Which lenders will loan the most?

Jen2girls

Hi, We are currently looking at moving house and would like a rough idea of what we would be able to borrow. My partner is is a job where a large portion of his wage is made up in commission. Can anybody recommend a lender that will take this into account? Also some of my income is supplimented by tax credits. Do any lenders take these into account. We are looking for around a 70% LTV mortgage with a 55k deposit. Many thanks Jen

opinions4u

You have a range of modestly unusual circumstances for a mortgage lender.

See a whole of market adviser to identify which lender is most appropriate for your circumstances.

Which lenders will loan the most?

Perhaps you should reword your question "who will let us get in to as much debt as possible?".

If you borrow big and then the Government reduces the value of your tax credits, where does that leave you?

If you borrow big and your partner is ill and stops earning commission, how will you afford the mortgage payments?

Think it all through very carefully before you expose yourself to a situation where you take on more than you can realistically afford.

Jen2girls

Perhaps i should say my partners commission is guarenteed and he has 3 years of p60's to prove this. The tax credits i get is help towards my childcare. Perhaps this makes things clearer.

opinions4u

Jen2girls wrote: »

Perhaps i should say my partners commission is guarenteed and he has 3 years of p60's to prove this. The tax credits i get is help towards my childcare. Perhaps this makes things clearer.

Tax credits for child care are unlikely to be taken in to account by a lender.

Just because commission has been earned in the past does not mean it would be earned in the future. Just because earnings are on a P60 does not prove that it is guaranteed in the future.

What would happen if the employer changed the commission structure unfavourably?

Would they guarantee commission for somebody not working due to illness?

I'm not asking these questions and making these points to be pedantic. I'm trying to help you see how (1) a mortgage lender could look at things and (2) how borrowing the maximum you can get from a more relaxed lender could actually leave you in a position where you find yourselves in severe financial difficulties.

Leon_W

Hmmmm. It changes all the time but at the moment NatWest I'd say.

No advice but worth an shot.

Jen2girls

Thank you I will take your advice on board. In all honesty we wish we didn't have to look at moving house. Moving in itself is very costly and we love our house and the area its in. Our issue is our garden. It is a terraced property and there is an access road between our house and our garden. This is no good with 2 young children. I'm unable to just open the back doors and let them play out. We bought the house before we had the children and its for this reason we are looking to move. In order to gain a house with an attatched garden we will need to borrow approx another 20-25k. To rent a house with an attatched garden would be around £800 in our area for the size of house we require. Borrowing an extra 20-25k on the mortgage will come in much less than £800 a month so I think we really do have to look at moving unfortunately.