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Should we go to a broker given our living situation?
greenthecolour
Posts: 6 Forumite
Hi there,
Firstly apologies if this rambles on a bit, I'm including anything I think might be relevant as I'd love to hear thoughts on whether we would need a broker in this situation.
Later this year we'll be looking to move house. We realistically expect our house to sell for around £250,000 and our outstanding mortgage amount is £155,000. We have a total of £50,000 in savings and a combined income of £62,000pa.
We're not totally sure yet what our next home will be but we're looking at around £300,000. What's making me nervous is the fact that I work in a different part of the country and pay £450 a month rent, including bills, for a flat share, coming home on weekends and working from home on occasion. We can afford this and it's cheaper than a season ticket for the train, but reading the boards has made me really nervous about whether lenders will run a mile from us in this situation!
We've been with Nationwide for as long as we've had a mortgage and OH is keen to stick with them and port our mortgage over to the new house when we hopefully get it. I'm thinking though that a broker may be a better and less stressful option given the above; I also found that I have an AP which settled after 1 month on my file from 22 months ago, from a mix up with Orange (yes it was my fault), I'm guessing that doesn't look too good either.
So that's about it I think, I'd be very grateful for any thoughts on how precarious our situation may be so we can be prepared! And if a broker is needed any North East England recommendations would be great, but I can scout around the boards for that information if not.
Firstly apologies if this rambles on a bit, I'm including anything I think might be relevant as I'd love to hear thoughts on whether we would need a broker in this situation.
Later this year we'll be looking to move house. We realistically expect our house to sell for around £250,000 and our outstanding mortgage amount is £155,000. We have a total of £50,000 in savings and a combined income of £62,000pa.
We're not totally sure yet what our next home will be but we're looking at around £300,000. What's making me nervous is the fact that I work in a different part of the country and pay £450 a month rent, including bills, for a flat share, coming home on weekends and working from home on occasion. We can afford this and it's cheaper than a season ticket for the train, but reading the boards has made me really nervous about whether lenders will run a mile from us in this situation!
We've been with Nationwide for as long as we've had a mortgage and OH is keen to stick with them and port our mortgage over to the new house when we hopefully get it. I'm thinking though that a broker may be a better and less stressful option given the above; I also found that I have an AP which settled after 1 month on my file from 22 months ago, from a mix up with Orange (yes it was my fault), I'm guessing that doesn't look too good either.
So that's about it I think, I'd be very grateful for any thoughts on how precarious our situation may be so we can be prepared! And if a broker is needed any North East England recommendations would be great, but I can scout around the boards for that information if not.
0
Comments
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The deposit you have will likely allow you to overcome the AP marker.
Its a 1 off blip, settled and up to date for 2 years... its an issue but I would say a minor one.
With regards to the living situation. If one person is living in the property your buying that should be fine, however when looking at the affordability your going to have to budget for the rent you pay. Assuming that fits affordability it should not be an issue.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 -
A broker will undoubtedly make this process easier and let's stressful for you.
If you are travelling between home and work all week choose a broker who works remotely so you did not need to find the time to attend meetings.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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