What are the chances of us getting a Mortgage?

[Pollyputthekettleon45]

I have inherited a house. It's run down and worth round £80k.

We will clear our debt and use it for a few other bits.

We would like to put a big chunk down on a house, roughly around £50k. DH works and I don't . We have 2 dds. We will have zero debt.

What are the chances of us getting a mortgage for roughly £100k? If not a bit more.
DH brings home roughly £1k a month.
Would it be likley? Thank you for reading

You absolutely need to speak to a mortgage advisor who will be able to tell you what products you might qualify for. It’s impossible to advise without knowing your outgoing and credit history.

I don't think you'd get a mortgage of anything near £100K. Is there no possibility of getting a mortgage on the house you inherited and then doing it up and living there for the time being. Renting it out might be an idea if it was put in your name as the rent would probably be tax free as you aren't earning anything at the moment. But if it needs money to be spent on it that's probably not possible. Are you talking about £20K before or after tax. That makes quite a difference.

OP, I recently remortgaged, and was offered around £73K on sole income of around £20K, which included child benefit and tax credits.

I strongly suggest that you use and Independent Financial Advisor, who will look at the whole market and obtain the best mortgage that they can for you. You are in a good position having such a large deposit however they don't like too much debt.

The IFA will run it all through their software and be able to give you an idea of who will lend to you, how much they will lend and how much it will cost. They usually work on commission, although some do charge.

Good luck

Thank you for all the help!

The plan was us to do up the house and live in it, unfortunately there is that much work that needs doing we won't be able to get a remortgage big enough to cover the work without getting us in more in debt.
We have been advised to sell it, clear the debt and put what's left on a house.

We are now looking at about £30k-£35k as a deposit, both of our credit ratings are great and we will have no debts.

Got a Mortgage broker in mind London and Country? I've read good things about them :) we have sold the house and paperwork is under way.

In all honesty nothing has gone right with the house and it feels like nothing but bad luck. We want a clean fresh start somewhere new and closer to our children's school.

Good luck to you! I'm sure 2018 will be a better year :)

Don't like L&C myself but that's for personal reasons I prefer using smaller local people but good luck to you I hope 2018 is your year!