Mortgage Advice needed please

stanleyunwin

Hi folks,

I'm trying to find out if I should be able to get a mortgage comfortably. I know some of you out there might be able to advise.

Our situation:
My wife and I are currently looking to move home. We have just had a baby and our current home is looking a bit small.

We own our house outright and is probably worth around £100K. We are not planning to sell at the moment, but rent out for a few years.

We have a deposit in the bank of about £100K and are looking at houses around the £200-300K bracket. So looking to borrow £100-£200K max.

I'm a freelance Project Manager on a fairly longterm contract earning around £60-£80K. I have accounts for the last 5years showing profits to back that up.

My wife is a teacher, who earnt around £40K before she started her maternity leave. She is currently on maternity leave but will probably return part time (maybe not) earning around £15-20K.

So I suppose the questions are:

Should I wait for my wife to return to work before applying anywhere?
If she doesn't - are we still likely to be accepted on mine alone?
Are we best engaging the services of a broker to do some of the work?

Thanks in advance for any responses

happybroker

I don't know why no one has responded to this post to be fair.

Ignoring your wifes income, assuming you're not a late starter on the family front and have a fairly clear credit status I can't imagine why mortgage finance wouldn't be readily available to you.

You would, hopefully, get some meaningfull and sound advice from a broker (God willing) or alternatively a list of products to choose from at the bank, though they should be able to provide you with someone who can advise you on what products they, and no one else, have to offer. Watch out for the phrase "to help you make an informed decision" as this means you are deciding for yourself what to do.

Good luck, it sounds like exciting times.

stanleyunwin

Thanks for the info happybroker.

Its good to know you think we shouldn't have too many problems.

They are exciting times too!