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Mortgage advice for FTB
russet
Posts: 13 Forumite
My partner and I are first time buyers looking to buy within the next year or so. We have a deposit of approx 30% for the price range we are looking at. My partner is 45 and therefore will have retired before the end of a 25 year mortgage term. I am quite a bit younger and will still be working. Will this effect our ability to get a mortgage based on our combined salary?
Using our combined salaries we would want to borrow approx 2.5 x income. If only my salary was used we would be looking at about 4 x but if this was the case we would probably lower our price range.
Using our combined salaries we would want to borrow approx 2.5 x income. If only my salary was used we would be looking at about 4 x but if this was the case we would probably lower our price range.
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Comments
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Why don't you just get a mortgage term of less than 25 years?0
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Yes that would be a possibility but obviously it would increase our monthly repayments. Is this our only option or would we be able to go for a 25 year term if we wanted to?0
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My partner and I are first time buyers looking to buy within the next year or so. We have a deposit of approx 30% for the price range we are looking at. My partner is 45 and therefore will have retired before the end of a 25 year mortgage term. I am quite a bit younger and will still be working. Will this effect our ability to get a mortgage based on our combined salary?
Using our combined salaries we would want to borrow approx 2.5 x income. If only my salary was used we would be looking at about 4 x but if this was the case we would probably lower our price range.
Why not go interest only, 20 year term and overpay monthly so its effectively repayment?0
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