Another Is a Mortgage Possible thread:)

HiToAll

Be good to see what others think of my potential mortgage and if people think is affordable/acceptable to mortgage companies.

Salary one: £20,000 Fixed term contract 2 years, with 14 months to go in education so would be not too difficult to get another.

Salary 2: £28,005 + bonus £4000 (average of the last 6 years). Permanent full-time job.

two adults, two children (3 years and 6 weeks).

Total credit card debt £7,000 at 0% APR (which could be paid off if causes problems).
Car payment £280/month (ends in 10 months).
Childcare of in region of £300/month
Plus usual household expenses.

Equity in current house £15,000
Savings £97,000
Both never had any issues getting credit cards/loans etc and nothing adverse on credit reports, not even a missed/late payment.

Looking at mortgage of somewhere in the region of £200,000. Thanks all

Dave_Ham

Achievable yes, but not with all lenders I would suspect as tight.

If 40 years old + age could also be a barrier.

Worthwhile going through the details with a broker, although would not entrust this to the Estate Agent advisors...

HiToAll

Dave_Ham wrote: »

Achievable yes, but not with all lenders I would suspect as tight.

If 40 years old + age could also be a barrier.

Worthwhile going through the details with a broker, although would not entrust this to the Estate Agent advisors...[/QUOT

Thanks, we are both in our early 30's and sorry should say that the house total price is for around £200,000 and so the mortgage would be for max £150,000.

Dave_Ham

Definitely achievable then with a decent selection of lenders, although obviously subject to the detail.

Either need a broker or if you DIY, ensure they understand and check criteria on the fixed contract.

All the best