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FTB, 85% LTV, joint salary 3.75x multiple possible?
lumscx
Posts: 83 Forumite
My wife and I are FTB, joint salary 53K + non guarentee bonus (0-5K per year), 40K deposit... looking for a property in London for around 220-240K...
Is not possible to get a 200K mortgage for 85% LTV? We're renting at £1200 and also saving £1200 per month and I think we could afford paying £1200 - £1800 per month for mortgage?
I have a quite good credit score. callcredit / equifax 8XX score. My wife has an average credit score. The only problem with us is that we are work permit holders and don't have the electrol roll registered.
Is not possible to get a 200K mortgage for 85% LTV? We're renting at £1200 and also saving £1200 per month and I think we could afford paying £1200 - £1800 per month for mortgage?
I have a quite good credit score. callcredit / equifax 8XX score. My wife has an average credit score. The only problem with us is that we are work permit holders and don't have the electrol roll registered.
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Comments
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being from outside of the EU (I guess) won't help and neither will not being on the electoral role, which needs remedying.
there are lenders out there that will consider applications from people on working visas but the criteria is very varied. with something that is not straight forward you would do well to employ the services of a good whole of market broker.Happily an ex mortgage broker!0 -
What countries are you from?
How long have you been in the UK?
When do your work permits expire?
This is possible, but it would need a lot more information to be certain
The figures are fine - it is the work permit scenario that may cause problemsI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for your reply.
We are from far east and we have been in UK for 5.5 years (4 years as student) and my work permit expires at mid 2013. Under the current immigration law, I will be entitiled for perment residents at the end of my work permit visa.What countries are you from?
How long have you been in the UK?
When do your work permits expire?
This is possible, but it would need a lot more information to be certain
The figures are fine - it is the work permit scenario that may cause problems0 -
Ok - you have both been here long enough to have built up a credit score good enough to pass a lenders system
YOu also have long anough to go before your work permit expires.
You now just need to find a lender that suits your scenario
As stated above, these are not straight forward anymore, and you may be better off getting the help of a professionalI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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