Mortgage promise and salary query!

Moo7498

Hi guys!

This is my first post on this site (although before ever making a decision in life I refer to here!)

I am a first time buyer looking to buy my first flat by myself and have been given a mortgage promise from Halifax which is surprisingly 'over' what my broker quoted me from them a while back...
My question is to all the mortgage advisors (if they can post their own opinion of course!) and everyone else is...

I am a flight attendant so I get a basic salary of £1,000 PAID into my bank monthly and when I fly I get allowance money put onto a cash passport which equates (average over 3 months) to another £630.
This money is paid in U.S dollars and drawn out in pounds when brought back to the UK.

The Halifax say this is fine to class as 'bonus' as long as I can prove it, which I can on statements from Travelex but just wanted your view on this?

I have excellent credit score and no outstanding debt. The property is 120,000 and I have 10% deposit...

The Halifax quoted £118,000 to lend but my broker came back with £85,000 a month ago?!?! He didn't go from payslips though whereas Halifax did...

Any thoughts I would greatly appreciate it as I haven't a clue about all this and hope I'm getting quoted the right money without getting my hopes up!

Thank you so much!

fflump

Getting your hopes up? To be frank if you are lent £118,000 it could turn into your worst nightmare

Your combined pay equates to an annual salary of around £20k. A 6X salary mortgage is huge and difficult for anyone to cope with. What is your deposit and what mortgage rate/product are you being offered?

Repayments on a mortgage rate of 4.5% would be £655 per month. This rather a large portion of your £1000 !

Moo7498

Thanks for replying! No I most definitely wouldnt be borrowing all of that money from them! £100k at most and I have £12k deposit...
They have quoted me 5.99% fixed for 2 years with no product or arrangement fee and £650 cashback. Does this sound like a good deal?

fflump

In a word. No.
Deals are not hard to find if you look on the internet of best buy tables. Or use a broker.

HSBC do a 2 yr fix at 90% LTV at 4.49%.

Get your deposit to 15% and you can access sub-4% fixes.

MoneyMagic01273

fflump wrote: »

In a word. No.
Deals are not hard to find if you look on the internet of best buy tables. Or use a broker.

HSBC do a 2 yr fix at 90% LTV at 4.49%.

Get your deposit to 15% and you can access sub-4% fixes.

You are right - the OP should shop around and a 15% deposit is definately better than 10% (naturally)

I think there is really no hope the OP would get an approval from HSBC on this 90% deal though - looking at the overall affordability of this loan amount vs. the OPs salary. HSBCs criteria appears to be very high for this product, even for people with much better earnings.

But others may not be.

£100k at 4.49 over 30 years would still be just over £500 a month (50% of his/her normal salary). I'm really not sure the OP is going to get that many great deals thrown at him/her...

Moo7498

Thanks for responding. I could save longer for a 15% deposit or wait for more properties of a lower price (which do happen that need decorating inside) to come up.
Halifax are the only people along with Nationwide who understand my wages as are willing to offer a mortgage... Ridiculous.
And overall in a year I clear almost 30k in wages it is just hard to explain how I get it as some is given when I am out of the country!