Mortgage Question

TexasChainstoreMascara

Looking to possibly buy- my wife and I have saved over years for a deposit, and both sold houses owned before we met. My wife is now out of work to look after our child so we are essentially single income.

Looking to spend approx £280k, and put down about £50k. Looking at comparison sites repayments around £960 per month if we get a good deal representing just under 40% of my monthly income.

Can anyone see a problem with us getting a mortgage with just the one income? No other debts or excessive outgoings outside of normal domestic bills.

Also would it be a problem buying in Joint names even though essentially only one of us is paying?

Thrugelmir

Lenders will assess affordability at far higher rates of interest than those currently on offer. Try some online calculators to gauge what lenders may potentially advance you.

amnblog

What are you grossing, £40,000? If so, borrowing £230,000 sounds a step too far.

TexasChainstoreMascara

Gross over £50k. Do you think mortgage companies would not approve then?

I thought it was more based on if you can afford the repayments more than a multiple of your annual income these days?

amnblog

Both factors are involved. Each lenders has its own way of calculating affordability. £50000 should more realistic for the lending you seek.