i want my own house

[kitten_uk2]

me and my husband have been paying 400quid a month rent for the past nearly 4yrs, we both work, and had a peek at some new houses near us, there so nice. what are the chances of getting a morgage????? we dont have any savings so..........

[Reverandfunk]

Hi Kitty.

A lot of lenders will give a 100% mortgage but as to repayments it depends on the price of the property obviously. I'm sure someone on here will give you approx repayments if you say how much u want to borrow.

[raysparx1]

Hikitten, you need to go into a building society and have a chat with mortgage advisor, they will probably want you to open a savings acoount for a little while so that you are a regular customer, you may be able to get a 100% mortgage, for that you need to speak to a mortgage broker, but if you can wait a little while and save a bit towards a deposit it will be a lot easier to get one. but go and have a chat first, good luck, Ray

[kitten_uk2]

thanx ray, i have an account with a building society, had it since i was little, but theres only pennies in there now, we have a son and he has an account there too. my friend is just in the process of getting a house and he could only get 90grand tops, and earns loads more than me. we are after a new house, dont know prices yet but think looking at 150+ easely. we would have no problems paying the usual 400 a month on a morgage, but how do we talk a morgage lender into taking a chance on us. plus my hubby has a bad credit past, but my bank throws everything at me, do u think its worth going to my own bank?

[raysparx1]

Hi kitten, it is always worth speaking to your own bank, and you don't have to have the mortgage over only 25 years ask about an extended one, say for 35 years, but whatever you do never borrow more than you can comfortably afford to pay back, cos if you do and interest rates rise you will be in trouble with paying it, the other option is to go for shared equity on a house with a housing association, what else you could consider is going for a house that needs a bit of work doing to it, you then straight away have a property worth more than you payed for it, they will ask about what other debts you have, you say your hubby has bad debt in the past, is that all ok now ?

[CheekyChops]

A mortgage of �150K (you say you have no deposit) will cost far more than the �400 per month that you are currently paying.

At 6%, the montly repayment would be �977.83 and if rates went up to 12% (which they have in the past) you will be looking at �1593.00!!

Even stretching the repayments over 30 years, you are looking at �908 and/or �1551 pm.

Generally you can borrow 3 times your own salary or 2.5 times joint salaries. Some will lend more than this but you will still need to be able to prove you can afford the repayments. Also, if your husband has a bad credit rating he may not be accepted for a mortgage and if you apply on your own, they won't take his income into account.

Have you thought about shared ownership, it may be cheaper for you.

[kitten_uk2]

we are goin through a payment plan thing that he has had to pay back some jobseekers allowence , only 30quid left on the dam thing now, but 3 years ago, we tried to get finnace on a computer and they wouldnt let us, because of the bad credit check they did, hence why we know. but have never seen a credit report, im presumming im not the bad oe here as my bank gives me anything, loans,overdaft, credit cards, my hubbys bank is useless and wont even let him have a direct debit card.

[kitten_uk2]

whats shared ownership cheeky chops? and how do i go about it?

[CheekyChops]

Share Ownership is where you 'share' the ownership of a property with someone else - usually a Housing Association.

You buy part of the house (say 25%) and the housing association buys the other 75%. You get a mortgage for the 25% and pay rent to the HA on the other 75%.

You can usually increase the percentage that you own as and when you can afford it and can eventually end up owning the whol property.

See http://www.direct.gov.uk/en/HomeAndCommunity/B uyingAndSellingYourHome/HomeBuyingSchemes/DG_4 001347

[sleepy1]

geta a council house and buy that