i am looking for a mortgage?

Question

i earn about 17500 and my wife earns about the same - i have bad credit and we r looking 1 a mortgage of 180K - we have no deposit and are looking to take out a 100% mortgage - any suggestions please? serious answers only please, and please make the answers UK based as well - Many Thanks

i already know that i am looking for a mortgage that is several times our income - i have already stated my bad credit and i am aware of the present climate especially as it relates to mortgages - i know all these so it doesnt need to be recounted - what i am asking is, given all these factors, does anyone have ideas on how i can go about getting a mortgage - please dont tell me how it is not possible - i already have a fair idea how it might not be possible - constructive suggestions please!

Answer 1

You are looking for a mortgage of five times your modest two earner yearly income to buy a house with no money down and have bad credit. I hate to burst your bubble, but it's not going to happen.

Answer 2

Even with no debt and a great credit score you will not get mortgage of 5 times your salary, the reason being you cannot afford the payments as they are higher than your take home. This with 100% financing is for the most part gone. Add the taxes and utilities and you will be belly up within a month. Time to be realistic

Answer 3

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

Answer 4

In the current climate you will be very hard pressed to find anywhere at a rate lower than outragious. the amount is also far beyond your means. Forget it for a while until you have higher incomes and in the mean time ensure you pay all bills ontime to start to develop a bit of a track record.

Answer 5

Mortgage loans are given at about 3x your annual wages and your income to debt ratio. It is unlikely with bad credit and not enough income that you would qualify for a mortgage.

Answer 6

Your cosigner could additionally would desire to go the scrutiny of the lender as far as credit score and earnings. you do no longer say what you will desire to be procuring, yet whilst which you would be able to keep around, you are able to stumble on a lender who provides you with a loan on your revenues with the aid of myself, and not using a cosigner. that's in no way a robust theory to have a cosigner. those deals in maximum circumstances bypass risky a ability or yet yet another. once you have a sparkling call on your vehicle, take it to a financial corporation and borrow a small quantity like $500 and use the call as collateral. Pay it off as agreed, now no longer being previous due or lacking a fee. with a view to fortify your possibilities of having a loan on your very own quicker or later.

Answer 7

good. steady household income, we do look for this but most of our decisions are based on credit rating as this is the biggest type of loan you will get, have u ever had a mortage in the past ?? If you have and you have paid that well but its other things that are letting you down, then you should be fine. What is the minimum term you are looking for ??

Answer 8

first you in the wrooooong place for serious financial advice,2nd read the papers and ask people,I suggest you wait for a year as the bublle is very near to bursting,petrol at 100$ per barrel,rumors about iran war within a year and a general slow down in spending and unemployment up.Just save a bit of money for a year and then go for it,P.