Sloppy Service from London & Country

herbiesjp

I think the £147k figure is probably as good as you are going to get - if that.

Were you looking at interest only mortgages? As with any Abbey deals I can see the figures come over £1000pm.

Lenders have been tightening their criteria lately, but I do think you have been given information that has not been accurate or up date, seeing as you have been confirming with them at various stages.

Are you sure the affordability for you is there on a monthly basis?

maninthestreet

£177k repayment mortage at 6% p.a, over 25 years would cost £1,140 per month - how would you afford that on £29,500 p.a ?

LiamM_2

I was looking at interest only - and yes - I'm sure I could afford the figures he was quoting. Especially with the income from the second person living in the house.

I also get a profit share deal and have the oppertunity to earn bonuses upto a further £6k. But the mortgage company won't take notice of these because they wont pay out yet.

Spudwud

When you call a mortgage broker and give them your information, they give you information based on best case scenario from what you've told them. It's only when you indicate that you wish to take it further and invest either time or money in to the deal progressing, will they invest more of their time in finding out more about your situation.

If every broker did a full fact find for every single enquiry they receive - bearing in mind most enquiries are tenatative - then they would waste 100's of hours and the broker fee's would be a lot higher to reflect this

herbiesjp

LiamM wrote: »

I was looking at interest only - and yes - I'm sure I could afford the figures he was quoting. Especially with the income from the second person living in the house.

I also get a profit share deal and have the oppertunity to earn bonuses upto a further £6k. But the mortgage company won't take notice of these because they wont pay out yet.

THe lodger income will definitely improve things, however what happens if the lodger leaves? That is why the lenders cannot take this income into account.

The bonuses will also improve the scenario in terms of affordability for you, so you have to be 100% happy with the scenario.

There may be lenders that can indeed get close to the figure you need, but if you can get a 5% deposit it will improve the rates available to you - although you are still outside the income multiples of most lenders

LiamM_2

Spudwud wrote: »

If every broker did a full fact find for every single enquiry they receive - bearing in mind most enquiries are tenatative - then they would waste 100's of hours and the broker fee's would be a lot higher to reflect this

I could possibly understand that if I didn't spend about 30-40minutes on the phone originally answering loads of questions about my income etc... My Dad advised me to stress to the broker that I had a car loan - so I did - from the start.

MortgagesInc

I'm not sure if you know any brokers spud, but we do waste 100's of hours on tentative enquiries - it is just part of the job, and factored in that we will only write mortgages for a certain percentage of the people we speak to. And it certainly hasn't increased the fees we charge, as they are still £0

Dan_Collins_2

One option, and this has its negatives, is to borrow over 100% to refinance the car. Most 100% lenders offer 115% to 125%. 90 or 95% is secured on the loan property the rest in unsecured. You can put the unsecured on a longer or shorter term to fit you budget. It means you pay back more in the long run but it may help with the lender and it may get you in your home. However you are borrowing more than your property is worth so please think before you go into this type of mortgage.

LiamM_2

Presumably, though, the total amount they will lend is the same? (i.e. if they will go to £149k then I could use £139k for house and £10k for car?).

Dan_Collins_2

LiamM wrote: »

Presumably, though, the total amount they will lend is the same? (i.e. if they will go to £149k then I could use £139k for house and £10k for car?).

Yes and no. u can borrow 100% of the house price plus 10k for the loan. It frees up your income to borrow the 100% of the house price.