Mortgage Advice & Other Questions

John310

Hi everyone,


Me and my partner are around 6 months - 1year away from being in position (to hopefully) buy our own home. We are on a mission right now to get everything lined up so when we ready to pull the trigger everything is in place.


The problem is we just aren't sure exactly what size deposit will we need and also exactly how much we will be able to borrow.


I have tried just about every online mortgage calculator and the amounts they spit are out vary hugely from as low as £118K to as high as £180K! Ideally we would like to borrow somewhere around £130-140K. Can these calculators be trusted and can you please recommend one?


Where can we go to get some free impartial advice? Actually speak to someone who can say if you have £X deposit you'll be likely to borrow £Y? (without going through a full credit check/mortgage application at this stage)


My partner is currently on maternity and will be returning to work soon, we would like to know how much of a difference in terms of the amount we can borrow will be effected if she goes back PT 20hrs/ wk compared to 36 hrs+?


Thanks for any help, I'm sure we will have lots more questions along the way.

amnblog

Most brokers will point you in the right direction in an initial conversation without charge.

Don't limit yourself with the 'free' tag at application time. It can be false economy.

csgohan4

how much deposit can you save up when you will be buying and how much is your total income?


The more the better. Any debts?


All boils down to getting a good broker who you pay on mortgage offer. Ideally not the free ones from conveyer belt firms who deal on quantity not quality.

John310

csgohan4 wrote: »

how much deposit can you save up when you will be buying and how much is your total income?


The more the better. Any debts?


All boils down to getting a good broker who you pay on mortgage offer. Ideally not the free ones from conveyer belt firms who deal on quantity not quality.

Well we don't know exactly how much deposit we will need but 6 months time we should have £8k-10K deposit. at the minute we are just working on the assumption of saving as big as possible deposit we can. ~ £500/month into the pot.


Gross Income (combined) of either £32850 if my partner goes back PT or around £38450 if she goes back for longer hours. Ideally she would go back for less hours to spend more time with our daughter but we aren't sure if we will be able to borrow enough on that income.


Debts: Finance on one car. Paid every month. We've never missed a payment on any bill.


Would be looking at houses from £130k upwards. Dependant on 5% or 10% deposit and HTB options. And income to borrowing ratio.


What is the best way to find a decent broker in the local area? We live in Leicestershire.

csgohan4

John310 wrote: »

Well we don't know exactly how much deposit we will need but 6 months time we should have £8k-10K deposit. at the minute we are just working on the assumption of saving as big as possible deposit we can. ~ £500/month into the pot.


Gross Income (combined) of either £32850 if my partner goes back PT or around £38450 if she goes back for longer hours. Ideally she would go back for less hours to spend more time with our daughter but we aren't sure if we will be able to borrow enough on that income.


Debts: Finance on one car. Paid every month. We've never missed a payment on any bill.


Would be looking at houses from £130k upwards. Dependant on 5% or 10% deposit and HTB options. And income to borrowing ratio.


What is the best way to find a decent broker in the local area? We live in Leicestershire.

Does your deposit include solicitor fees, product fees, searches, surveys e.t.c???


Depending on your total debt, that will reduce your overall affordability, as it is not just 4.5x the income now.

John310

csgohan4 wrote: »

Does your deposit include solicitor fees, product fees, searches, surveys e.t.c???



Yes & No, we are aware of the extra expenses but I look at it as just one pot of money atm. But in my head I've put some aside for fees etc.

Depending on your total debt, that will reduce your overall affordability, as it is not just 4.5x the income now.

Outstanding balance is just short of £5K to be paid off over the next 3 years. Payments are very comfortable, never been missed. We are always able to save at least £400/month on top of our regular living expenses.


Would 4x income be realistic for us?

amnblog

John310 wrote: »

What is the best way to find a decent broker in the local area? We live in Leicestershire.

Ask from a recommendation from a friend who has recently moved.


Otherwise, I like Trustpilot https://uk.trustpilot.com/categories/mortgage-broker


which gives you lists of reviews on firms.

John310

amnblog wrote: »

Ask from a recommendation from a friend who has recently moved.


Otherwise, I like Trustpilot


which gives you lists of reviews on firms.

Thank you I will check this out.