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Newbuy
darisaac
Posts: 12
Forumite
Whats the chances of a succesful newbuy application with the below details?
Joint application
App 1 income 65k credit card debt 4800 excellent credit rating
App 2 income 28k credit card debit 5400 good credit rating
Joint loan 4700
Total income 93k total debt 14900
House cost 249k, we have saved the deposit and fees etc plus extra for furnishings.
Joint application
App 1 income 65k credit card debt 4800 excellent credit rating
App 2 income 28k credit card debit 5400 good credit rating
Joint loan 4700
Total income 93k total debt 14900
House cost 249k, we have saved the deposit and fees etc plus extra for furnishings.
0
Comments
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How much deposit do you have saved?0
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Even after deducting the cost of the credit, your income multiple is still less than 3x, so you've listed nothing which would see you declined.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Deposit of 5%0
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Do you have the money for stamp duty and solicitors, surveyors fees etc put by?0
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Opening post;-wanting_an_easy_life wrote: »Do you have the money for stamp duty and solicitors, surveyors fees etc put by?we have saved the deposit and fees etc plus extra for furnishingsI am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
As above yes we we have 5% plus enough saved for all fees and required white goods/flooring/furnishings.
Any advise appreciated0 -
What advice would you like?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Even after deducting the cost of the credit, your income multiple is still less than 3x, so you've listed nothing which would see you declined.
Majority of deposit is borrowed on credit card. One assumes as is 0% interest card.
So may impact at underwriting stage.0 -
It's newbuy, so it's between 90% and 95%.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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