How much we can borrow?

kingstreet

saving123 wrote: »

My partner is self employed - is this likely to have a big bearing on how much we can borrow? He has profit figures for the last 3 years. We should have a deposit of around 17-20%. We have also been overpaying on our current mortgage by about 50% more.

Take an average of the last two years' net profits and use that as the income.

saving123

We are looking at a house value of £230k with approx. mortgage of £185k needed - my salary is £30k and my husbands profit is £30k are we likely to have problems getting a mortgage of this size? When I am looking at mortgage calculators online a lot of them seem to be happy to lend in excess of £200k so that would indicate not?

antonyc79

I know with woolwich they added pension payments as a monthly expense which took a large chunk off how much we can borrow

Jason_Bourne_2

When using these I've always put all my non mortgage expenses in like gas, electric, tv, phone, council tax etc.

I was a bit worried there for a while but if I do it the Kingstreet way it's much more promising.

To be safe I've put in one mobile contract as we have 2 @£47 and my entire sky bill £78.00 plus leisure memberships.

kingstreet

Jason_Bourne wrote: »

When using these I've always put all my non mortgage expenses in like gas, electric, tv, phone, council tax etc.

I was a bit worried there for a while but if I do it the Kingstreet way it's much more promising.

To be safe I've put in one mobile contract as we have 2 @£47 and my entire sky bill £78.00 plus leisure memberships.

It depends on the lender.

Some want chapter and verse and will ask directly for each outgoing if they work that way. Others, like Nationwide use ONS figures and only need specific items personal to the applicant if they have any.

caprikid1

Don't forget most lenders will ask to see bank statements.