Affordability calculations...help

stcolin

Hi all,

My partner and I are off to see the bank for a second time after sorting out of debts. Our local bank, Ulster Bank, offers a 95% mortgage, with the deposit being paid by the developer.

Both have good credit history. We have the money for the fees, solicitors, other charges, ready to go.

We have been told that we will need £900 a month free after our outgoings, in out case, a loan and the mortgage itself. Looking at out budget, we'd be left with £850.

Will the bank/lender be really strict with this or will they give us some slack?

Thanks

Colin

_Andy_

If £900 is their criteria then I doubt they will accept £850.

herbiesjp

Lenders are particularly tight on criteria in the current climate

And at 95%, they really do have to shown to be lending responsibly.

So if you fall outside of their criteria, they would normally say no

No harm in trying and asking them the question, if you think all is affordable to you

stcolin

Thanks.

We do think it's affordable. We've covered and priced all of our other outgoings, rates, insurances, food, electric, phone line, everything, and we're left with around £300 a month to throw about.

My partner is also part time and is actively looking for full time work which we think she'll get no problem.