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Newbuy

edited 30 November -1 at 1:00AM in Mortgages & Endowments
9 replies 613 views
darisaacdarisaac Forumite
12 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
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.

Replies

  • ThrugelmirThrugelmir Forumite
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    How much deposit do you have saved?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • kingstreetkingstreet Forumite
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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.
  • Do you have the money for stamp duty and solicitors, surveyors fees etc put by?
  • kingstreetkingstreet Forumite
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    Do you have the money for stamp duty and solicitors, surveyors fees etc put by?
    Opening post;-
    we have saved the deposit and fees etc plus extra for furnishings
    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.
  • As above yes we we have 5% plus enough saved for all fees and required white goods/flooring/furnishings.

    Any advise appreciated
  • kingstreetkingstreet Forumite
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    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.
  • ThrugelmirThrugelmir Forumite
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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.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • kingstreetkingstreet Forumite
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    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.
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