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Dip in February before mmr rules
House.buyer.sarah
Posts: 114 Forumite
Hi I'm asking on behalf of friend, she had a promise in February for 70,000 and now has finally sold house now she will be going back for full application, she wondering if now with the mmr since being put in place will offer be dropped at all.? She needs full amount of promise.. I've been on halifax mortgage calculator and amount I borrowed ( April exchanged just before mmr) has dropped by 10,000!!! So I would of been stuffed ! Nothing has changed.
Also she's using tax credits payments towards mortgage , but has not renewed as yet for this year as thinks she will get less, so wants to wait until after mortgage application. But wondering if the tax credits reward notice being out of date ( runs out April have to re apply by end of July) will still be taken into account ??? ..
Hope this makes sense told her you are a brilliant lot and will offer advise she's tried google not really getting anywhere
Also she's using tax credits payments towards mortgage , but has not renewed as yet for this year as thinks she will get less, so wants to wait until after mortgage application. But wondering if the tax credits reward notice being out of date ( runs out April have to re apply by end of July) will still be taken into account ??? ..
Hope this makes sense told her you are a brilliant lot and will offer advise she's tried google not really getting anywhere
0
Comments
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The income situation is pretty much the same as it was pre-MMR. Halifax will request a bank statement to evidence the tax credit payments, or the award letter, so that shouldn't be an issue.
Outgoings and mortgage term are the main changes for Halifax. If there are student loans, childcare costs, ground rent & service charge, school fees - these now need to be factored-in to affordability.
If their income and outgoings are unchanged and the mortgage term will not go past age 67, it should be the same output on the calculator.
Try it and see;-
http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx
I put student loans in with credit commitments and ground rent and service charges in the "mortgage" box. BTW if you enter them there, leave the tenure box as "freehold" otherwise you'll have two lots of the same costs deducted.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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