Mortgage Advice

Loanranger

Your other half already has a mortgage so unlikely any lender will take her earnings into account.
The Bank of England will increase base rate soon to control inflation. Base rate is .5% at present. It has never been so low. I recall the bad old days when my mortgage interest was 15%. How would you manage to repay a mortgage if interest rates rise to say 7% and your other half gives up her job to have a baby?

You are unlikely to get a mortgage at this time.

smalley72

Thanks herbie, a glimmer of hope then!

There is no intention of taking a risk with future interest rates so a lower purchase price could be the key. The lowest purchase price would be £80000 to meet our requirements so borrowing 65k. Would this give enough of a safety net against interest rate increases etc.

Maninthestreet, yes that is the frustration of the whole thing, the ability to meet repayments seem to count for nothing! We are not looking to increase our outgoings in any way, just keep at the same level or reduce. We have been renting for 6 years have always paid (never late) and now just want to use this money for our long term benefit rather than enrich a landlords pocket.