could we get a mortgage this large 52% LTV Approx

johnwey

[QUOTE=maninthe

lorne57

Sorry but I think you are dreaming.

There is a lot more than £18,000 coming into this household. We have two mortgages being paid (total payments less than yours would be).

This month we have had to watch what we have been spending because of "other" bills that seem to have appeared this month all in one go:eek:

Start a little more realisically and work your way up in the next few years to the £300,000 house.

johnwey

lorne57 wrote: »

Sorry

johnwey

lorne57 wrote: »

Sorry but I think you are dreaming.

There is a lot more than £18,000

Fiddlestick

johnwey wrote: »

My post stated that there is a " proven " household income of £33,500 NOT £18,000 :mad:

And you are still asking to borrow 5x the provable household income.

This is not going to be what you want to hear, but if you take on that sort of mortgage then you are going to be truly and utterly !!!!ed when interest rated start climbing.

I really hope for your sake that you don't find such an irresponsible lender.

sunshinetours

I would hope no bank would lend you nearly 5 times joint income but I guess you need to ask a broker as yours will not be a straight forward tick box mortgage application (self employed never is). You do have a large deposit in your favour

From your posts I can only assume your accounts don't show what they maybe should (Apparently you can afford a £500k house????) . A common issue with my clients previously has been all of a sudden when they want a morgage apparently they have additional income to maybe show....... Just show your correct income on your 2010 tax return and see if that helps you get your mortgage. If my understanding of your post is wrong then my apolgies but struggling to see how you can afford on what you have shown

BornAtTheRightTime

johnwey wrote: »

thanks for reply . Yes I'm fully aware thanks mate . I can afford it if it goes up , no problem . when did they lend you x5 salary if you dont mind me asking

No problem and best of luck. The RBS offer was around 2 months ago, although I haven't taken them up on it. Hoping to exchange on my house sale this week and got a rental house lined up for the interim.

mynameisdave

If its £18,000 net for the self employed income and this is provable by accounts then with the 15,000 salary income the true lending figure is only 4x income which is not that much more than standard lending rates.

johnwey

BornAtTheRightTime wrote: »

No problem and best of luck. The RBS offer was around 2 months ago, although I haven't taken them up on it. Hoping to exchange on my house sale this week and got a rental house lined up for the interim.

Cheers !:beer:

Cissi

sunshinetours wrote: »

From your posts I can only assume your accounts don't show what they maybe should (Apparently you can afford a £500k house????) . A common issue with my clients previously has been all of a sudden when they want a morgage apparently they have additional income to maybe show....... Just show your correct income on your 2010 tax return and see if that helps you get your mortgage. If my understanding of your post is wrong then my apolgies but struggling to see how you can afford on what you have shown

That's exactly what I was reading between the lines too. Seems to me he's trying to tell us that he really earns a lot more than the £18k that he declares. OP, you may be able to convince your lender of this, but aren't you worried that someone might alert the taxman?