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Mortgage option help

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  • Mortgage option help

    On Jan 2016 we should have a £20k deposit and want to start looking for a flat. We are moving out of London and the area we are looking at, have flats currently between £80-130k for 2 beds.

    A new area means new jobs, my partner would be on £11k ish & I aim for £16K plus 2nd job. Obviously higher but I might have to start at band 2 again.

    Things against us:

    New jobs?
    Low pay
    Partner nearing retirement age
    Me with 1 default due to fall off in 2018

    What options if any do we have of getting a mortgage?

  • #2
    Re: Mortgage option help

    It depends on the situation at the time 2016 is a long way off . historic defaults can now be ok (again dependant on the whole situation) . i would say look nearer the time as the whole mortgage market 'should' have changed by then . Tony

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    • #3
      Re: Mortgage option help

      Indeed I think Tony is right - things can change quickly in the mortgage market so you've got a few years to go yet. Best of luck with it!

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      • #4
        Re: Mortgage option help

        Nearing retirement age may kill things - a reduced term can greatly reduce how much you can borrow. Hence, it may make more sense to try and secure a mortgage sooner rather than later.

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