Mortgage

[natalie_1982]

What is the liklihood of my qualifyiong for a mortgage?  I have refused for a loan recently, I earn �16.5K and have about �8K debt which I haven't missed a payment on and have been paying extra on for 2 years to get paid off.  My partner (who is looking to be on the mortgage with me) earns �16K.  I'm really scared we will be refused a mortgage and what will we do then as we don't qualify for Council housing and I don't want to rent privately as we'll never be able to buy our own place.  Oh and we have about �2.5-3K in savings.

[jean88]

Well, it is hard to get a personal loan anyway if you dont one your own property. I think you stand

[jean88]

Well, it is hard to get a personal loan anyway if you dont one your own property. I think you stand a

[jean88]

Well, it is hard to get a personal loan anyway if you dont one your own property. I think you stand a very good

[jean88]

Well, it is hard to get a personal loan anyway if you dont one your own property. I think you stand a very good chance

[jean88]

Well, it is hard to get a personal loan anyway if you dont one your own property. I think you stand a very good chance for a

[jean88]

I dont know what happen there..!!?? What I am trying to say is that you have good chance of getting this mortgage as you and your partner have a joint income of �32.5K. Is hard to get personal loans if you dont owe your own property but mortgage is different. The matter is getting the mortgage big enough to buy your house considering the house prices are so high now-a-days.

Good luck.

[OBonio]

You should be ok I think. As Jean88 said, not owning a property means you can't secure a loan sometimes. I've been rejected for loans and was forced to go to my bank for one in the end. Bit more expensive, but they knew my finances better than 'the other companies'. Anyway, the only bit of advice I can give you is see an Independant Financial Advisor for a mortgage, not someone from the bank. They're usually free. Your local estate agent should be able to recommend one.

[Mrs_Pegasus]

Personal loans are just that - personal, they are unsecured so whether you own your own home or not makes no difference.

Firstly, contact the relevant credit recording companies such as Experian and Equifax.  Obtain your credit report and see if that shows anything up. 

Have you any credit at all?  The reason I asked is because if you have no credit it can sometimes be very hard getting any!!

Also, be sure you are always registered on the the register of electors if the lender cant trace you back X amount of years your chances are getting credit of any kind is slim.

[jean88]

Is a lot easier to get a loan if you owe your own house or even living with parents, they tend to score lower if you rent( its all credit ratings), make sure you register electors as Mrs_Pergasus said. You should be able to get a mortgage, make sure you shop around.