5% deposit mortgage advice please

Mr.D.Diggler

Hello,

I'm looking for some advice about the best rates and deals out there just now. Brief synopsis of our situation:

My wife is a teacher, £35k per annum
I work part time, £7k per annum. I'm also a full time student.
We have £9k deposit.

RBS have said they would lend us £166k for a property costing £175k.

We have seen a house we like but its looking like it will cost £180k. Are there any lenders who are more likely to lend us more. We both bank with RBS, are debt free with no kids.

Thanks for looking :rotfl:

kingstreet

Without knowing your outgoings, it's difficult to say.

Student loan, season ticket loan, travel costs, maintenance etc can all reduce what you can borrow. The RBS Group is fairly generous on affordability, so there's likely to be something in your make-up which is making them top out at 4x income.

Speak to an independent broker who will establish your particular issues. You also need to establish if you can get the amount you need before you start worrying about rates. The best rate in the market is useless if you don't qualify for it.

Mr.D.Diggler

Thanks Kingstreet.