mortgage required

[DanArosa]

Noticed a couple of people being advised on mortgages so hope somebody can help me

Basically,
I am a student with an income of approx £10k per annum
I am looking at a property priced at £99,950
I have a minimum of 25% of above ammount as deposit
I can rent one room out at £50-£70 per week (possibly under the government 'rent a room' policy)

My parents are unable to be guarantor's so this option is a non starter unfortunately.

I have an excellent credit history, had a few credit cards all payed off now to build up my good credit score. No outstanding loans or debt whatsoever, looking for mortgage as soon as possible.

Hope somebody can be of help, thanks everyone.

Regards,
Dan

[mark611]

your situation is actually good; you have a 25% deposit where as lenders usually ask for 10% plus you have a good credit rating, the only problem could arise with your salary.
try a mortgage broker!

[www.infoebookstore.co.uk]

Most lenders will lend up to 4 times salary maybe 4.25 times so you are looking at being able to borrow 50K maximum. Add your £25k deposit and you are a bit short I am afraid. They probably won't be able to take into account the rent from a lodger (I have tried this before). What about joining forces with someone else, add two salaries to the equation?

As above, speak to a good mortgage advisor, they may know a way around this. Try and get someone to recommend a mortgage advisor as there are some very good ones and some very bad ones out there.

Good luck.

[Ian J]

Have a word with Andy at Mortgage Now.

[mac1]

Hello,

You really should not have a problem obtaining a mortgage and because you have a 25% deposit you should be able to get a better rate. If you are renting a room out then a proportion of this is not taxed due to the governments rent a room scheme, if you need any further assistance then we can help at the mortgage advice center

[ethan1]

I would suggest contacting an online mortgage adivisor. Your could try these remortgage advisors. It is an unfortunate fact of modern times that a vast number of people have experienced financial challenges for a variety of different reasons. In fact at least 1 in 4 people have a credit problem. These may have been caused by business failures, unemployment, illness or a marital or relationship break up. For those looking for more information and advice on Adverse Credit Remortgages or bad credit remortgages I would suggest trying Moneypoint finance. They also offer help with Problem Remortgage. Friendly, experienced and knowledgeable underwriters are always on hand to discuss any query you may have and to give you an immediate decision on your Remortgage requirements. MPF look at each case individually, so if you are not sure what type of mortgage you need, even if you have some bad credit we are here to help you to find a mortgage, or to help you change your current mortgage. MPF have access to exclusive mortgage deals not available in the high street, and in most cases can issue a virtual mortgage offer to you within hours.