Will I be able to get a mortgage?

CMH89

Morning everyone.


I'll be looking to buy a house in 3 months time.


I've played around with Nationwide's calculator. It says I would be able to borrow around £155,000 but I thought I would ask on here to see if someone has taken a mortgage out in real life with similar figures to ours. If mortgage brokers could comment tooI would be grateful
I'll put figures up of what we will have/ owe in June.


Myself
£22,000 annual salary.
£10,000 extra in over time for the past 6 years.
~ £32,000 a year


£9800 owe on a personal loan (car) with 37 months to go.


Pay £300 out a month on petrol, car tax, phone sim, contact lenses. Doesn't include food.
So £566 with loan payment a month.


Other half
£876 wage a month


Will owe £3500 on 0% credit card


Pays £80 a month on phone sim, contact lenses, union. A couple of other things. Doesn't include food or credit card payments.


We don't spend much on ourselves each month. Direct debits are kept to a minimum.


We are looking at houses in the £120,000 area.
We will have £8000 including fees so will be looking at a 5% deposit.


I look forward to any replies. I'd love to be able to buy a house right now but the house deposit just isn't big enough and my other halfs credit card has a bit more than £3500 on it.

ACG

Are you sure Nationwide would accept 100% of your overtime? (I do not use them massively).

I think the amount you need should be achievable.

CMH89

I put £22,000 annual salary and £10,000 overtime into their affordability calculator. With expenditures noted above it says I could borrow £152,000 over 30 years.


I have read from reading these forums lately that some lenders don't accept overtime income.


Is that standard across the industry or only a select few?

ACG

Each lender is different.

I have just had a look on the nationwide site and their criteria is:

Monthly - latest 3 payslips

add the value of the bonus, overtime or commission, divide by 3 and key as Monthly

So that is what you would need to enter and use as your overtime.

CMH89

Thank you ACG


I will more than likely seek out a broker when I do come to applying for the mortgage.


Hopefully with both our incomes a £120,000 mortgage will be possible.