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Mortgage take into account LTV or just salary ?
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Posts: 75 Forumite
Hi my situation is I have a proper worth £500,000 mortgage free, I wish to move to a property on sale for £800,000. We have a deposit of about £50,000
Stamp duty and moving costs will be in the region of about £35,000
This leaves us needing a mortgage in the region of about 280,000.
I earn 45,000 and my wife works part time earning £30,000
Is this something we could potentially obtain?
I know the income multiplier is pushing it but LTV of property will be about 65 percent?
Do mortgage suppliers only look at income or will ltv allow me to borrow more.
Affordability wise I have done all the calculations and previously our £250,000 mortgage was not a problem and paid of early. My wife was working full time when we applied for that hence getting mortgage was not an issue
Stamp duty and moving costs will be in the region of about £35,000
This leaves us needing a mortgage in the region of about 280,000.
I earn 45,000 and my wife works part time earning £30,000
Is this something we could potentially obtain?
I know the income multiplier is pushing it but LTV of property will be about 65 percent?
Do mortgage suppliers only look at income or will ltv allow me to borrow more.
Affordability wise I have done all the calculations and previously our £250,000 mortgage was not a problem and paid of early. My wife was working full time when we applied for that hence getting mortgage was not an issue
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