Chances of a mortgage offer

llh189

I am planning to make an offer of 124,000 on a probate sale and can't get to talk to my boker London & Country until tomorrow and getting twitchy!

I am a single applicant earning £40K per year with a bonus of usually around £2k!

I have a 10% deposit.

Been in the same job for 8 years

I have never missed any payments on loans, cc's etc, but I do have some debts:

I am three years in to 6 year loan, my payments are £467 per month (long story) and have cc of £1900 on an interest free deal I pay more than the minimum each month @ a Amex with no balance but a limit of £7200!

My current rent is £675 ( which is more than the 5.9 fixed for five year deal I am looking at).

I also Pay in to a pension scheme as a fixed cost of my salary.

What do you think? I am looking for 89.9% mortgage!

GMS

I hope you mean you earn £40,000 not £40?

llh189

Ummm, yes!

Have changed but yes - £40k per year!

GMS

Card would be taken as £57 per month as a commitment with £467 mth loan giving £524 per month to be taken as credit commitments.

Affordability will be affected but it could well be possible.

I am sure L&C will look into it for you. Affordability needs to be checked thoroughly prior to any application though so make sure they have copies of payslips so they can see exactly what is taken out and where/when.

Last thing you need is an incorrect affordability calculation.

llh189

Do you know affordability including my loan will be calculated?

GMS

Different lenders use different calculations. L&C shoudl do the calculations prior to submission.

llh189

What might you say my chances are?

GMS

I wouldn't want to hazard a guess. I don't know enough of your circumstances.

Give ALL information to the broker and see what they come back with.

Not being evasive but wouldn't want to give you naff information.