Hello all - I am a first timer on these boards so please bare with me if I start to ramble.
We were declined for a 90% mortgage in July 2012 based on affordability, we used a whole market broker at the time and knew we were pushing it as we had some loan and cc debt which in hindsight, we should of cleared first.
Anyway we are now 7 months down the line, and we have cleared all debt except a car which is on HPI options with 10k outstanding which is up for renewal in April 2014 and a sofa on credit with about £400 left to pay which ends November 2013.
I have just used a some of our savings that we had to pay for our wedding in December and were just starting to get back on track with savings but have just been given the bombshell that our landlady is going to be selling the house we live in.
We have been here 6 years and pay £450 a month, properties in the area now rent out at 600 -700 a month. The property we are in has been valued at £83,000 and we have been offered it at £77,000, I could scrape the deposit for a 90% mortgage but the majority would be gifted by my mum. We earn £46,000 between us and my husband has a dependant. I spoke about outstanding debt above, we both have credit scores with experian at around 860 with the failed mortgage application showing as a previous search from July last year. We have no adverse credit, late payments etc.
The other obstacle I may face is my name change from my marriage, I am waiting for the amended electoral register to update on my report, I am still showing under my maiden name at present, would this cause an issue?.
Do I try for a mortgage again or move to another rented and lose £150 that could be going in the savings pot.
Your views would be much appriciated....
We were declined for a 90% mortgage in July 2012 based on affordability, we used a whole market broker at the time and knew we were pushing it as we had some loan and cc debt which in hindsight, we should of cleared first.
Anyway we are now 7 months down the line, and we have cleared all debt except a car which is on HPI options with 10k outstanding which is up for renewal in April 2014 and a sofa on credit with about £400 left to pay which ends November 2013.
I have just used a some of our savings that we had to pay for our wedding in December and were just starting to get back on track with savings but have just been given the bombshell that our landlady is going to be selling the house we live in.
We have been here 6 years and pay £450 a month, properties in the area now rent out at 600 -700 a month. The property we are in has been valued at £83,000 and we have been offered it at £77,000, I could scrape the deposit for a 90% mortgage but the majority would be gifted by my mum. We earn £46,000 between us and my husband has a dependant. I spoke about outstanding debt above, we both have credit scores with experian at around 860 with the failed mortgage application showing as a previous search from July last year. We have no adverse credit, late payments etc.
The other obstacle I may face is my name change from my marriage, I am waiting for the amended electoral register to update on my report, I am still showing under my maiden name at present, would this cause an issue?.
Do I try for a mortgage again or move to another rented and lose £150 that could be going in the savings pot.
Your views would be much appriciated....