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mortgage application help
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steph_p123
Posts: 13 Forumite
Hi everyone,
So me and my partner are about to get a first mortgage together as FTB's, and I would appreciate a little bit of advice if anyone could help!!
We are wanting to apply for a 2yr fixed with Santander at 5.45% with 90% LTV. The question is how strict are they going to be?! We can easily afford the repayments on this - we are looking at purchasing a flat up to £115k. We currently both have smallish loans and I was wondering if it would be a good idea to get a new loan spread over an extra 6 months - effectively lowering the monthly payments by £50p/m. I know this would improve our affordability but would there be other implications of this that I havnt thought of. We have no other outgoings and should have as good a rating as possible without having had a mortgage before.
Please I am just looking for advice on this and not to be told to wait until we have saved more... I know we may be fine with Santander but I dont want to risk losing the product!
So me and my partner are about to get a first mortgage together as FTB's, and I would appreciate a little bit of advice if anyone could help!!
We are wanting to apply for a 2yr fixed with Santander at 5.45% with 90% LTV. The question is how strict are they going to be?! We can easily afford the repayments on this - we are looking at purchasing a flat up to £115k. We currently both have smallish loans and I was wondering if it would be a good idea to get a new loan spread over an extra 6 months - effectively lowering the monthly payments by £50p/m. I know this would improve our affordability but would there be other implications of this that I havnt thought of. We have no other outgoings and should have as good a rating as possible without having had a mortgage before.
Please I am just looking for advice on this and not to be told to wait until we have saved more... I know we may be fine with Santander but I dont want to risk losing the product!
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Comments
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Speak to them, they can run it through affordability and let you know whether it would fit, then it is upto you which way you go.
.............and I wouldn't dream of telling you to save more, I assume as you are looking at a mortgage you must be over 18, so deemed to be an adult, I will leave some other self righteous person to tell you to save more.....................I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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