£55k income, only £98k mortgage????

toc25

I am not sure about other lenders but I have just applied for a mortgage with Natwest and they told me that they stress tested at 9% now.

I would say the childcare is the issue you you have.

robatwork

11cocopops wrote: »

an independent mortgage adviser (linked to Barratts Homes) advised

This huge contradiction made me smile wryly.

Which is it?

Pixie5740

Are you planning to use the HTB Equity Loan since it's a new build you wish to purchase?

Have you played around online with lenders mortgage calculators to find out if most lenders will come out with a similar figure to Halifax?

The person you say at Halifax was only there to process an application. She wasn't there to provide you with advice. Legally she can't give you advice so if it advice you need you'll need to go and see an independent mortgage broker.

Tigsteroonie

If you have a baby on the way, presumably you will be off work on maternity leave - so no childcare costs at all?

ACG

I think you are going to struggle with getting a new build, 5% deposit when your commited expenditure is £14k on your incomes.

Dont forget your £55k income is probably closer to £40k after tax, ni and pension deductions.

You then have your everyday expenses - utilities, food, insurance, travelling expenses, taking the kids out, council tax, upkeep of the property etc etc.

Different lenders will offer differing loan amounts, but it all depends on how much you want as to whether it is possible or not.

xyz123

Aa suggested please speak to experienced independent broker (not one with estate agent or home selling companies or one of the national 9nes). Get all three credit reports for both of you before meeting the broker. Look on moneysavingexpert main site for info on how to get these. Don't go applying to banks on ur own as more searches 9n credit files can have adverse effect.

One question, is 55k income stable from permanent employment lasting last few years? If self employed do you have last 2/3 years tax returns? Ta