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New loan to income mortgages

psamatt
psamatt Posts: 19 Forumite
Eighth Anniversary 10 Posts Combo Breaker
in Mortgages & endowments
Hi,
I'm remortgaging soon and last time i applied for a mortgage, the loan to income mortgages wasnt in.

I'm looking to look for new Mortgage products soon, does anybody have any tips and hints that i should do to ensure that i wont get rejected? Anybody know of a good resource i can read?

What specifically do they look at? Do they take any more you put into savings every month into account too?

From working out my loan-to-income for the household and its around 2.1.

Thanks

Comments

  • ACG
    ACG Posts: 24,685 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can usually borrow around 4-4.5x your income.
    However as ever it will be based on affordability.
    I am a Mortgage Adviser
    You 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.
  • psamatt
    psamatt Posts: 19 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    What do they take into account when looking at affordability?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    psamatt wrote: »
    What do they take into account when looking at affordability?

    Your outgoings and financial commitments.
  • psamatt
    psamatt Posts: 19 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Thrugelmir wrote: »
    Your outgoings and financial commitments.

    Do they see money put into a savings account as an outgoing? Would you need to declare this as money put into savings so they know?
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No it won't.

    You declare the costs your lender wants to know about. They are all different.

    Some want to know only about significant costs, such as credit, childcare etc.

    Others want to know about your subscription to Viz.

    You may wish to consult an independent broker to establish the correct lender for your circumstances.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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