question for MikeBDomain

[BECKY]

Posted - 19 October 2007 : 17:45:36
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Mike
Can I ask some advice , this is all hypothetical at the mo , but how feasible and what is the max I could borrow and what would be needed deposit wise for the following
Post iva but probably in the 6th yr so still on credit file
£15600 nett per annum self employed How much is max borrowing? , what monthly repayments would that leave? , what sort of deposit would be needed?
This is all on just my earnings and probably wont be for a while just looking at figures really.
Thanks

[mikebdomain]

Becky

As you say all hypothetical

15,600 x 3.25 = 50,700 @ 95% loan to value, so you would require a 5% deposit. (Plus fees - solicitor, valuations etc.)

An amount not set in stone, but near enough to allow for future rises in interest rates etc. Some lenders will allow up to 5 x income.

If you borrowed £50,700.00 at an interest rate of 6.89% (an achievable rate, 1 year out of a satisfied IVA with no other adverse) for 25 years;

your monthly repayments would be:
Interest-only: £291.10
Repayment: £354.79

Obviously, everything depends on your personal circumstances and the products available at the time that you request advice.

To get a more accurate figure you would need to go through a full fact find with an authorised advisor.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

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

[BECKY]

thanks Mike. Its good to know after all this I'll be able to get myself on the ladder. I think i'll use a yr after the iva to save a decentish deposit .

[mikebdomain]

Good plan Becky,
Please feel free to speak to one of our advisors about your situation and circumstances anytime, the freephone number is on my profile. In fact any of the brokers that post on this site are only too happy to offer free advice.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

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

[BECKY]

I'll definately take you up on that offer Mike, i'm 15 months in so not long to go ( fingers crossed for a lottery win!!).When iva finishes I'll be 30 so definately time for me to leave the nest.Its nice to see the figures in black and white , to be honest I never thought the repayments would be as manageable as that!!

[MelanieGiles]

But what can you buy these days for £55k? What part of the country do you live in Becky?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[bagpuss]

i thought that too...

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[BECKY]

I live in the North west , ive seen some for just over the £60k mark but im hoping a yr of saved payments equivalent to my iva payments and money my mum has said she will give in lieu of my wedding money will make for a rather promising deposit ( I can get wed in the registry office!!!)

[BECKY]

nothings set in stone yet im just testing the water so to speak . Hopefully by then i will have married a millionaire so it will all be irrelevant anyway!!! ( I can dream)

[MelanieGiles]

What a sensible girl you are Becky - and I wish you the best of luck - especially with the millionaire. You couldn't buy a garden shed in South Wales for £60k.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[BECKY]

Thanks Melanie . I know a flat in my area is £200k but I can move 6 miles away for less than half that!!

[mikebdomain]

A garden shed Melenie - you would be lucky to get the shed door in sandbanks, Bournemouth.. Good luck with the saving Becky. We are still providing first time buyer mortgages from 47k for flats in some areas of the North West and with prices falling who knows what you might get when you have finished saving.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

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

[bagpuss]

it wont matter what it is Becky..it will be yours and you will love it regardless. Not quite the same buy my first car was worth less than £100...it was a tin, but i loved it, it was all mine, even the rust.

best of luck...xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[Soulgrowth]

You wouldn't even get a beach hut at Mudeford!

What a great plan Becky ... a real success story

Lots of luck

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk