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  • FIRST POST
    • ndi149
    • By ndi149 15th Mar 17, 5:56 PM
    • 53Posts
    • 28Thanks
    ndi149
    Sorry, another "what are are chances?"
    • #1
    • 15th Mar 17, 5:56 PM
    Sorry, another "what are are chances?" 15th Mar 17 at 5:56 PM
    This is one for the brokers, sorry to ask this again, but trying to find out if there is realistically any hope on this, as we are looking to move in a year's time.

    I'm currently on maternity leave due to go back in October full time.

    We are looking to purchase a 3/4 bed house, unfortunately we live in a fairly expensive area, this is even with going five or six stops further down the rail line, basically we need to be looking at a purchase price of around the £500k mark.

    So our dets are
    Mine
    Sal, £48,600
    Car finance 175pm
    CC should £1,500 within a year
    Current home solely in my name with about 85k equity

    His
    Sal £38,000
    CC, again should be £1,500 within a year
    Student loan

    Our childcare will be £800pm, taking into account Grandparents and Tax free childcare scheme.

    What is the likelihood of a broker being able to get us a mortgage for the £415k we need, based on those figure? We have a feeling this may come down to a change of job with more money for OH, but want to see if there is a chance, with the circumstances as they are.
Page 1
    • ACG
    • By ACG 15th Mar 17, 6:15 PM
    • 15,904 Posts
    • 8,148 Thanks
    ACG
    • #2
    • 15th Mar 17, 6:15 PM
    • #2
    • 15th Mar 17, 6:15 PM
    I would say pretty slim.
    I think you would be looking somewhere around £350-390k.

    I am not saying it can not be done, but I think you are looking for a little too much.
    I am a Mortgage Adviser
    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.
    • ndi149
    • By ndi149 15th Mar 17, 6:59 PM
    • 53 Posts
    • 28 Thanks
    ndi149
    • #3
    • 15th Mar 17, 6:59 PM
    • #3
    • 15th Mar 17, 6:59 PM
    Ahh thanks :-(

    Are the childcare and car the biggest issues? Admittedly, we can't do a huge amount about those.

    Would clearing the CCs give us that much more to play with?
    • ACG
    • By ACG 15th Mar 17, 8:05 PM
    • 15,904 Posts
    • 8,148 Thanks
    ACG
    • #4
    • 15th Mar 17, 8:05 PM
    • #4
    • 15th Mar 17, 8:05 PM
    Without the expenditure, there are not many lenders who would lend what you need. Most top out at 4.5x income. So to go beyond that with the expenditure is really stretching things.
    I am a Mortgage Adviser
    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.
    • tom2205
    • By tom2205 16th Mar 17, 8:30 AM
    • 42 Posts
    • 15 Thanks
    tom2205
    • #5
    • 16th Mar 17, 8:30 AM
    • #5
    • 16th Mar 17, 8:30 AM
    Have a play around with the HSBC intermediary calculator. They are generous even with fairly high commitments so they may be looking around the £400-410k mortgage amount based on their calculators.
    I am a Mortgage & Protection Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ndi149
    • By ndi149 16th Mar 17, 10:01 AM
    • 53 Posts
    • 28 Thanks
    ndi149
    • #6
    • 16th Mar 17, 10:01 AM
    • #6
    • 16th Mar 17, 10:01 AM
    Thanks Tom, will look into that!

    I guess I thought we had decent salaries and despite the childcare cost for our little boy, thought our costs were actually pretty low. Lol
    • tom2205
    • By tom2205 16th Mar 17, 10:08 AM
    • 42 Posts
    • 15 Thanks
    tom2205
    • #7
    • 16th Mar 17, 10:08 AM
    • #7
    • 16th Mar 17, 10:08 AM
    They are quite low yes. Based on your finances they most likely would not be bothered by the credit cards / car finance, your childcare is the main thing that will affect it. I take it that is the figure for when you return to work full time?

    I've had a look at they are coming back with £400k, potentially £411k.
    I am a Mortgage & Protection Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ndi149
    • By ndi149 16th Mar 17, 10:18 AM
    • 53 Posts
    • 28 Thanks
    ndi149
    • #8
    • 16th Mar 17, 10:18 AM
    • #8
    • 16th Mar 17, 10:18 AM
    Yes, that's the figure with me back full time.

    That's even with the Grandparents help. That cost may come down a little if we focus on properties further out, which I think we will have to do.

    This is one of the reasons we are taking a look at this now, rather than in a year's when we want to move, hoping it would give us enough time to make any financial changes, but the childcare we are a little stuck on.
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