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Mortgage Advice please..

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.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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
    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.
  • Feanor
    Feanor Posts: 513 Forumite
    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
    Mr_helpful Posts: 3,233 Forumite
    that should be fine
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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
    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.
  • Feanor
    Feanor Posts: 513 Forumite
    Thankyou, i really appreciate your help.

    x
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