Mortgage Advice

[ChrisG1983 10]

Hi All,

 

Just wanting a bit of advice (again) lol.

 

Myself and partner are currently living in a 2 bed house valued at £82,000 which we bought for £84,950 in August 2007. We currently have £80,100 left on the mortgage with Mortgages plc.

 

The property was purchased when we were on a combined salary of £23,500

 

We are now wanting to move out of the property as we are wanting somewhere bigger as possibly looking at starting a family next year.

 

We have seen a 3 bed property for £104,950 with £5,000 cashback on completion.

 

We have fell in love with it and are desperate for it.

 

We basically need to know if there would be a chance that we could get a mortgage for that value of property??

 

We only have a loan outstanding of about 10k, and 2 store cards with less than £500 on them in total. I dont have a particularly good credit record but we have never missed a mortgage payment.

 

Sorry I have gone on and on but any help would be really appreciated as always.

 

Chris

[GrannyGranny 10]

You really need to contact your Mortgage company.

 

But looking at the figures you only have £1900 equity in the house.

 

You then want to increase your existing mortgage by £24850 meaning you will have a total mortgage of £103,050. is you combined salary still the same or has it changed?

 

You will get £5k cashback but thats on completion so can't be used against the new house unless you borrrow £5k short term and pay it back.

 

You have £10,500 in loans and store cards and a poor credit rating.

 

This will act against you but you have not missed a mortgage payment which is a positive.

 

I think the lack of deposit will be a problem, you may need a minimum of 10-15%, thats approx. £15k.

 

Looks like a chat with Mortgage plc is required.

[Pauliedw 10]

Hi.

 

Inclined to agree with Grannygranny I'm afraid.

 

We were in a similar position 6 months ago, but were fortunate enough to have the 15% deposit that was required. Even then, the banks were only lending 2-3 x value of annual income.

 

We enlisted the help of a mortgage advisor who was a god-send.

 

Loads of advice during what was a painful and complicated buying process, and her only fee was £200 on completion (if we completed!).

 

For that relatively small fee, they can take away the pain of mortgage hunting for you, and offer completely objective advice...

 

Good luck

[More4loans 10]

Good advice from grannygranny in that the level of deposit you can provide is crucial as is your credit profile.

[ChrisG1983 10]

You really need to contact your Mortgage company.

 

But looking at the figures you only have £1900 equity in the house.

 

You then want to increase your existing mortgage by £24850 meaning you will have a total mortgage of £103,050. is you combined salary still the same or has it changed?

 

You will get £5k cashback but thats on completion so can't be used against the new house unless you borrrow £5k short term and pay it back.

 

You have £10,500 in loans and store cards and a poor credit rating.

 

This will act against you but you have not missed a mortgage payment which is a positive.

 

I think the lack of deposit will be a problem, you may need a minimum of 10-15%, thats approx. £15k.

 

Looks like a chat with Mortgage plc is required.

 

Thanks for the information GrannyGranny

 

I actually thought I put our new salary information but obviously forgot lol. We have both had increases and are now on a combined salary of £34,0000.

 

Hope this helps.

 

Thank you

[ChrisG1983 10]

Thanks to all other replies, didnt notice them first time and didnt want to appear rude. So general opinion would be we need about 10k - 15k to get the ball rolling???

 

Thank you

[DavidRa 10]

Thanks to all other replies, didnt notice them first time and didnt want to appear rude. So general opinion would be we need about 10k - 15k to get the ball rolling???

 

Thank you

 

Yes maybe more and you can obtain a credit report from experian or equifax which will give information on your rating.

[ChrisG1983 10]

Are there any mortgage advisors on here that may be able to help form the above information.

 

Thank you

[Sarkysod 10]

Are there any mortgage advisors on here that may be able to help form the above information.

 

Thank you

 

Try this guy, he has always been more than helpful and really knows how to get you the mortgage you want and afford.

[Danny_Boy 10]

Are there any mortgage advisors on here that may be able to help form the above information.

 

Thank you

 

 

The poster above you is and so I am feel free to contact me via pm or my website

[JanitaM 10]

If you want some sensible mortgage advice try speaking to Matt Harris from 3sixty financial solutions. 07815867554. I know him and despite haven't used his services (apart from trying to understand how it would work when i need one) I know people who have and really appreciated it.

 

 

Hi All,

 

Just wanting a bit of advice (again) lol.

 

Myself and partner are currently living in a 2 bed house valued at £82,000 which we bought for £84,950 in August 2007. We currently have £80,100 left on the mortgage with Mortgages plc.

 

The property was purchased when we were on a combined salary of £23,500

 

We are now wanting to move out of the property as we are wanting somewhere bigger as possibly looking at starting a family next year.

 

We have seen a 3 bed property for £104,950 with £5,000 cashback on completion.

 

We have fell in love with it and are desperate for it.

 

We basically need to know if there would be a chance that we could get a mortgage for that value of property??

 

We only have a loan outstanding of about 10k, and 2 store cards with less than £500 on them in total. I dont have a particularly good credit record but we have never missed a mortgage payment.

 

Sorry I have gone on and on but any help would be really appreciated as always.

 

Chris

[remortgage 10]

Are you looking to sell the property you are in ? I very much doubt that mortgages PLC will look at increasing loan size!!! As they have stopped lending at present.