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Affordability on mortgage
blueblazer
Posts: 1,318 Forumite
Maybe just looking for some reassurance.
I have £120k deposit/equity (after my sale goes through) and am looking to buy house for £220k. Salary is only £21500. I had AIP from HSBC for £102k so though all was fine but after being grilled by HSBC mortgage advisor on phone and perhaps not being as prepared as could have been out outgoings etc, they rejected my application.
So went to a broker and she has found mortgage with Halifax for £107k which she has gone ahead with and taken all bank statements etc but nothing about affordability and outgoing etc. I assume she does all this on the application on my behalf?
My concern is that it is will be rejected again as it 5x salary even though I have no debts and high deposit (which I assume is taken into account?) but would they offer AIP for that amount if they didn't think would meet their affordability criteria?
Thanks very much
I have £120k deposit/equity (after my sale goes through) and am looking to buy house for £220k. Salary is only £21500. I had AIP from HSBC for £102k so though all was fine but after being grilled by HSBC mortgage advisor on phone and perhaps not being as prepared as could have been out outgoings etc, they rejected my application.
So went to a broker and she has found mortgage with Halifax for £107k which she has gone ahead with and taken all bank statements etc but nothing about affordability and outgoing etc. I assume she does all this on the application on my behalf?
My concern is that it is will be rejected again as it 5x salary even though I have no debts and high deposit (which I assume is taken into account?) but would they offer AIP for that amount if they didn't think would meet their affordability criteria?
Thanks very much
0
Comments
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Halifax affordability calculator does not ask about what you spend on beans etc it uses ONS averages.
It only takes into account credit, dependents, ground rent & service charge, maintenance, childcare etc as these are case-specific and will vary from person to person.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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