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Possible Mortgage?

oneandonly17
oneandonly17 Posts: 8 Forumite
in Mortgages & endowments
Currently have a joint mortgage and wish to remove one family member off leaving myself. What are the chances of this getting accepted. Here are the details:


Age: 25
2 jobs with gross: 25k
Commission/bonus: £160/mnth
Other income: £1000/mnth (Property on let, rental income)
Est house value: 250k
Loan remaining: 135k
Mortgage repayment: £502/mnth
Years remaining: 33
Total Monthly out going: £900

Any other details, do ask!
Thanks,
«1

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    This should be achievable, although you do not state what financial HP commitments you have going out each month?
    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.
  • oneandonly17
    oneandonly17 Posts: 8 Forumite
    Dave_Ham wrote: »
    This should be achievable, although you do not state what financial HP commitments you have going out each month?

    Sorry what do you mean by 'financial HP commitments'?

    thanks,
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    LEt property income, is there a BTL mortgage as well?

    ignoring the other property you are looking at 5 1/2 x income based on both jobs. Some lenders will accept 2 jobs if long term, and realistica for you to do both, but if you are working 70 hours a week doing both, they will not accept it as being maintainable.
    I am a mortgage adviser.
    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.
  • oneandonly17
    oneandonly17 Posts: 8 Forumite
    Wh05apk wrote: »
    LEt property income, is there a BTL mortgage as well?

    ignoring the other property you are looking at 5 1/2 x income based on both jobs. Some lenders will accept 2 jobs if long term, and realistica for you to do both, but if you are working 70 hours a week doing both, they will not accept it as being maintainable.

    Property is on ctl so its residential mortgage, both jobs is permenant its been 3years+. Total hours per week is 43hrs.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Dave_Ham wrote: »
    This should be achievable
    At 5x salary (even including the commission)?
    Or are you including the rental income?
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    JimmyTheWig wrote: »
    At 5x salary (even including the commission)?
    Or are you including the rental income?

    How much is the current mortgage payment?
    I am a mortgage adviser.
    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.
  • oneandonly17
    oneandonly17 Posts: 8 Forumite
    Wh05apk wrote: »
    How much is the current mortgage payment?

    £502/month
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Yeah - there is enough to go at and potentially including the rental income - long term also.

    Nervous about HP commitments, by which I mean any unsecured loans, credit cards with unpaid balances, car finance etc. ?
    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.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The property you are looking to take over, is this the rented property or another? who is the mortgage with that you are looking to take over?
    I am a mortgage adviser.
    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.
  • oneandonly17
    oneandonly17 Posts: 8 Forumite
    Dave_Ham wrote: »
    Yeah - there is enough to go at and potentially including the rental income - long term also.

    Nervous about HP commitments, by which I mean any unsecured loans, credit cards with unpaid balances, car finance etc. ?

    There are no other loans, credit cards, unpaid balances, car finance. However, i do have student loans which has been deducted from my main job for the last 3years, which has been declared when original mortgage was applied for.
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