hi I need to know will i be able to get Mortgage on my current circumstances

I am single, first time buyer I have won lottery and got £5000 I am reciving social security £35 pw and carrer allowence £200 pcm I have found few properties in region of £30000 If I would like to use my £5000 as deposit will any bank be able to give me Mortgage and how much monthly I have to pay I am with NatWest for last seven years

Asked by z323791

6 Answers

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Answered by John Stirling, IFA in Saffron Walden, ESSEX
Try Natwest first, they know you best, and should be most likely to take a positive view of your circumstances.

Once you've paid for some costs you will be borrowing close to 90% which is pretty much a stretch for the best borrower, and I'm afraid whether it's fair or not you are unlikely to be viewed as a great prospect.

I'd have to say it's unlikely, but if you are really keen then find a local independent mortgage broker, who will take a sympathetic view regarding fees, and see what they can do. | 12.13.10 @ 09:19
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
Based on the info given, it would be extremely difficult to obtain a mortgage. The deposit would need to be at least £6k on a £30k property and the loan would need to be supported by earnings of about £6k gross per year. This would be based on a clean credit record and no other loans. If you have outstanding balances on credit cards or loans, then this will reduce the amount you can borrow on a mortgage | 12.13.10 @ 09:41
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
I agree with Paul's comments and the key thing is the loan in relation to the property value. although you have a reasonable deposit for the purchase price you will still be at the top end of the rates and some lenders wont lend at all at that % loan regardless of your employment position. | 12.14.10 @ 00:40
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
Z
Answered by z323791
It's Sound like I don't have enough money to take a mortgage and neither my personal circumstances, I have a great fear that if I hang on to the £5000 i will expand it all. Can you guys suggest any investment where I can invest this money and wait for it to double it up, so at least when I am off caring for my mother I can start my life comfortably again ? | 12.14.10 @ 18:27
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
I can, but if you could please ring me, I'll will tell you more about it. There is no obligation on your behalf, but I would rather chat with you and explain to you the places you could potentially invest | 12.14.10 @ 18:30
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
Answered by John Stirling, IFA in Saffron Walden, ESSEX
That sounds like a sensible option. I would however caution against trying to get it to 'double up' in the short term. I'm not saying it can't or won't, but if this is a big chunk of money for you then I really would suggest being fairly cautious with it - an investment ISA into long term investments which are consistent with your risk profile would be my suggestion - but beyond that it is fairly specific to you. Quite happy to provide more information in the public forum here, including the sort of risk assessment questionnaires we would normally ask - but if you have already contacted Paul it may not be of any benefit to you so I won't just spout off in this post. | 12.15.10 @ 21:05
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$commenter.renderDisplayableName() — {comment} | 10.21.17 @ 06:47
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Answered by

John Stirling
John Stirling, IFA in Saffron Walden, ESSEX

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