What value mortgage can we get?

Soontobemum_2

Hi, just looking for a rough idea really.

Our house isn't on the market but hope to put it on early next year. With savings and equity we should have approx £100-105k deposit for a new house. (I'm being quite conservative on the estimate of how much how our house may sell for, as I think the current asking prices round here are too high).

I earn 40k per year, DH earns 27k. However, I am due to go on maternity leave in April/May and also I only have a contract til March 2011. DH is permanent in his job. Obviously I'll be looking for a job when mine ends. but likely to be part-time (and of course no way I can prove to the mortgage company what I'll get yet!).

We've been looking at houses to buy around the £200k mark, so would be hoping to get a mortgage for around half that. Is this likely to be possible given my contract? If not, is it possible to say what level of mortgage we would be likely to get?

Thanks

happybroker

given the very low loan to value ratio you should be ok on his income alone to be fair providing you have good credit ratings and no other debt.

It would be worth speaking to a good broker though as not all lenders will entertain this.

good luck, sounds like exciting times!

Soontobemum_2

That's fantastic news, thanks for responding. The only debt I have is a student loan, which is about 7k I think now (taken out of my salary direct). I presume we have excellent credit rating as have paid back some time ago any debts we had, but will check our credit reports in advance.

You're right it is a very interesting time, now we just have to hope we can get it all through before the baby arrives!!

theartfullodger

Congrats on upcoming baby!!

Check out your credit files before contacting brokers/mortgage companies to make sure there are no "surprises"

Soontobemum_2

Thanks! We will check credit reports just in case, but hopefully that should just be a formality. I take it my student loan makes no odds?

theartfullodger

ANY loan, credit deal, missed british gas payment - anything makes odds... If you've dutifully been paying all bills (eg contract 'phone, credit cards, student loans...) you should have a history as a reliable payer - if the records are correct...

Soontobemum_2

We've never missed a payment on anything, so I guess we just need to check our files say that then. It's going to be a busy few months!!!