5% Deposit - Max Affordability

johng1983

Hi,

I currently have between 6-8k as a deposit and have seen a house for £125k so am looking for a mortgage for 118750. Before I start applying is this a realistic amount I may be able to borrow based on my circumstances.

Salary £28k Permanent
Guaranteed annual bonus £2k

Credit Rating.

Experian - Good
Equifax - Excellent
Noddle 3/5

No CCJS, Defaults etc.

Only Credit Cards
£1150 Barclaycard
£200 Capital One

Only monthly commitment Gym £10 and Giff Gaff £10 a month.

i spend about £450 per month on bills and living expense and my current rent of £350

No missed payments in 35 months
I applied for a Halifax HTB Guarantee last week but they told me I just missed out but would do it at 10% Does anybody have any knowledge of whether I would stand a chance of getting a mortgage with a building society? I dont think I will bother with any other HTB lenders.

L&C told me that they only reckon I would get around £113k seems such a close amount considering you can change lenth of mortgage etc so should I take what they have told me as Gospel?

amnblog

Halifax telling you you need 10% deposit is probably more about credit scoring than affordability. Getting 95% lending can be tricky.

Lending closer to £120,000 sounds possible on the figures given, however:

A brokerage has already given you a figure which I assume is based on a full understanding of the situation.

You state 'no missed payments in 35 months' which suggests a patchy credit history from month 36 which could also be restricting your options

If you want a second opinion have someone qualified look at your case properly, don't rely on guestimates on this forum.

csgohan4

that debt will impact on your affordability,


you need a broker as Amn mentioned

johng1983

Thanks, I have 7 missed payments in 6 years all on an orange contract phone. Missed by a day or two as I was in Australia for that year.


I will contact a few other brokers who work for fee's on completion and see what they think.


Thanks for your advice