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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 moneysavingexpert.com as it has lots of great advice for all sorts of financial situations.

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