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how can i get a mortage

bridmakem
by bridmakem 29 December 2012  |  Comments 3 comments  |  Love Love  0 loves

Hi I am working fulltime and have been renting for the last 7+ yrs with no missed payments and was looking at buying the house i am living in but i am with a debt management company in which i have not missed a payment since 2006 P.S dont get me wrong this was supposed to be an IVA at the time i took it out would any give me a mortage

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Comments (3)

  • MikeGG1
    Love rating 909
    MikeGG1 posted

    You will need a deposit of at least 10% of the property value unless you are buying at a discount.

    How can you raise 10% if you can't settle your existing debts? Clear them first.

    Mike

    Posted on 29 December 2012 | Love Love  0 loves Report
  • eloise86
    Love rating 0
    eloise86 posted

    Yes Mike is of course right. Many people rush into buying a home without working out their true circumstances first. 10% deposit is good, however i would always suggest 15% is even better and leaves you in a better position, getting a better mortgage quote.

    Posted on 31 December 2012 | Love Love  0 loves Report
  • rachel@abcfinancial
    Love rating 0
    rachel@abcfinancial posted

    Hi there

    Like all the other guys who have posted on here 10% is the minimum deposit you would have to find to purchase a property...However, you would need to look at your existing commitments and ensure that you are still in position to maintain these in the way you have been before commiting yourself to any more debt...It sounds like you have kept to your plan which is excellent, I would always recommend speaking to someone and going through all your options first before taking that step. 10% is a lot to find but you can do it with the right structure in place.

    Hope that helps.

    Rachel@abcfinancial

    Posted on 07 January 2013 | Love Love  0 loves Report

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