example...

hotblu

dmg24 wrote: »

The only words that I can think at this moment are ... POT KETTLE and BLACK. Maybe you need to look at how you have responded to people on this thread?

Now you have lost me... how have I responded that's offensive or inappropriate...

pollyanna24

Oldernotwiser wrote: »

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Pollyanna by name, Pollyanna by nature!

(Didn't mean this nastily but it was too good an comment to miss!)

I don't think he's got much hope of finding a landlord prepared to rent him a property with this sort of rent - and don't forget that he'd have the Council Tax on top. How much is that in your area?

Has he started looking yet? The whole process can take over a month by the time that references have been taken. and it's June in 6 weeks. Does he have a month's rent and 4/6 weeks deposit saved? I have a nagging suspicion that he's goiong to be sharing the cot with the baby!

All the best.

Good job Pollyanna ain't me real name, I guess! Although I have no idea what you mean by Pollyanna by nature, is there another dim one around somewhere?

I guess I've just never rented. Went straight from mummy and daddy to buying my own place. Unfortunately, bil doesn't have this luxury. He's been looking in the backs of newspapers where some of the ads are private, so think that's where I got the idea that he mightn't have to prove his income.

Does it really take 6 weeks to get everything up and running? Can someone quickly tell me the process as I will go home and tell him it all tonight.

There is no chance in hell of him still being in our house on 1st July, we gave a year's notice, so he'll be in a B&B if he hasn't sorted himself out!

liney

I think you definately need to shop around for your mortgage Hotblu - mine is £44k and will be remortgaged from July and go upto £360pm (from £325) - so yours shouldn't be costing you £500.

If you go to an estate agents you can usually see their advisor for free (no obligation) then check out the inistitutes they don't cover yourself.

You have alot of equity in your house, which borrowers will consider when assessing risk.

msmicawber

I've never rented privately, Pollyanna, only through letting agents, and the process seems to be the same with most agents so I'll try and remember how it goes (we've been here a few years now).

-Find property that your interested in via newspaper or agent's web site.
-Get appointment & view property via agent.
-Tell agent you're interested in renting the property.
-Agent gives application form to fill out asking for employment details, previous addresses (up to 5 years, I think) and referee(s).
-Return form to agent asap with cheque for administration fee (circa £80 per person).
-Agent carries out credit and reference checks.
-If all is OK, agent then provides tenancy agreement to sign. From memory, the deposit has to be handed over at this stage.
-Agent then sends signed tenancy agreement to landlord to sign.
-Keys, copy tenancy agreement and inventory handed over on a given day at a given time by agent. Rent is payable on this day or just before.

The paperwork can all be turned around quite quickly, but it depends on the landlord's availability to agree to the tenant then sign the agreement, how quickly your referees respond, how quick the credit check is returned, etc. I've tended to find that the delay is caused by not being able to get to see a property before someone else has and has snapped it up; or by not being able to afford a lot of the properties available at the time I'm looking rather than by the process of setting up the tenancy.

The agent's fee is for the credit & reference checks so isn't returnable, so your BIL has to bear in mind that each time he applies it'll cost him.

I hope that helps a little.

pollyanna24

Thanks a lot for that msmicawber, very helpful.

Think I might actually print your post out and hand it to him. He really hasn't a clue. The £80 credit check is definitely going to shock him!