Any ideas?

NoDebtForMe_2

Hi
Any of you expert mortgage peeps out there give me some idea of our chances on the following scenario.
We have lived in our first house purchased for 13 years now. We have just plodded along, never missed a payment, slowly doing up our little victorian terrace as we go along. It looks fantastic now I have to say and we have stayed here for so long so as to gain quite a bit of equity and go for the "biggie". Well that time has come and we have found our ideal luxury home. Quite scarey really as we presently pay £330 p.m mortgage with the Halifax who we have banked with for a few years and remortgaged with just 6 months ago for £35,000. This new home is £219,000 and our little home is now worth around 130,000. So we have around a £95,000 deposit on this new home as you can gather. We will be putting all of it down and have no other debts. We own our own car and have credit cards but pay them in full every month should we use them. Do you think we could get a mortgage for £125,000 based onthis information or are lenders being particularly wary and it would be too much in this climate. We can pay the mortgage forcast on the calculator as we also save £100 per week into another Halufax account which they can see. However the thng that is worrying me is that we do spend a lot of money ie we just buy anything we want when we want it and go out for meals etc etc and this shows on our account ie they can see how much we spend and where we spend it. However to make this purchase we could tuck our belts in and not spend how we do and live comfortably. Will the bank see this? What are the likelihood of us gettin thishigher mortgage? The house is a new build.
Thanks in advance and sorry if I have missed anything.

dwsjarcmcd

Before anyone can help you would need to give an idea of your income(s)

NoDebtForMe_2

**blush** sowwy!

Hubby- s/e but sub contracts to an company who he has been with for about 14years. £19,000pa before tax. Net profit £9,000 but Halifax have said they will take top wack as he sub contracts to same company.
Me- student midwife Bursary £15,000 p.a. - Halifax will include as per convo I had with them before booking an appointment to confirm mortgage.
Between us - £8,000 tax credits - again will be included by Halifax.

dwsjarcmcd

Wouldn't have thought it was a problem and I wouldn't worry about eating out etc. they won't take that into account