Odds of getting a mortgage. Affordability questions

vqmismatch

I wonder if people could help give an idea wether the following may be possible under the following circumstances…

Looking for a mortgage potentially of up to 170k for the right house but more likely under 100k

30k deposit, two people both with large student loans on the 9% over 15k repayment scheme, no other debt, combined income until august about 65kpa, should then move to about 70-75kpa if all moves as expected under the contracts as they stand for both of us together.

Potential sticking points:
- a horse with all the associated running costs (we budget 8k a year),
- I am a junior doctor and the government are presently trying to renegotiate our contracts in a manner that is likely to markedly reduce our pay.
- To pursue my field of choice I will likely be moving elsewhere in the country in 18 months, and have rent and bills etc somewhere else to pay also (geographical stability for me at least is likely to be some years away).
- 4k a year or so for professional exams and courses to find.


At a glance borrowing that much on our combined income seems doable, I am slightly concerned at how a more detailed affordability check would come out though.

kingstreet

Most lenders use ONS figures, they don't scrutinise down as far as your subscription to Viz.

However, if you do have a heavy expense item like a horse, you should try entering the cost in the lender's affordability calculator yourself to ensure the amount you wish to borrow remains affordable.

Lenders who ask for bank statements will be looking at them for big regular expenses to which your activity may fall.

amnblog

You have numerous curve balls here - as someone who regularly deals with Doctors I will advise you that you need to engage a mortgage broker - one with solid experience in assisting Professionals.

Dave_Ham

Concur with above, engage an experienced broker and save you trying to second guess the best way forward.


Good luck