Hi everyone!
This is my first so please be very gentle with me!
I've been lucking for a while and read some excellent advice which I've used for my own situation and needs.
This time I was after some advice and hopefully I can get an answer to confirm if this is an option or not.
Basically me and my wife have moved into a new part of the country and we are currently in rented accommodation. We have found a house we would like to buy but I'm not sure if we can get a mortgage for it. This is where I need some advice. Can we get a mortgage or not?
Our situation:
I earn £27k a year and my wife doesn't work. Take home is around £1600 per month. We have 2 kids under 5, that's why my wife is at home because childcare is stupidly expensive!
We own a property that we rent out and the rent covers the mortgage and insurances plus around £50 extra per month. We will be keeping this on as there is only a small amount of equity in it and we have a long term good tenant.
We have £20k to put down as a deposit and the house we want to buy is for sale for £160k.
We don't have any credit cards but I have a personal loan which I pay £250 per month and the current outstanding balance is £13k.
The question is, will there be any mortgages out there that would consider us? Would we be able to use a parent as a guarantor?
What are our options? Is it a non starter?
I hope I've made sense! Any help, advise or guidance would be great.
Thanks red imp
This is my first so please be very gentle with me!
I've been lucking for a while and read some excellent advice which I've used for my own situation and needs.
This time I was after some advice and hopefully I can get an answer to confirm if this is an option or not.
Basically me and my wife have moved into a new part of the country and we are currently in rented accommodation. We have found a house we would like to buy but I'm not sure if we can get a mortgage for it. This is where I need some advice. Can we get a mortgage or not?
Our situation:
I earn £27k a year and my wife doesn't work. Take home is around £1600 per month. We have 2 kids under 5, that's why my wife is at home because childcare is stupidly expensive!
We own a property that we rent out and the rent covers the mortgage and insurances plus around £50 extra per month. We will be keeping this on as there is only a small amount of equity in it and we have a long term good tenant.
We have £20k to put down as a deposit and the house we want to buy is for sale for £160k.
We don't have any credit cards but I have a personal loan which I pay £250 per month and the current outstanding balance is £13k.
The question is, will there be any mortgages out there that would consider us? Would we be able to use a parent as a guarantor?
What are our options? Is it a non starter?
I hope I've made sense! Any help, advise or guidance would be great.
Thanks red imp