New and need advice!

NatashaP

Hi!

We are FTB's and already have an AIP in place. We've found a house we like and are just about ready to make a full mortgage application, however I'm a bit taken aback by the amount the lender is willing to lend us - 5x our joint income! This, I know, is becoming more and more common now, but we have had bad credit problems in the past, so I am very iffy about what they are supposedly happy to lend us. I have ran through everything with our broker who has assured us that the right income details have been taken and credit checks have been performed and is adament that we do have an AIP for that amount.

We know we can manage the monthly repayments, but I am not confident that what we've been told is accurate. We have found a house which is near the top end of what we've been offered and I'm scared if we go through with the reservation of this house (it's a new build - last plot) then pay our broker his fee as well as the lenders set-up fee and all of that, it'll all come crashing down and we'll end up severely out of pocket (and disappointed to boot!)

I know it sounds silly but I just feel like pulling out now while we're not in too deep and looking for a house £20-30k cheaper, just to avoid disappointment, despite the amount we've been offered. What do you think? Carry on with the house we love and hope everything goes through smoothly, or just try and find something else lower priced?

absolutebounder

NatashaP wrote: »

Hi!

We are FTB's and already have an AIP in place. We've found a house we like and are just about ready to make a full mortgage application, however I'm a bit taken aback by the amount the lender is willing to lend us - 5x our joint income! This, I know, is becoming more and more common now, but we have had bad credit problems in the past, so I am very iffy about what they are supposedly happy to lend us. I have ran through everything with our broker who has assured us that the right income details have been taken and credit checks have been performed and is adament that we do have an AIP for that amount.

We know we can manage the monthly repayments, but I am not confident that what we've been told is accurate. We have found a house which is near the top end of what we've been offered and I'm scared if we go through with the reservation of this house (it's a new build - last plot) then pay our broker his fee as well as the lenders set-up fee and all of that, it'll all come crashing down and we'll end up severely out of pocket (and disappointed to boot!)

I know it sounds silly but I just feel like pulling out now while we're not in too deep and looking for a house £20-30k cheaper, just to avoid disappointment, despite the amount we've been offered. What do you think? Carry on with the house we love and hope everything goes through smoothly, or just try and find something else lower priced?

Go through a fees free broker then you will have more money left over