Will we get the mortgage we need?

ACG

Generally speaking 4-5x income is possible - the closer you get to 5x the harder it is.
On £26k we would be talking about £104-130k, you try getting £144k with Woolwich - i do quite like Woolwich but - they're not going to lend £144k on that income alone.

Theyre not a million miles out and it could be possible to place it on his income alone but once you start stretching incomes, your options start to reduce.

The more ways you have at looking at completing on a mortgage where you do not meet standard criteria the easier it is to find a lender.

On a side note, if you used a broker - why would you need to speak to any bank reps? From personal experience i take everything from my clients in one go and the next thing they have to do is pack everything.

Maelwys

ACG wrote: »

On a side note, if you used a broker - why would you need to speak to any bank reps? From personal experience i take everything from my clients in one go and the next thing they have to do is pack everything.

If memory serves, I needed two phonecalls to the bank lender regarding the timing of the first payment leaving my current account. This was at the beginning of the month when the first payment was due to leave my account, after the mortgage had been agreed and setup. The actual setup of the loan was all handled for me by the mortgage broker.

(The next time I spoke to my lender was earlier this afternoon, 2 years later - since my fixed rate term has just ended I wanted a quick chat about other deals they were offering that I could potentially switch to. All of which I intend to run past my original broker first!)

ACG

Fair enough - although your broker would usually be able to answer that question too.

kingstreet

WinterGhosts wrote: »

My boyfriend takes home £26,000

Takes home? Is this net of income tax and NI?

Or this his gross basic salary and/or is there any bonus/overtime included?

Dave_Ham

We need to be careful when making assumptions about affordability. The lenders calculate affordability differently to whether a client can actually "afford" to pay a mortgage.

In your case, 5 x OH income would be maximum to any lender and with you on the mortgage this will be diminished further. This is on the assumption your income is not counted and it potentially would be by some lenders.

I would anticipate this being achievable by a broker, although please be mindful when you ask any specific bank if they can do it they will just often tell you they can.

This is because a Natwest advisor can only "sell" Natwest mortgages and sometimes bank advisors are targeted on applications and not necessarily offers/completions.

I agree with ACG, we never sell on being the cheapest and certainly not fee free; its about delivering value and how you put a price on stress vs peace of mind.

Get a recommended broker and 99% of this stress should be taken away. You are right to both be on the mortgage and I think this should be achievable without family support.

All the best

WinterGhosts

Just a quick update to say we are now moved into said house!! Yay!!

We got a 75% mortgage with Yorkshire building society - one of their best fixed rate deals at the time Around 3-2%

Thanks for the help!!

vjacx

WinterGhosts wrote: »

Just a quick update to say we are now moved into said house!! Yay!!

We got a 75% mortgage with Yorkshire building society - one of their best fixed rate deals at the time Around 3-2%

Thanks for the help!!

Fabulous, enjoy your new home

fewcloudy

Congratulations, and thanks for coming back to update post.

It would be good to know if the advice was correct, did you need parents help, did you use independent broker, joint mortgage or not, etc etc.

fc

WinterGhosts

fewcloudy wrote: »

Congratulations, and thanks for coming back to update post.

It would be good to know if the advice was correct, did you need parents help, did you use independent broker, joint mortgage or not, etc etc.

fc

Hi!!

To answer your questions, my oh received a raise of a few thousand. My contract was also changed to a permanent one. We didn't need any extra help, no broker, just ourselves. It is a joint mortgage and we used 34,000 and the mortgage is 140,000. It is, I believe, 2.74% fixed for 3 years I believe - I'm not at home so can't check right now.

ACG

Congratulations. Good to hear you got it all sorted.