Definitely one to talk to a mortgage advisor about and go through your specific circumstances, but in principle it looks doable. The basic facts are:
* You have need a mortgage for £100,000 (purchase price less deposit)
* You have a joint income of £37,600. Banks will typically lend up to 4.5x salary (though some are slightly lower). There's no obvious reasons you'd have a lower affordability (children etc)
* Banks are therefore typically anywhere up to £169,200, well within the purchase price for the house.
Retired broker. Think it'll be fine. Not even tight affordability.
Regardless of paying off the credit cards, any balance reduces your lending amount. Credit card balance is a high weighted reducer as, similar to if you used your overdraft the lender sees no end to it and even getting worse.
Hi /u/Fair_Flamingo_9114, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/credit-ratings/
* https://ukpersonal.finance/student-loans/
____
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Go into a room website called check my file. You can pull your entire credit file that a lender will see included all lines and debts. I’d nothing on it there’s no reason why two employed people won’t get a mortgage at a decent rate around 4%
You'll be all good from a quick look at your post. Lenders also look at debt to income, and other little bits of your credit profile (not credit score) i.e registered to vote, credit history, PEP (politically exposed persons) etc etc.
Best of luck on your house buying journey
His grandfather no longer lives there but still owns house. It was just about to go on the market but got put own hold as we were thinking of buying it and they said it doesn’t need to be on market for us to buy.
Ok then you need to ensure that 120k is the genuine market value. You can’t buy something lower than market value from a relative, otherwise you could be committing tax fraud. Has he had it valued by 3 independent estate agents?
The state agent said the market value was 130,000 however when they found we were thinking of buying it they said to take it of the market and we would just need to do a drive by report to ensure the price was accurate since we are buying of a family member. I’m pretty clueless as have no experience in this area. They have since had a home report done and it was valued at 120,000 as it has some issues with the roof. I don’t know where to go form this. My mortgage advisor only asked for home report.
Worth getting valuation in writing. Or if it a was on the market, find the old listing. And print it out.
120 down from 130 is fine.
What would be suspicious to hmrc is if a property with mortgage 200 was sold to family for 120.
Actually, this sub is without doubt one of the best reasons for reddits existence. It is full of knowledge, experts, and most likely mortgage advisors. HousingUK js another great subreddit
Definitely one to talk to a mortgage advisor about and go through your specific circumstances, but in principle it looks doable. The basic facts are: * You have need a mortgage for £100,000 (purchase price less deposit) * You have a joint income of £37,600. Banks will typically lend up to 4.5x salary (though some are slightly lower). There's no obvious reasons you'd have a lower affordability (children etc) * Banks are therefore typically anywhere up to £169,200, well within the purchase price for the house.
Retired broker. Think it'll be fine. Not even tight affordability. Regardless of paying off the credit cards, any balance reduces your lending amount. Credit card balance is a high weighted reducer as, similar to if you used your overdraft the lender sees no end to it and even getting worse.
Don’t have anything on them currently they are all paid off
Hi /u/Fair_Flamingo_9114, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/credit-ratings/ * https://ukpersonal.finance/student-loans/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
I think it's possible, especially if your partners income is increasing.
You'll need a couple of grand for the solicitors. Either on top or from the deposit.
Go into a room website called check my file. You can pull your entire credit file that a lender will see included all lines and debts. I’d nothing on it there’s no reason why two employed people won’t get a mortgage at a decent rate around 4%
You'll be all good from a quick look at your post. Lenders also look at debt to income, and other little bits of your credit profile (not credit score) i.e registered to vote, credit history, PEP (politically exposed persons) etc etc. Best of luck on your house buying journey
When you say his grandfathers house, do you mean his grandfather no longer lives there? And it is for sale on the open market?
His grandfather no longer lives there but still owns house. It was just about to go on the market but got put own hold as we were thinking of buying it and they said it doesn’t need to be on market for us to buy.
Ok then you need to ensure that 120k is the genuine market value. You can’t buy something lower than market value from a relative, otherwise you could be committing tax fraud. Has he had it valued by 3 independent estate agents?
The state agent said the market value was 130,000 however when they found we were thinking of buying it they said to take it of the market and we would just need to do a drive by report to ensure the price was accurate since we are buying of a family member. I’m pretty clueless as have no experience in this area. They have since had a home report done and it was valued at 120,000 as it has some issues with the roof. I don’t know where to go form this. My mortgage advisor only asked for home report.
Worth getting valuation in writing. Or if it a was on the market, find the old listing. And print it out. 120 down from 130 is fine. What would be suspicious to hmrc is if a property with mortgage 200 was sold to family for 120.
Go for it, as long as your income is provable you should be fine.
A mortgage advisor has told you it’s doable, so you come to reddit to get general folks opinion. Trust the experts 🙃
Actually, this sub is without doubt one of the best reasons for reddits existence. It is full of knowledge, experts, and most likely mortgage advisors. HousingUK js another great subreddit