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will i get a mortgage

(4 Posts)
everton Mon 05-Oct-09 08:37:24

Me and my DH are seperating. I want to try to buy him out of the house but I am scared to death i will not get a mortgage at the moment. Any experts out there. The house is worth 180000 - 74 k mortgage outstanding. Would therefore need to borrow 74k + 30K to pay out DH but also have loans, car loan and credit cards adding to2ok which I would want to add on to the mortgage. I earn 37k before tax - any help much appreciated. Im so scared cause i don't want to have to sell and move my DS away from his home friends and school.

hf128219 Mon 05-Oct-09 08:47:25

Have you been on line and tried to get accepted?

DaisymooSteiner Mon 05-Oct-09 08:53:21

I'd speak to London and Country who are mortgage brokers and should have a good idea of whether you'd be accepted. Also speak to a solicitor to find out what financial contribution you can expect from your ex.

notyummy Mon 05-Oct-09 08:57:12

You will almost certianly find someone to offer you a mortgage as long as you have a reasonable credit history - by my calculations you are looking to borrow @£124 K against a 170k house, which is less than 80% LTV. Your income however is sailing close to the wind when making the repayments.

I would have a look at Charcol and see what the best rates are for 80% LTV mortgages and then perhaps apply to one of them - don't apply for a whole load, because each one is logged by credit checking agencies, and if you are refused by any then it is logged on your record as a refusal and other companies will then find out about it.

You may also want to look at as it has lots of great advice for all sorts of financial situations.

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