2 decision in principles...same lender?

callmechar

AskMeAnother wrote: »

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.

Thanks, we only have £500 left after paid mortgage and everything else - thats what we intend to save each month with the mortgage. Perhaps as its not enough we will keep saving. You have been really helpful, thanks (NO outgoing debts, but only £500 left or will be when we have a mortgage)

AskMeAnother

you must spend a lot on food and drink then

callmechar

AskMeAnother wrote: »

you must spend a lot on food and drink then

My rent is £825 at the moment! (mortgage will be about £1100)
Council Tax £120 a month!
Bills (elec, gas, water, tv licence) £108 per month
Housekeeping £310 per month
Cars (x 2 inc petrol etc) £325 pm
Spends for us both £195
Save for holidays, xmas etc £150pm
Cable tv etc £50pm
Mobile phone £20
Childcare £64
Repairs (with mortgage £50pm)
Insurances (eg buildings with mortgage £50pm)

Total in = £3029 inc Child Benefit of £89pm (I forgot CB)
Total out = £2167 NOW so save £860 approx NOW
TOTAL OUT WITH MORTGAGE = £2542 out with mortgage inc repairs and building ins etc which is £487 left)

AskMeAnother

how much were you looking to borrow again?

callmechar

AskMeAnother wrote: »

how much were you looking to borrow again?

About £171k - 5% deposit, £180k purchase price

AskMeAnother

ok, so working on a net income of about £2900 (correct me If I'm wildly inaccurate) You should be able to afford a mortgage of upto about £1000 per month using some fairly standard number in the cambridge calculator.

The mortgage you are talking about would come in just under that figure if you took it over 30 years for example on the CBS 3 year fixed rate.

callmechar

AskMeAnother wrote: »

ok, so working on a net income of about £2900 (correct me If I'm wildly inaccurate) You should be able to afford a mortgage of upto about £1000 per month using some fairly standard number in the cambridge calculator.

The mortgage you are talking about would come in just under that figure if you took it over 30 years for example on the CBS 3 year fixed rate.

Thanks, including Child Benefit (is that included?) income is £3029 per month. Ideally want 25 yr mortgage

We are so limited with just 5% but have seen a house we like and need to decide whether to match the other persons offer, offer bit more or to walk away

callmechar

We are still negotiating on price, there are now 2 of us going for the one property....think we will bow out.

The Cambridge seems like a good deal thouugh

callmechar

callmechar wrote: »

We are still negotiating on price, there are now 2 of us going for the one property....think we will bow out.

The Cambridge seems like a good deal thouugh

Probably too much hassle and too hard to get 95% mortgage....how difficult is the cambridge one

AskMeAnother

Not that difficult to be honest. I submitted an AIP for someone on Tuesday and it got agreed with a full underwrite today. So theyre not too slow at the minute.