FTB - Applications

CharBar_3

I hope someone can help me out (please!). First a bit of info on my situation:

I am a FTB who has had an offer on a house accepted for £140000. I have a deposit of £35000 available for a mortgage (25% LTV.....obviously!), I am permanently employed as a Systems Analyst within a local council, have no debt (other than a student loan) and a clean credit rating as far as I am aware.

My issue is that part of my salary is paid to me as a 'market supplement' (about £3200), and that when I told the Post Office (who I believe can offer me the best deal) how much I earnt (£23871) I included this in the figure. Therefore as this is re-evaluated yearly, the Post Office will only count this as 'non-gauranteed bonus' (which apparently only counts as half the real value for their affordability calculations). My question is, do I send off the application for the full amount even though I don't think they will lend me it, or should I put in for less and try and get the money from elsewhere (e.g. parents!). If they decline me once, will that have any effect on my position later down the line, or will they simply say how much they are willing to lend me? Because I think I am pretty close to the figure I need, I don't want to hinder my chances in any way. Any ideas?

herbiesjp

You could always put in the application to a different lender that will agree the mortgage for you based on your total income amount.

You think the Post Office might offer you the best deal, but if they can't offer you the amount needed then it seems a bit pointless applying, and getting a credit search registered.

CharBar_3

Right, thanks for the reply. I suppose what I am really asking is, if they decline me first time around, will they tell me how much they are willing to offer me, or will my first application amount count against me. As I mentioned above, if needs be, I should be able to raise more of a deposit from my parents, but would rather not do this if possible (as they are already helping me out with fees, etc).

herbiesjp

If you do not fit criteria i.e. lending multiples, they will decline your application

On that basis it would make sense to apply for the amount you know they will agree for you.

CharBar_3

OK, will do. I will request 5k less and raise this elsewhere. Thanks for your help.