Chances of ever having a mortgage

What would this person have to do to get themselves into a position to be considered for a mortgage (100% if possible).

At the moment I don't think you would stand any chance at all of getting a

Rob Graham

Stephen2 gurgled happily, sounding much like they were saying:

Surely, it's basic common sense. They should continue to earn a decent salary, pay their debts off, save towards a deposit.

Walk before you can run.

I think they would look at what that someone had as disposable income. Then they'd take into account the long term commitments that person had with their debt repayments. After that they would calculate how much they thought that person could reasonably afford to repay each month and calculate a mortgage based on that - and possibly any likely increases in interest rates. That would be the maximum amount they'd be prepared to lend. However, if they had other applicants who could also afford that loan and were better risks, I'd expect the money to go to them, instead.

At the moment, none whatsoever. And even with a perfect credit history, there aren't any 100% mortgages available.

What would this person have to do to get themselves into a position to be considered for a mortgage (100% if possible).

risk a further 2 a week on the lotto...one never knows.

Abort the worst advice possible.

BTW: Can please quote properly, please?

Not really

His chances of winning are greater than that of obtaining a 100%^ mortgage

tim

Gambling away money you cannot afford to lose is always a bad idea. His chances of winning are less than him dying too, but I fail to see the relevance of such an argument.

I would think you should try to pay off your debts as soon as possible and pay your bills on time for six years. Then you may get a 95% mortgage.

I've no idea what you mean by this.

"Mark" wrote

Ah, but the cost of a ticket is so small that it's not worth missing out on the chance of winning millions!

Not buying a ticket *guarantees* not winning...

The chances of winning the jackpot is approximately 7 * 10E-8.

Negligible difference from buying one then.

In message , Jonathan Bryce writes

Nor should there be, IMHO.

In message , tim..... writes

But statistically, wouldn't he get struck by lightning first?

In message , Mark writes

I regard it as a voluntary tax, however a good idea might be to buy and stick a lottery ticket in every birthday card you send.

Cheaper than putting a 20 quid note in, and with the faint possibility of a return. :-)

now we know why you are where you are...

"Mark" wrote

That'll be greater than zero, then...

"Mark" wrote

Well, the difference between buying and not buying is *only* negligible for those that *don't* win.

However - for those that *do* win, the difference is certainly *not* negligible!

The guarantee of a quid per week extra to spend is not life-changing (when you don't buy lottery tickets).

The chance of winning millions could be life-changing.

In other words, buying lottery tickets has negligible downside, but potential HUGE upside!

Precisely my view...