mortgage options?
Discussion
Hi all i would be grateful for some advice, myself and the fiance are looking at buying a secong home to move into and rent out the current 2 bed that we currently live in, the mortgage on this has about 60k remaining with a value of approx 100k, the mortgage is currently 350 a month rising to 370 when switched to a btl mortgage.
I currently earn just over 40k and will steadily go up over the next few years and the fiance earns 35k, she has a good credit record while mine is currently tarnished due to a mess up with a small loan last year due to the bank computer system changing and my date of birth being reset meaning they would not take payments, this is hopefully going to be sorted in the near future fingers crossed however in the meantime my credit rating has taken a hit.
I have in the region of 25k deposit after spending a bit on the current house and the other half has a few k, neither of us have any debts and i can save approx 1k/month and the fiance a bit less, so im worried that the hiccup on my credit will cause us problems getting a decent sized mortgage at a good rate?, i am confident we could afford up to 1k/month on a mortgage even if the current house takes a while to rent but im not sure about the whole thing to be honest, any advice or opinions gratefully received !, cheers stu
I currently earn just over 40k and will steadily go up over the next few years and the fiance earns 35k, she has a good credit record while mine is currently tarnished due to a mess up with a small loan last year due to the bank computer system changing and my date of birth being reset meaning they would not take payments, this is hopefully going to be sorted in the near future fingers crossed however in the meantime my credit rating has taken a hit.
I have in the region of 25k deposit after spending a bit on the current house and the other half has a few k, neither of us have any debts and i can save approx 1k/month and the fiance a bit less, so im worried that the hiccup on my credit will cause us problems getting a decent sized mortgage at a good rate?, i am confident we could afford up to 1k/month on a mortgage even if the current house takes a while to rent but im not sure about the whole thing to be honest, any advice or opinions gratefully received !, cheers stu
SARNIEstuh1980 said:
Hi all i would be grateful for some advice, myself and the fiance are looking at buying a secong home to move into and rent out the current 2 bed that we currently live in, the mortgage on this has about 60k remaining with a value of approx 100k, the mortgage is currently 350 a month rising to 370 when switched to a btl mortgage.
I currently earn just over 40k and will steadily go up over the next few years and the fiance earns 35k, she has a good credit record while mine is currently tarnished due to a mess up with a small loan last year due to the bank computer system changing and my date of birth being reset meaning they would not take payments, this is hopefully going to be sorted in the near future fingers crossed however in the meantime my credit rating has taken a hit.
I have in the region of 25k deposit after spending a bit on the current house and the other half has a few k, neither of us have any debts and i can save approx 1k/month and the fiance a bit less, so im worried that the hiccup on my credit will cause us problems getting a decent sized mortgage at a good rate?, i am confident we could afford up to 1k/month on a mortgage even if the current house takes a while to rent but im not sure about the whole thing to be honest, any advice or opinions gratefully received !, cheers stu
What value property will you be looking at?I currently earn just over 40k and will steadily go up over the next few years and the fiance earns 35k, she has a good credit record while mine is currently tarnished due to a mess up with a small loan last year due to the bank computer system changing and my date of birth being reset meaning they would not take payments, this is hopefully going to be sorted in the near future fingers crossed however in the meantime my credit rating has taken a hit.
I have in the region of 25k deposit after spending a bit on the current house and the other half has a few k, neither of us have any debts and i can save approx 1k/month and the fiance a bit less, so im worried that the hiccup on my credit will cause us problems getting a decent sized mortgage at a good rate?, i am confident we could afford up to 1k/month on a mortgage even if the current house takes a while to rent but im not sure about the whole thing to be honest, any advice or opinions gratefully received !, cheers stu
The lower the LTV, the less of an impact the discrepancy on your credit file will be. If it's just showing as a late payment, don't worry too much unless it's worse and showing as multiple missed payments, a default or a CCJ.
I'm a Mortgage Broker, happy to chat with you if you want to drop me a PM?
Edited by Sarnie on Friday 1st November 08:33
Thanks guys, we're looking for a property of value up to 250k if possible although im not sure if this is maybe a bit high with our deposit saying that i think it is perfectly affordable?, the problem is that the loan does show up as a couple of missed payments then a default, absoloutely crazy as i was trying to pay the damn thing off!, ill drop you a pm thanks sarnie !
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