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Likelyhood of being accepted for a mortgage?
MrsKrepsly
Posts: 59 Forumite
Scenario - single 35 year old woman with two teenage kids. Earnings of £22k pa and no debts other than a student loan of around £6k (repayments of £40 a month). Property valued at £95k. £5k deposit. What do you reckon the chances are of being leant £90k? Extra income also have income from child maintenance, unsociable hours and child tax credits. Online calculators say lenders would be willing to lend up to £95k but what's the reality of it?
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Comments
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Redo the online calculators but this time any income not basic salary halve the amount if not already done so. CTC ie £5k pa, input £2500.
That'll be the realistic amount approximately.0 -
The calculators will be set up so as to take whatever portion of the income required.
Put every penny of income into the relevant sections.
Alternatively speak to a broker.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 -
Don't forget to include child maintenance payments, tax credits etc. It all counts!Current DebtNet Monthly Pay £2550[STRIKE]Barclaycard £0 / £2500 (23.9%)[/STRIKE][STRIKE]Lloyds Credit Card Settled[/STRIKE]
Lloyds Bank Loan £10200 - £456 / 36monthsDebt Free Dream:01/04/150 -
My bad. At least it allows the lady knowledge not all extra income gets 100% taken into account.0
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