Max we could borrow

Jewel_2

Could anyone tell me how much we could borrow with the following info (thinking ahead):

Salary 1 : 50k
Salary 2 : 20k
Maintenance received through court order: £1000 net per month

No debt, excellent credit scores for both (mine is 999 out of 1000 re equifax at present)
£80000 - £100000 equity to put down.

DOWNSIDE: I paid my credit cards late adhocly, but never more than one month late ,(last 18 months never late at all). No other loan/mortgage has ever been paid late.

Partner has only been on electoral register less than 1 year.

I would be really grateful for replies as I am trying to think ahead, getting rid of debt now, looking to move next year.

Thank you x

MortgageMamma

I'd say the absolute max you should borrow is 350k. But thats leaving the child maintenance out of it. Not all lenders accept it, some accept 50% some accept 100% and they all have different requirements on how long you have to be receiving it for, how long youve had it for etc etc

HTH

MM

Jewel_2

That sounds more realistic. Why did a mortgage broker (not on here) say we may be able to borrow up to £600k???!!

herbiesjp

Jewel wrote:

That sounds more realistic. Why did a mortgage broker (not on here) say we may be able to borrow up to £600k???!!

There may well be some lenders that could go that high based on your situation - and you did ask for maximums.

However, IMO, £600k would appear to be way too optimistic or unwise to go for.

You do not have to apply for it though.

If you are happy with the £350k then go for it - anything more than this would need very careful analysis.

You seem to be in a very strong position whatever you decide to go for.

HTH

Jewel_2

Thanks - not quite in that position yet but working towards being in that situation soon.

With regards to the court order for maintenance, it will have been official for over a year (unofficial for 4 years). Is that usually enough?

MortgageMamma

yeah thats usually fine. lender will want to see a copy of the order and proof of the money being paid into your account - I'm not suggesting you would but please do not borrow 600k its way way too much. If you really must push it higher, stick to say 380-400k that way you will have a life as well as a house!

MM

Jewel_2

I wouldn't go for that much - ever! But it's nice to know the options. It's worth trying to be in the strongest situation possible. I don't agree with stamp duty either and there's no way I would pay 5%!