Mortgage Chances and our situation

Loft_Boy

Hi There

I am just wondering what brokers initial thoughts were regarding the circumstances we are in and how to make sure that when we come to apply we are in the best circumstances.

My wife and I are looking to buy later this year.

I earn £41,000 basic with a flexible benefits package of £7,500 on top which can be (and has since I've worked her -3.5 years) taken as cash

My other half earns £36,000 but actually does a 4 day week so earns £29,000.

We have one child who is 15 months and we are expecting our 2nd child in June.

We will be looking to start looking at houses around September time.

In terms of deposit we will have the following.

£12,500 joint savings. £13,000 gift from my parents, and approximately £25,000 from the sale of my other halfs flat she is going to be puting on the market, she owns with her friend and the flat will be going on shortly. So in total circa £50k

In terms of childcare we are very lucky that we have Grandparents who help us out so we have no childcare costs

I had some PDL's but the last one of these was in Feb 2011, neither of us have Defaults, CCJ'S etc

At the moment we are living at my step dads old house but aren't on the electoral roll there, I am at my mums and she is registered at her parents, so my questions really are as follows

1) How much could we realistically look to get as a mortgage (we are hoping to get around anything between £200-220k

2) Will the electoral roll situation cause an issue

Any help really appreciated.

LB

andyfromotley

I'm sure the brokers will have better advice but my thoughts,

1) Your PDL's may rule out a few lenders but the majority will be ok given the age.
2) Borrowing that amount on those salaries should be no problem. Aim for a 80% ltv for better rate (don't forget you will need the purchase costs on top of your deposit.
3) Just change your electoral role details now. They will be on the CRA's within a month or two and to have them at old addresses just looks a bit messy!
4) Run your bank accounts scrupulously from now, lenders often ask for 6 months bank statements. So keep em in credit, no gambling out of them and ensure that your outgoings match what you say your expenses are.

hope this helps.

Loft_Boy

Thanks Andy.

So the fact that she will be on Maternity Leave wont be an issue and lenders will take her income into account.

If anyone else has any advice it would be greatly appreciated

Thanks

LB

amnblog

Loft_Boy wrote: »

So the fact that she will be on Maternity Leave wont be an issue and lenders will take her income into account.

A sweeping statement that is not accurate.


It depends on the Lender and the timing.

Loft_Boy

Ok so would you be able to elaborate on that for me if possible. Is it worth applying now or will the fact she will definitely be going on mat leave mean it won't make a difference Thanks!