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Is this realistic?
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NatashaP
Posts: 115 Forumite
My hubby and I have a combined income of about £32,000 p/a and pay out just under £400 a month in credit cards/loans (all finishing next year). We are a 'near-prime' case according to our IFA (recent credit history fair, but a CCJ from 2004 for £377 - paid, and a couple of defaults from 2004 and one beginning of this year).
We would like to borrow £136,000 (we have 5% deposit) and already have an AIP with one lender. Is this realistic? Should we trust our IFA and carry on with the full application and hope for the best, or are we wishful thinking? On all the online calculators I've used it seems we would be lucky to get anything over 100k.
We would like to borrow £136,000 (we have 5% deposit) and already have an AIP with one lender. Is this realistic? Should we trust our IFA and carry on with the full application and hope for the best, or are we wishful thinking? On all the online calculators I've used it seems we would be lucky to get anything over 100k.

LBM - January 2008 ~ debt - [strike]£16,260.00[/strike] £16,90.00 ~ Debt-free date - October 2016! :eek:
Official DFW Nerd Club Member No: 842 ~ Proud to be dealing with my debts!! :cool:
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Comments
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Natasha, If your adviser says s/he has an AIP then they will have a copy, which you should ask to see. In essence, you are looking to borrow 5 x joint salary after your c/c payments (almost) which does seem a lot, particularly in today's climate, and at 95% Loan to Value. I have to say that seems very high to me (actually scarily high, if I'm honest)
You also say your joint income is £32k, if any of that is made up of overtime/bonus/commission, then that would reduce your borrowing capability if it's not guarenteed.
What type of product are you looking at (fixed/tracker etc), what level of fees/rate?
David0 -
some lenders will not take into account your credit card debt and it will be possible to lend you that kind of money.
You need to really budget properly though as what you can borrow and afford are often two very different things.I am a Mortgage AdviserYou 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.0
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