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Mortgage advice
0writer
Posts: 52 Forumite
Afternoon everyone,
I hoping to get some advice for people's recent experience when applying/dealing with mortgage providers or IFA's.
I am wanting to find out what the likelihood is of getting a mortgage for £550k at 90% LTV. Household income is £52k, with 3 dependants all 5 and under. Excellent credit rating of 999 with Experian if that makes a difference.
I bank with HSBC and Co-op and wasn't sure whether it is worth approaching them directly.
Thanks in advance.
I hoping to get some advice for people's recent experience when applying/dealing with mortgage providers or IFA's.
I am wanting to find out what the likelihood is of getting a mortgage for £550k at 90% LTV. Household income is £52k, with 3 dependants all 5 and under. Excellent credit rating of 999 with Experian if that makes a difference.
I bank with HSBC and Co-op and wasn't sure whether it is worth approaching them directly.
Thanks in advance.
0
Comments
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no chance (and 999 with Experian doesnt mean anything).Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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10 x income isn't (and never should have been) possible for anyone. Sorry.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I'm a novice at all this but from reading around...
At best you get roughly 4.5 times your salary, so roughly 200k mortgage which is nowhere near what you need, even with 10%/55k deposit.
Very roughly looking at 250k houses based on what you've said. Again, I may be wrong but as a guideline I don't think I'm far off. Defo not getting the 550k house anyway mate.0 -
Will any provider entertain more than 4 x income as I guess self certs are a thing of the past?0
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If you mean self certs where you basically vouch for yourself/income, I remember speaking to my dad who said they stopped along time ago.
4.5 x salary seems to be the max figure that gets quoted around here. 10% seems to be the minimum deposit too. If you we're going in with significantly more than 10% deposit, maybe you would get more but nowhere near 10 times your salary.
Again I think 250k is where you should be looking but someone more clued up might suggest a bit more maybe?!0 -
With 3 dependants you may well struggle to get 4 x income as lenders use an affordability based model.
Not a chance of obtaining 10 x income.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thats true what all the above have mentioned. Do you have to declare that you have kids GMS just of curiosity if it effects your amount you can borrow so much...? How would a lender know/
Cheers0 -
Ok, thanks for the quick replies everyone.0
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Thats true what all the above have mentioned. Do you have to declare that you have kids GMS just of curiosity if it effects your amount you can borrow so much...? How would a lender know/
Cheers
Of course you have to declare it. Not doing so would be fraud and liable to cause major issues for a long long time.
There are plenty of ways for a lender or underwriter to find out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
This has got to be a wind up.0
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