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Is it likely?
tft1
Posts: 4 Newbie
Hi
We've been looking at houses for some time without buying, we think we've finally found the right one but I'm concerned about whether we would be able to get a mortgage at the moment.
The house is £350k, we have £35k deposit with a further £15k for stamp duty etc. Between us we earn £84k, monthly commitments are 212 for 30 months and 113 for 30 months.
At these figures, is it at all likely? We would try to offer less but that won't bump us from the 10% deposit bracket.
It's also possible that we may be gifted another 10% (from an inheritance) - I know this would make a massive difference, but is it the difference between a getting a mortgage and not?
Any advice would be most gratefully received, thank you. We are currently looking for a MA.
We've been looking at houses for some time without buying, we think we've finally found the right one but I'm concerned about whether we would be able to get a mortgage at the moment.
The house is £350k, we have £35k deposit with a further £15k for stamp duty etc. Between us we earn £84k, monthly commitments are 212 for 30 months and 113 for 30 months.
At these figures, is it at all likely? We would try to offer less but that won't bump us from the 10% deposit bracket.
It's also possible that we may be gifted another 10% (from an inheritance) - I know this would make a massive difference, but is it the difference between a getting a mortgage and not?
Any advice would be most gratefully received, thank you. We are currently looking for a MA.
0
Comments
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To be honest you should be fine without the gift. The gift will just allow you to access better products and obviously lower monthly repayments...
All the bestI 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 -
Adding to the deposit could make rates much better. If you could get a further 10% then it will make a big difference.
Income looks to be ok. Get copies of credit files and pass to a broker to see what can be done.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
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