We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
mortgage offers
jay-jay
Posts: 465 Forumite
My hubby flat rate is £23000 a year and he has just started his job, however he will make alot more because his job includes offshore work. Is this taken into account when we apply for a mortage? We have 65K in equity and wanting to purchase a house which is £170000. Is this doable. We dont want to leave ourselves completely broke by doing it. Also how much would we be looking at with repayments. We currently pay £600 a month on a 14 year mortage which we manage fine.
Thanks
jay-jay
Thanks
jay-jay
I hope that my child, looking back on today
Will remember a mother who had time to play;
Because children grow up while you're not looking,
There are years ahead for cleaning and cooking.
So, quiet now cobwebs, dust go to sleep.
I'm nursing my baby, and babies don't keep.
Will remember a mother who had time to play;
Because children grow up while you're not looking,
There are years ahead for cleaning and cooking.
So, quiet now cobwebs, dust go to sleep.
I'm nursing my baby, and babies don't keep.
0
Comments
-
23k + 17k = 40k
you need to borrow 105k so it is 2.63 times your combined income which is easily doable in terms of borrowing.
You may find the payments more £600 over 25 years on this amount. This is based on a 6% int rate.
Clearly there are a lot of factors that can affect your ability to borrow - like debts and your interest rates will be dependent on your credit history etc..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 -
Our income is £23000 plus offshore work which will take it up to around £30K give or take. The 170000 was the price of the house. Minus 65K in equity we would be looking at £105K mortgage over 25 years.I hope that my child, looking back on today
Will remember a mother who had time to play;
Because children grow up while you're not looking,
There are years ahead for cleaning and cooking.
So, quiet now cobwebs, dust go to sleep.
I'm nursing my baby, and babies don't keep.0 -
sorry - not read correctly - 105k will be 4.56 x income so still achievable. The additional work will be counted fully if its written into the contract and guaranteed but maybe only half of it if its just regular and non guaranteed.
Rates are still the same and payments etc.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards