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affordabitiy
trooperdog
Posts: 112 Forumite
Quick question!!!!
We have a joint income of 38k, deposit 13k, purchase price 130k, can anyone see any problems with getting a mortgage with this??
We have a joint income of 38k, deposit 13k, purchase price 130k, can anyone see any problems with getting a mortgage with this??
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Comments
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Depends on your credit files - 90% mortgages need them to be squeaky clean.0
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Depends on credit score, credit commitments, number of dependants etc.
Not as simple as income multiples.I am a Mortgage AdviserYou 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 -
hubbys already cleared this but my hours at work have been reduced so was wondering if it would still be affordable.0
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have you got enough spare cash in reserve for solicitors fees and moving costs?0
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Using a well-known lender's affordability calculator, it reckons a 90% mortgage over 25 years of £165,000 should be affordable for a couple earning £25k and £13k respectively. This assumes a "c" credit score.
If you add a couple of kids to the mix, that falls to £142k and a £166pm loan reduces it again to £126k.
Basically, this is a how long is a piece of string equation. Give us the required data and you'll get back something you might find useful.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
yeah sorry, basically we had a mortgage approved for 130k with a 10%deposit. however my hours have just been ruduce by half so at the moment 1 salary is 5k the other is 32k we also have two main outsatnding cedit agreements of 1300 and 1400 in total which will be cleared in the next 6 months
so in summary
at this minute
sqeaky clean credit history
incomings 37k per annum
outgoings 2700 paid off in sept
purchase price 130k
deposit 13k
just wondered if anyone can see any massive problems this is going to cause us lol
cheers x0
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