How much could we borrow?

taylor86

I am just starting my search for a broker (advice welcome) at this stage I have no idea how much we may be able to borrow however we have seen details of a property at 160k that looks suitable for what we need.

I am a housewife with only child benefit as income and hubby has salary 28k (pay rise pending not sure what this will be yet) and approx 3k overtime for year. We have 3k on a credit card, it may be possible to pay this off before completion if needed but is currently interest free so I am in no rush to do this. We have no other loans or credit and credit files appear in good shape.

We have another property on consent to lease with rent being over 125% of mortgage payment.

I may return to work shortly but ideally we want to move before daughter starts school in september and I presume including my income may delay this?

I realise no one can say without full info but is it likely a lender will take this? We have 10% deposit.

pookied87

Seek out a broker and they will advise you from there. Also most banks do not accept Child benefit as a secondary income. They wont work on the chances of a pay rise they will go by his pay on that day you apply. Also I think overtime is excluded by some lenders. Your have to refer to a professional for advice.