Nottingham BS income multipliers

HouseHunter_2

I'd be grateful for some advice. I am selling my house and really need to work out what's the minimum offer I could accept. Here's the situation

I earn £31,500 and my boyfriend earns £30,500 however he has only been in this job for two months. he will be eligible for a bonus of anywhere between 15-25% annually. It's not guaranteed, but it IS always awarded.

we currently have our house on the market at £167,500 and our outstanding mortgage balance is £103,600.

I reckon moving costs (stamp duty etc) will be £9,000 and we have a loan to pay from the proceeds of sale of approx £9k. This would leave us around £35,000 deposit - £45,000, depending on the sale price

The house we are interested in is on the market at £250k although I believe they would accept an offer of £235ish

I have a fixed rate with the Nottingham BS which expires in April 2008 which I can port across so I am tied to them for the additional funds. They say for loans below 80% of the property value they can lend 3.5x joint income and for 80%+ it's 3x

now I appreciate I'm just above the limit but I wondered, in board-members experience what is the maximum they would be likely to lend me in this situation? we have no other loans.

MortgageMamma

Your best bet is to call your advisor at nottingham building society and jsut ask them. Sometimes underwriters will be more generous with an existing customer with a good payment track record, but its only something they can tell you,

MM

HouseHunter_2

thank you mortgage mamma :beer:

I've had a quick chat with a lovely mortgage lady from the Notts BS and she confirmed that they *might* lend over their limits but they need to do an agreement in principle first, so I've got an appointment to go over all the figures with her then. It's so difficult because everything is up in the air: I don't know what I'm going to get for my house and I don't know what the vendors will accept. It's hard discussing hypotheticals in this situation!

MortgageMamma

HouseHunter wrote:

thank you mortgage mamma :beer:

I've had a quick chat with a lovely mortgage lady from the Notts BS and she confirmed that they *might* lend over their limits but they need to do an agreement in principle first, so I've got an appointment to go over all the figures with her then. It's so difficult because everything is up in the air: I don't know what I'm going to get for my house and I don't know what the vendors will accept. It's hard discussing hypotheticals in this situation!

See - easy. The lender will understand your hypotheticals don't worry, they will turn into realities at one stage and then your options will be clearer.

Good luck.