Hi James

I'll put my credentials up front - I am an independant mortgage broker. For added peace of mind I am one of very few brokers approved for membership of the Trading Standards Buy With Confidence scheme. (www.buywithconfidence.info).

Most lenders who work off income multiples will take a years monthly payments from your income before multiplying your income to establish what you can borrow. This will probably take you out of the criteria of alot of them, unless your parents are really generous.

However, to answer the 'cat in hells chance' question - YES - assuming you can raise a 5% deposit and assuming your loan is around £300pm then finding a mortgage for you to buy at £90,000 should be feasible.

From there, you will have more and better mortgage options the larger your deposit becomes. The size of a deposit is usually considered in bands - 5%, 10% 15% and as you break through each band you can benefit from better rates/better fee structures and more lenders accepting you.

Give me a call if you want a chat - 01489 784022

Adrian Garside

my wife and I are looking to buy the house we privately rent. The landlord has said he will give us a good price and we are in the middle of having 3 seperate valuations done. I'm thinking (hoping) it's going to come in between 85 and 90000.
Iam looking for a mortage and not sure where to start,tried the search and tables. We have outstanding credit at lloyds tsb of around £18000, and gross income for us both is around £22000.
Will this be deducted off the what is available or is there any way it can be included in the new borrowing.
Are there any products out there that will be suitable, can some one please show us a light at the end of the tunnel !!
Are there any brokers people can recommend.
Do we stand a cat in hells chance
Should be able to raise a decent deposit through parents.

Thanks
James