Need a mortgage of £270k - where to look?

Blue_Monkey

We've had an offer accepted on our dream home for £340k.

We're FTBs and have a £70k deposit (and extra for stamp duty and fees).

I earn £45,000 pa with a 10% (non-guaranteed) annual bonus. DH is self-employed and should net £22k but only has 1 year of accounts.

Which lenders should we consider? I've got a call with a broker on Monday but [STRIKE]as I'm very impatient[/STRIKE] I thought I'd try on here and see if I can get any quick info!

Dave_Ham

Hope your broker calling you Monday is very good.

This is going to extremely tough going, but I would suggest achievable.

You need to start thinking about which lenders will consider you, rather than which ones you should consider.

Simon_gloster

Blimey that's a stretch of income. 96% of lenders wont accept the self emp iincome so disclose this bit first as this is where they will earn your fee. On the employed income it's a dead duck.

Worst thing about all this your offers accepted and I genuinely think you'll struggle to get the mortgage.

shortchanged_2

Simon_gloster wrote: »

Blimey that's a stretch of income. 96% of lenders wont accept the self emp iincome so disclose this bit first as this is where they will earn your fee. On the employed income it's a dead duck.

Worst thing about all this your offers accepted and I genuinely think you'll struggle to get the mortgage.

I have to agree. I think the OP should really have seen how much they can borrow before they put an offer in.

This level of borrowing looks to be a serious stretch.

opinions4u

Blue_Monkey wrote: »

We've had an offer accepted on our dream home for £340k.

We're FTBs and have a £70k deposit (and extra for stamp duty and fees).

I earn £45,000 pa with a 10% (non-guaranteed) annual bonus. DH is self-employed and should net £22k but only has 1 year of accounts.

Which lenders should we consider? I've got a call with a broker on Monday but [STRIKE]as I'm very impatient[/STRIKE] I thought I'd try on here and see if I can get any quick info!

More likely than not you've wasted your seller's time and unreasonably raised their hopes of a sale.

Could you get the deposit up to £85,000 (25%)?

Simon_gloster

Just noticed the post states he SHOULD net £22k. Has he had at least 1 SA302 from HMRC, if not its even more unlikely than I first thought.

Blue_Monkey

Just thought I'd pop back to let you know we completed on our house on Friday

Our marvellous broker got us a deal with Halifax. Purchase price £340k with 20% deposit.

hamster2013

well done
what was the deal you got with halifax ?
rate - duration - etc?

hope you enjoy your new home

Thrugelmir

Hope you locked into a fixed rate product with a mortgage balance that high!

olly300

Thrugelmir wrote: »

Hope you locked into a fixed rate product with a mortgage balance that high!

That's not high if you live in London and the SE.