Help with New build mortgage

kingstreet

bd5410 wrote: »

Could any of the mortgage advisers see if a mortgage application with the Halifax would be likely to be successful given the figures in the post above and the number of recent applications?

Thanks

Halifax? 85%?

Are you sure?

That would depend on the broker/builder.

Normally, Halifax tops out at 80% on newbuild, unless you're a builder/broker on the "panel" of higher LTV business.

bd5410

The advisor tells me that Miller homes are one of the builders that have access to these 85% mortgages. When I entered our incomes into the Halifax how much can I Borrow calculator, it shows they may be able to lend approximately £136k, in reality would they offer less, we need £140k really.

bd5410

We are trying to change adviser, she done a few things without consent, and she'll let the builder know about problems long before we hear about them. we approached another adviser but they wanted no open Mortgage applications before they could help

Kt8

Hi Halifax under valued ours by 7 grand. It is a 3 storey 3 bed town house with garage (not integral).
Worth £206,950 however Halifax valuation stated they felt it was worth £200,000.

Possibly speak to the developers? Our broker handled everything for us she was fantastic and when speaking to the developer they said they would sell us the house for the valuation price we were made up.

We are also having 5% gifted deposit from the developer however nothing extra thrown in. We have a high depost.

Good luck

we are in northwest too i can provide you details of our broker if you want?

kingstreet

You can't run the affordability calculator with any degree of accuracy without more details.

Income

Gross annual income 1 £

Any variable earnings included, such as OT, bonus, commission?

If yes, £

Gross annual income 2 £

Any variable earnings included, such as OT, bonus, commission?

If yes, £

Permanent employment?

Working tax credits? £

Child tax credits? £

Child benefit? £

Any other income - maintenance, second job etc?

Outgoings

Loans with more than 6 mths left - amount paid each month £

HP with more than 6 mths left - amount paid each month £

Credit card balances £

Childcare cost £

Maintenance £

Property purchase price £

Deposit £ (include builder deposit)

Mortgage required £

Preferred mortgage term ____ years.

bd5410

income

my income £25,000 (permanent)

no regular bonus

partners income £8000 (part-time and permanent)

no bonus

Maintenance £2,000

Child benefit £1,600

Outgoings

We have no debts, hp etc

we pay off credit cards in full each month


Property price £166,950

deposit £25,043 (£8,348 of this is builder contribution)

Mortgage required £141,907

Preferred mortgage term 25 years

We have 2 dependants

The builder is Miller homes, they can access 85% mortgage from the Halifax, not sure about Santander? Would Halifax or Santander lend enough for the mortgage amount required, considering that the property is new build with a builder deposit contribution?

We spoke to the adviser today, we got her to find out a bit more about the Santander rejection, she called back later and asked for a few more pay related documents from my partner, she has now put in an appeal and says she should hear from them tommorow. I still don't know is Santander would lend us enough, as the online calcualtor I use said they would lend up to about 122K, can different limits be made available to builders or brokers?

kingstreet

Excluding the maintenance income (if you don't need it don't put it in, then you don't have to prove it) the Halifax affordability calculator output is £153,250 over 25 years, even with two dependents.

No. Brokers don't get higher income multiples. The affordability calculator is the same for all borrowers, although we may be more familiar with what income lenders will and won't accept.

I can't see a reason Halifax won't lend to you. Abbey is often an unknown quantity and I wouldn't speculate.

bd5410

Thanks Kingstreet, do you think the recent Nationwide and Santander applications are likely to cause problems with the Halifax application.

kingstreet

All I'd be doing is guessing, but as long as your score is good enough, it should not be a problem.