Affordability Question

Robs123

My husband and I are busy saving for a deposit to purchase a house in the next 6 months or so, I just wondered if someone could help with an affordability calculation question.

My husband was previously married, as part of the divorce agreement and consent order it was agreed that the exwife continues to live in and pay the mortgage on the old marital home, until such a time that she is in a position to take over the mortgage in whole – however he is currently still on the mortgage.

So for the purposes of affordability, how would this be calculated? Would the full mortgage payment be taken into account – even though it is not paid by us? My husband, also pays child maintenance – is this counted as an additional outgoing and taken off his salary?

I realise different providers will work differently I just couldn't find anything from looking at websites so I’m just after an idea really. He also has a ccj for £230 from over 3 years ago, listed with CallCredit but no other agencies – but I’m not too worried about that as I have already found a few lenders willing to consider this. LTV would be 95% on our new purchase.

Another thing, I guess we won’t be classed as ‘first time’ buyers, but we are also not remortgaging – so what rate should I base my calculations on!

Thanks – any help appreciated!

kingstreet

Status is homemover.

You are going to find it difficult to get a 95% mortgage with an existing property/mortgage in the background and a CCJ on top.

Maintenance payments, childcare, school fees etc will all be deducted from affordability and treatment of the existing mortgage will vary from lender to lender.

Thrugelmir

Robs123 wrote: »

My husband was previously married, as part of the divorce agreement and consent order it was agreed that the exwife continues to live in and pay the mortgage on the old marital home, until such a time that she is in a position to take over the mortgage in whole – however he is currently still on the mortgage.

How long ago?

pjread

IMO, get a decent broker and have a proper chat. 95%, CCJ and the rest all makes me think a cold direct app might be a bit of a waste of time... is affordability borderline too?