FTB - Before I go huting..

DaPhenom

Just looking for peoples opinions on this before i take the next step.

House offer would be 116000
Deposit 37000
Mortgage 79000
So an LTV of ~70%

Earnings 17500
So an Ratio of 4.5x

Credit history - No defaults or ccjs or markers, no loans, 2 cashback credit cards payed of in full every month. On electoral register.

Just looking for an indication of what mortgages i should be looking out for and am likely to be eligble for at a ratio of 4.5x my earnings.

beecher2

How much money would you be left with after paying mortgage, council tax and bills? Not much I'd bet - the mortgage would be £461 if interest rates were 5%, £609 at 8%. Not something I'd want to take on with that salary.

DaPhenom

Well i net £1200 a month from the job, i also run my own business, which nets me an average of £1000 net each month, but i only have one years accounts and i don't think i could declare that without having multiple years accounts from what i know. Also my partner finishes university next month, so its likely over the coming months she will gain a position earning, even though i don't take anything for granted in the current climate, and i'm not sure how eligble any wages from a relatively new job would be from her side, i've had my current job for over 2 years so i don't see that as a problem for me.

herbiesjp

A 2 year fixed rate could be around £400pm on a 25 year repayment mortgage.

A 5 year fixed rate would be around £440pm on the same basis.

However, the mortgage amount offered would depend on your score with the chosen lender.

DaPhenom

Thanks for that herbie, i'll take an indepth look at it.

dimbo61

The 5 year fix from coop at 3.99% would give you long term security

Thrugelmir

In answer to your initial post, your income is too low.

If you net another £1,000 after tax from another source then declare it.