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    • TexasChainstoreMascara
    • By TexasChainstoreMascara 11th Oct 17, 7:17 PM
    • 51Posts
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    TexasChainstoreMascara
    Mortgage Question
    • #1
    • 11th Oct 17, 7:17 PM
    Mortgage Question 11th Oct 17 at 7:17 PM
    Looking to possibly buy- my wife and I have saved over years for a deposit, and both sold houses owned before we met. My wife is now out of work to look after our child so we are essentially single income.

    Looking to spend approx £280k, and put down about £50k. Looking at comparison sites repayments around £960 per month if we get a good deal representing just under 40% of my monthly income.

    Can anyone see a problem with us getting a mortgage with just the one income? No other debts or excessive outgoings outside of normal domestic bills.

    Also would it be a problem buying in Joint names even though essentially only one of us is paying?
Page 1
    • Thrugelmir
    • By Thrugelmir 11th Oct 17, 7:30 PM
    • 55,554 Posts
    • 48,918 Thanks
    Thrugelmir
    • #2
    • 11th Oct 17, 7:30 PM
    • #2
    • 11th Oct 17, 7:30 PM
    Lenders will assess affordability at far higher rates of interest than those currently on offer. Try some online calculators to gauge what lenders may potentially advance you.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • amnblog
    • By amnblog 11th Oct 17, 8:32 PM
    • 9,873 Posts
    • 3,825 Thanks
    amnblog
    • #3
    • 11th Oct 17, 8:32 PM
    • #3
    • 11th Oct 17, 8:32 PM
    What are you grossing, £40,000? If so, borrowing £230,000 sounds a step too far.
    I am a Mortgage 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.
    • TexasChainstoreMascara
    • By TexasChainstoreMascara 11th Oct 17, 8:43 PM
    • 51 Posts
    • 8 Thanks
    TexasChainstoreMascara
    • #4
    • 11th Oct 17, 8:43 PM
    • #4
    • 11th Oct 17, 8:43 PM
    Gross over £50k. Do you think mortgage companies would not approve then?

    I thought it was more based on if you can afford the repayments more than a multiple of your annual income these days?
    • amnblog
    • By amnblog 11th Oct 17, 10:13 PM
    • 9,873 Posts
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    amnblog
    • #5
    • 11th Oct 17, 10:13 PM
    • #5
    • 11th Oct 17, 10:13 PM
    Both factors are involved. Each lenders has its own way of calculating affordability. £50000 should more realistic for the lending you seek.
    I am a Mortgage 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.
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