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Help/advice needed re: borrowings for mortgage
88charlotte88
Posts: 6 Forumite
Hi there
Me and my partner have just done up our first house and have made a good profit. We have a new project in mind and the purchase price is £350,000.
My earnings are £35k per year employed
My partner has no earnings
We have just over £100,000 to put down as a deposit
But on my salary I can only get a mortgage for £150k but I need a mortgage of £250k.
I can easily afford to make the payments for a £250k mortgage.
Has anyone any advise on what I can do?
I have looked into guarantor mortgages which would be perfect as my dad is mortgage free, however I believe that this is only offered to first time buyers?
The last 2 months (while on maternity leave) I have been doing self employed work and taken £1300 per month I plan on continuing with this Self employed work as well as employed. Can this be taken into account at all? Or am I write in thinking you need a couple of years accounts still?
One other thing I haven't mentioned is I will have £30-£40k sitting in a bank account to spend on doing the property up. Will this help at all?
I would really really appreciate any help or advise anyone could give, thanks for your time!
Me and my partner have just done up our first house and have made a good profit. We have a new project in mind and the purchase price is £350,000.
My earnings are £35k per year employed
My partner has no earnings
We have just over £100,000 to put down as a deposit
But on my salary I can only get a mortgage for £150k but I need a mortgage of £250k.
I can easily afford to make the payments for a £250k mortgage.
Has anyone any advise on what I can do?
I have looked into guarantor mortgages which would be perfect as my dad is mortgage free, however I believe that this is only offered to first time buyers?
The last 2 months (while on maternity leave) I have been doing self employed work and taken £1300 per month I plan on continuing with this Self employed work as well as employed. Can this be taken into account at all? Or am I write in thinking you need a couple of years accounts still?
One other thing I haven't mentioned is I will have £30-£40k sitting in a bank account to spend on doing the property up. Will this help at all?
I would really really appreciate any help or advise anyone could give, thanks for your time!
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