Mortgage advice needed Help

[adam090376]

Hi All
I wonder if anyone can help me. I am currently in an IVA but have only been in it for 3 or 4 months. We currently rent our home and pay £800 a month in rent, However we think the landlord may want to sell soon so we was thinkng that rather that renting agan would it be possible to get a mortgage on a small place. What sort of property value wise could I get for £800 a month. Also there is the question of deposits, Would this be needed in all mortgage's? or what are the implications of moving to another rented property? Another option that we are looking into is a shared ownership is this possible?
Thanks for your help

[mikebdomain]

On £800 per month on an adverse product e.g.

100,000 for 25 years @ 8.5% would be

Repayment: 814.26
Interest Only: 708.33

You would need a 10 to 15% deposit. If you could get a 'gifted deposit' (buy the flat from your landlord for lower than the valuation) you could use this towards the actual deposit amount.

A shared ownership is a possibility.

To get a full picture of what will be available to you, you need to speak to a mortgage broker, who will take you through a fact find and carry out a credit search, then search what mortgage products will be available. What you can achieve will depend on your personal circumstances.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Welsh Boy]

Hello Adam

You probably need a deposit in the region of circa 15%, also confirmation from your IP that your IVA is being conducted satisfactorily along with permission from your IP. With regard to what sort of property value you could get for £800 per month, there are lots of factors that would come into this equation, your prsent credit profile and what rates would lenders be willing to lend to you at. Affordability in relation to obtaining a mortgage, if you were to be able to get a mortgage how you would want it structured re the repayments both method and term. Hope this helps. Tony

[adam090376]

Hi Mike and welshboy
Thank you for your replies. MY IVA is currently running OK but is only 3 - 4 months in. Would it be possible for you guys to help me with mortgage information or brokers? I just need to know what we can afford and what is on offer. Any help or contacts would be a great help.

[mikebdomain]

Hi adam please feel free to phone either or both of us - an advisor will take all your details and advise you of all your options.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf