2 decision in principles...same lender?

callmechar

Well spoken to L and C again and its a variable so no good. However the Cambridge do a deal - can anyone who is broker give me any more details on the Cambridge one? Its another 95%

However according to Cambridge BS website, they only give 2.5 times of what we jointly earn which as we earn £46k jointly (£23750 me, £22500 partner) - DIP from Skipton was for between £170 - £180 k but according to Cambridge it would only be £126k

AskMeAnother

where do you live? I deal a lot with CBS but you know they are restricted to certain areas right?

callmechar

AskMeAnother wrote: »

where do you live? I deal a lot with CBS but you know they are restricted to certain areas right?

yes they are restricted to certain areas (one of which is Hertfordshire which is where we live).

Worried about their affordability? Would they be able to offer more than £126k do you think? We need approx £171k (which Skipton would have given us)

AskMeAnother

ok, they have a very specific affordability model that requires 20% of your net income to be remaining after making all their "living cost" deductions.

I don't think public customers have access to it though.

callmechar

Thanks thats great....can I please ask what they class as "living costs"

I have done an income and expenditure and we would have £500 left a month after paid everything

AskMeAnother

Living costs includes everything, right down to birthday's and Xmas on their list of outoings!

callmechar

AskMeAnother wrote: »

Living costs includes everything, right down to birthday's and Xmas on their list of outoings!

Everything inc xmas, birthdays, holidays, little bit of spend for us both etc is on my income and exp. We put money away each week/month for everything. No debts (only student loan and childcare to pay for)

Sounds like we would fit their criteria then as we have £500 left per month but its not 20% - not quite so maybe not (by approx £90)

AskMeAnother

obviously i can't say without a lot more info, but yes if you have a decent chunk left you might be ok...

callmechar

Thanks, perhaps we should go back to original plan of saving another 5% - so limited with these 95% deals to only a handful of lenders

AskMeAnother

Just re-read one of your posts - I mis-read your income.

Unless you have loads of debt outgoing you will be fine.

Be aware however that 500 left after all costs on your incomes would not be enough. You need to speak to a broker who has has access to the affordability model and knows what numbers Cambridge expect to see in each box etc.

But IMO it shouldn't be an issue.