Mortgage Application

Jellybean_Jo

Dave_Ham wrote: »

Aside from not getting the 90% product and having to get another 5% you mean...?

I didn't have to struggle to raise a marginally higher deposit. I had access to the money anyway, and was just hoping to be able to keep a larger 'rainy day' fund, and thought I was probably pushing my luck anyway. I wouldn't have exactly called it a problem. The fact that the OP has highlighted the option of raising the extra funds, it wouldn't seem to be a huge issue for them either. The difference in interest rates and fees alone made it a better option anyway once it had been brought to my attention and I wished I'd done it right from the start!

Dave_Ham

Have you any unsecured debt at all?

I had a 90% with Nationwide offer yesterday where their joint income was approx. £58k and got £210k although they had to clear absolutely all credit commitments as Nationwide are tight on multiples.

I am surprised though as if you were accepted, the system would have just offered less..

You may just want to check your Experian and Equifax just out of good practice..

mnorton2k

about £3,500 of unsecured debt on a credit card, but that's it.

Dave_Ham

Ok - and I cannot imagine a broker would not have checked this, but this will be impacting your affordability

Each lender reflects different amounts on credit cards, but typically 5% of this balance is taken as a monthly commitment and therefore £175 a month straight off of affordability.

What are your individual incomes and do you have any dependents?

This still sounds achievable at 90%, although obviously I do not have enough information to back that up...

bluestarlight

First Direct have been brilliant with our 90% mortgage, and one of us has a small personal loan balance and car HP.

We are borrowing about 2.5 times joint salary.

Hope that helps.