Mortgage Advice please..

Feanor

Hi,

Sorry if some of these questions have already been answered, i did try to do a search!

Myself and my partner would like to go and see a mortgage advisor when we find one. We earn £48,500 a year (to go up to 50k next month). Last week i paid off all my credit cards and am now officially debt free. It was only about £2000 altogether so i didn't have massive debts.

If we go see a mortgage broker this weekend and ask how much we can borrow, will it show that my balanes have been cleared?

We really need to borrow 4.5 times our salaries to be able to afford anything decent down here so we need to make sure everything is in order. Do you think we should wait a little while longer before we go see the advisor?

Thanks for any advice.

herbiesjp

YOu can go now to see the adviser

Just give them the whole scenario and they will take all your income into account rather than make deductions for the debts you have

Should be straightforward

HTH

Feanor

Oh Thats great, thanks! Its very exciting.

Just need to find a broker now!

Do you think 4.5 times our joint salaries should be ok? We dont have any other outgoings a month now and would have a 5% deposit.

Thanks

Mr_helpful

that should be fine

herbiesjp

That all looks OK

Just remember that with a 5% deposit most lenders will charge a Higher Lending Charge. Some lenders do not charge this fee, but compensate by charging a slightly higher interest rate

Feanor

Thankyou, i really appreciate your help.

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