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Is there A Mortgage Out There For Me??
ThankYouAndEnjoy!
Posts: 356 Forumite
Hello
My girlfriend and I current have a mortgage of £93k (which was basically the maximum that we were allowed to obtain at the time - 1year ago)
Are there any mortgages that take into account affordability as well as salary multiples? The reason i ask is that my girlfriend and I neither Smoke, Drive or Drink and as a result, have currently £500 /month to make o/payments onto a mortgage - this will increase to £750 /month in 1 years time.
We are looking to move; obtaining a much larger mortgage. We know we can afford it (comfortably) but are having trouble obtaining an agreement/product that takes into consideration affordability (are there even products out there that take into consideration this info??)
Any help would be greatly appreciated.
Kind Regards
My girlfriend and I current have a mortgage of £93k (which was basically the maximum that we were allowed to obtain at the time - 1year ago)
Are there any mortgages that take into account affordability as well as salary multiples? The reason i ask is that my girlfriend and I neither Smoke, Drive or Drink and as a result, have currently £500 /month to make o/payments onto a mortgage - this will increase to £750 /month in 1 years time.
We are looking to move; obtaining a much larger mortgage. We know we can afford it (comfortably) but are having trouble obtaining an agreement/product that takes into consideration affordability (are there even products out there that take into consideration this info??)
Any help would be greatly appreciated.
Kind Regards
Proud To Be Dealing With My Debts - 1420 Days To Go!
LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
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Comments
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there are lenders that work on affordability - some require a case to be presented in order to stretch lending, and some will just require you to declare your annual disposable income and lend against that.
What size loan are you looking at and what are th eincomes?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 -
Hello
Joint Income (P60s) show £33k.
Current Mortgage = £93k - Contracted Payment £491.05
Equity In Flat = £35k
Guaranteed Cash Return £16.5k (ShareSave Investment)
Current SharePrice Value £33k
Looking for mortgage around the £155-£160k area, allowing house purchase of around £190k (taking into consideration equity only)
Does this sound viable?? I know for certain that we will be able to afford paymentsProud To Be Dealing With My Debts - 1420 Days To Go!LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
Share Investments: £51,390.74 / Money Owed From GS: £5,812.610 -
As long as you have a good credit hisotry and no other debts in the background, you could find lenders that will agree the mortgage amount you are looking for
It will depend on your scneario as a whole, but as long as the monthly mortgage payments are affordable to you, you should be able to get a mortgage agreed
HTHI 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
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