anyone got morgage recently???

[Mummytoobeexx]

me and my partner have a 5 month old daughter and were both.living with parents at the moment thing is i want my own place but my partner wants to buy he hates the idea of paying 500 a month on rent when he could be paying this but its our own house
i havent got a clue about morgages and where we stand
we seen a house for 70k we love but would need 10 k spending on it. we have a 10k deposit. my partner has a good stable job as an electrician thing is im not working at the min. would this stop us getting a morgage?? my partner also has a ccj from years ago we recently found out about but has now been paid and is 'settled'?? any advice about morgages and would 10k be enough deposite. any else got a morgage with partner recently??

 

[Piggywinkle]

me and my partner have a 5 month old daughter and were both.living with parents at the moment thing is i want my own place but my partner wants to buy he hates the idea of paying 500 a month on rent when he could be paying this but its our own house
i havent got a clue about morgages and where we stand
we seen a house for 70k we love but would need 10 k spending on it. we have a 10k deposit. my partner has a good stable job as an electrician thing is im not working at the min. would this stop us getting a morgage?? my partner also has a ccj from years ago we recently found out about but has now been paid and is 'settled'?? any advice about morgages and would 10k be enough deposite. any else got a morgage with partner recently??

A lot of mortgage companies now will do an 'affordability assessment' rather than the old way of 2.5 or 3.5 multiples of wages. They'll basically take your OH's incomings and outgoings and work out if he can afford the mortgage payments. The problem with this is that, if you're not working, they'll also take into account that his wage will also need to support you and your LO.

A CCJ may also complicate things, but usually if it's less than 6 years old. After 6 years, it 'drops off' your credit report so it doesn't effect your rating any more.

I know I sound like a doom-and-gloomer but we recently got turned down for a mortgage on a shared-ownership property and we were only asking for 35k. OH works full time and brings home 21k per year, but I'm a SAHM. His credit record is as a good as it can get but we were still turned down. It's still not a very good time to get a mortgage unfortunately.

The best thing to do is to speak to an independent financial adviser. Get one that doesn't charge you for their service. They make their money from the mortgage company in some kind of referral fee, so it's in their interests to explore every avenue and get you a deal.

Good luck!

 

[LoraLoo]

I think you have been given good advice from the PP. Also a £10k deposit on a £70k house will be looked at very favourably, its a good deposit and you will be offered better deals. You may not be working but some mortgage companies do take into account tax credits etc into your annual income. Good Luck.

 

[Mummytoobeexx]

piggy winkle. did you also have a good deposit? ive been told 10 k wont be enough of a deposit.

 

[Piggywinkle]

piggy winkle. did you also have a good deposit? ive been told 10 k wont be enough of a deposit.

We had 7k which was 20% of the 35k mortgage, so we only needed to borrow 28k. It's more of a percentage thing rather than an amount, if that makes sense? It may be different though, as the property we wanted to buy was a shared ownership. There were only a small number of lenders who consider shared ownership mortgages so you may have more luck as you'll be able to look at the whole market.

 

[My_First]

Some good advice above but the ccj will not drop off if it has recently been settled. It would be six years from the settlement date. That said there maybe some providers who will lend on it , your best bet is to speak to an IFA.