We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What chance do we have of getting a mortgage for this amount?!
angelbeefpie
Posts: 43 Forumite
Hi All
I've been lurking for a while and find the advice on here really helpful.
We are hoping to move soon. Once we sell, we should have around £63k as a deposit. There is a house we like and its for sale at £220k. So we would be looking for a mortgage around £155-160k give or take.
Now my question is would we be able to get a mortgage. Currently my hubby is sole person on our mortgage (having bought before we met). Current outstanding mortgage is £107k on house worth around £165-175k. Hubby earns £32k, I earn £22800. We have 2 children and I also receive the normal child benefit (1608p.a.). We pay our bills on time. I have a credit card and always pay the day I receive email. Currently outstanding £2600. I also have a monthly loan of £179 in my name only which Im in 2nd year of - paid by Direct debit so never been late. Just wonder if this will go against us? Based on this info, would we find it easy/difficult to find a lender.
Thanks for reading.
I've been lurking for a while and find the advice on here really helpful.
We are hoping to move soon. Once we sell, we should have around £63k as a deposit. There is a house we like and its for sale at £220k. So we would be looking for a mortgage around £155-160k give or take.
Now my question is would we be able to get a mortgage. Currently my hubby is sole person on our mortgage (having bought before we met). Current outstanding mortgage is £107k on house worth around £165-175k. Hubby earns £32k, I earn £22800. We have 2 children and I also receive the normal child benefit (1608p.a.). We pay our bills on time. I have a credit card and always pay the day I receive email. Currently outstanding £2600. I also have a monthly loan of £179 in my name only which Im in 2nd year of - paid by Direct debit so never been late. Just wonder if this will go against us? Based on this info, would we find it easy/difficult to find a lender.
Thanks for reading.
0
Comments
-
98.6% chance of success give or take.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
-
I am slightly more positive - 99.2%
Seriously, this should be straightforward..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Check out some lender websites for affordability calculators.
You may want to look at repaying the unsecured debts from the deposit monies to see if it helps affordability, if it is an issue.
Sounds very doable though on the face of it.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 -
Thanks for replies, our deposit is now a bit less at £50k, would our chances still be same?
Thanks0 -
Depends on the number of children in the home. It is either 3 or 4 kids, this'll peg you back bigtime.
Dave, any movement on the 99.2%. If 4 kids, 30% from me.0 -
Thanks for replying...we have 2 children and my
Hubby has another older child from previous relationship.0 -
Seriously, I would still expect this to be straightforward.
If you are in your mind forties + I will move my expectation to achievable but much tighter, same for 4 kids + 1 from previous. Also, if maintenance is paid for older child this too could make things a bit tougher...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Sounds doable to me. We were offered a lot more, on lower salaries than you!0
-
Thanks, we are in our 30s (!), 34 and 37. My hubby does pay maintenance. I'm a worrier...we will be seeing a (recommended) whole of market broker buts it's nice to get a 'feel' of what to expect. So it sounds reasonable ok ish at the moment. Nthank you all for ur replies0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards