FTB Mortgage Advice - please?

SJ08

Hi all,

We are FTB and are due to meet with a mortgage broker next week to discuss our situation but would like to get some feedback / reassurances regarding our situation!

My salary = £26,000
OH salary = £8,550 (this is part time employed salary. On top of this £7,200 is earned self-employed but we don’t have 2 years worth of accounts yet, so presume we cannot use this as part of the mortgage app)
Total PAYE salary £34,550

Savings = £24,000 for deposit (15% of £160k) + £2000 for fees.

We have been looking at houses on RM around the £150k - £160k mark. With our current earnings will we get a mortgage of £126k - £136k?

We both have Excellant credit ratings.

Any advice greatly appreciated.

Wh05apk

Less than 4x income, so should be quite easy with the big names, provided you don't have too much other credit or 18 dependents!

pjcox2005

I guess more is open to them as they'll have a 15% deposit, but I didn't realise mortgage lenders would do 4 x joint income. I also worked on the assumption it was 4 times single income or about 2/2.5 times joint income.

herbiesjp

Based on the information posted it is possible.

However it could be what is not posted that makes it more difficult to achieve.

SJ08

Thanks Wh05apk - Haha no don't have 18 dependents. We do have credit cards which we pay in full each month, though.

pj - that was my worry cos I thought lenders would lend around 3x joint salary, which we would have struggled to meet.

Wh05apk

Just looked at Abbey, they would do £150K+ based on what you have said, assuming 25 years, and 2 kids?

SilverSix

FTB myself. Nationwide were prepared to lend me x 5 salary (£95,000) though I have an 85% deposit so am very low risk and the LTV was (obviously) only 15%.

They do a special mortgage if you have a Flex account with them. 10-15% deposit required. A tracker @ 2.25% above base rate (for 5 years). £99 reservation fee, no other fees (free standard legal if you use them, free valuation & conveyancing). Unlimited overpayments and the ability to 'underpay' or take a payment holiday if you built up the credit with previous payments. You can switch to any of their fixed rates too with no fee. £90 fee to repay the mortgage early.

'5 year Flexclusive Tracker'.