Broker or mortgage advisor?

quack85

Hello,

I’m looking to use help to buy, approx £5000 deposit for a £100,000 property.

I earn just over £26,000, so thought that the above would be in my limits according to a few mortgage calculators.

However I have just realised that my lease car that I have through work will also be taken into consideration as a monthly commitment, this is £215 (£125 is the car and £90 is fuel, but it goes in one payment of £215 straight out of my wages).

I’m now worrying that I won’t be able to get a mortgage for the amount I want due to this, and therefore this restricts my choice in property.

I also currently have a balance on credit card that I am hoping to clear or at least significantly reduce by the time I apply for mortgage.

Would I benefit from speaking to a mortgage advisor or a broker now at this stage?

Appreciate any responses in advance!

ACG

It is going to be tight on affordability. It could be worth speaking to one.

quack85

Thanks for the reply

Sorry if stupid question but in terms of affordability, will broker take the full £215 into account? Would they do this if I didn't have a lease, and be budgeting how much I spend in petrol for example? I'm asking as I'm wondering if it would be worth me coming out of lease scheme until I have the mortgage, if it means getting the amount I need. Or if they would still account for this money anyway.

Do they literally go through all outgoings, or use an average?

Thanks again.

minimike2

Any Adviser (This includes brokers - Brokers ARE advisers) will be taking into account ALL of your outgoings to show that the mortgage they recommend is affordable and all lenders are required to check this as part of the application.

In terms of the deduction from pay, its up to the lender on how they assess affordability and what evidence you can provide to show the arrangements, so you some advice will help you to have the application placed with an appropriate lender. I would suggest you get as much evidence of the split of the payment as possible to help with it....