we can afford far more then they'll lend us

didabuf

based on our income we can only borrow £50,000 except we could afford £100,000 because we get alot of help with benefits. because my partner is disabled.

do any lenders take this into account when lending.

we really need £100,000 to buy the house we want, and we will have a £50,000 deposit

thanks

herbiesjp

There are lenders that take benefits into account by varying degrees.

So you are buying at £150k - £50k deposit and £100k mortgage.

YOu have not listed your incomes and/or benefits.

Don't forget that lending is based on your overall scenario, not just income (although important).

So whilst the income may be ok, you may be outside criteria, or be affected by other details in your application.

Sounds like a job for a good mortgage adviser to work out if in reality the scenario is indeed possible.

opinions4u

Could you afford £100k if the payments doubled?

didabuf

my income is 7500 a year
my mothers is 9500 (she's on my mortgage now and would continue onto the new one)
if we could put my partner on who doesnt work due to disability his income of state benefits is about 10000
we also recieve about another 10000 in benefits between us for our children.

we pay 3500 now for our mortgage and we could potentially afford to double that so pay 700 a month, we have no debt, no extra bills (like credit cards of loans etc) and we have about 8000 in savings and very good credit.

kingstreet

Your mother's age may restrict the term of your mortgage. Having her income may be of benefit, but the restricted term my work against you.

Have you spoken to a whole market broker about this?

herbiesjp

eredmore wrote: »

my income is 7500 a year
my mothers is 9500 (she's on my mortgage now and would continue onto the new one)
if we could put my partner on who doesnt work due to disability his income of state benefits is about 10000
we also recieve about another 10000 in benefits between us for our children.

we pay 3500 now for our mortgage and we could potentially afford to double that so pay 700 a month, we have no debt, no extra bills (like credit cards of loans etc) and we have about 8000 in savings and very good credit.

It "could" be possible.

However, just because something sounds like a good idea initially, does not always mean that is the case.

Again, as stated previously, a lot will depend on the specifics of your situation, and a whole of market adviser will help a great deal in your particular scenario.

Green_Miss

Definitely a job for an independent mortgage adviser. We had a fab one sorted out good mortgage for us as my partners income was not steady and his employers kept messing up his payslips - we knew we had about 50% more income than what was 'on paper' but was not enough for most.