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What are the chances of this?
Options
Dolly123
Posts: 189 Forumite
What’s the chances of getting a mortgage with this
House price £450k
Help to buy £133500
Mortgage amount £33750
Applicant 1
Self employed for 6 years net profit £50k
£7000 on credit card
£5000 left on loan
£270 car payment
Good credit history
Applicant 2
Employed full time
Basic £18000
Commission £18000 (always get it sometimes more I’ve taken home £3500 per month the past 3 months)
Credit card £2500
Catalogue £1000
Experian 978
Noddle 2/5 561
Clearscore 478
We currently pay £950 in rent and each month we are putting between £2k & £3k in savings
Between us we pay £500 in childcare which will drop to about £140 once our youngest turns 3 and we get the 30hrs free childcare.
House price £450k
Help to buy £133500
Mortgage amount £33750
Applicant 1
Self employed for 6 years net profit £50k
£7000 on credit card
£5000 left on loan
£270 car payment
Good credit history
Applicant 2
Employed full time
Basic £18000
Commission £18000 (always get it sometimes more I’ve taken home £3500 per month the past 3 months)
Credit card £2500
Catalogue £1000
Experian 978
Noddle 2/5 561
Clearscore 478
We currently pay £950 in rent and each month we are putting between £2k & £3k in savings
Between us we pay £500 in childcare which will drop to about £140 once our youngest turns 3 and we get the 30hrs free childcare.
0
Comments
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Might be a little tight on affordability but I would say yes, there should be options out there.
One for a BrokerI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can you correct these?House price £450k
Help to buy £133500
Mortgage amount £33750
Presumably this is HTB London and the equity loan should be a rounded percentage, 30%, or £135,000?
That leaves £315,000 so with a minimum deposit of 5%, £22,500, the maximum mortgage requirement is £292,500.
If you haven't already done so, make sure you properly complete the London HTB affordability calculator;-
https://www.gov.uk/government/publications/help-to-buy-equity-loan-calculator-and-guidanceI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry I’ve included my deposit in that amount
Help to buy is £90k
Our 5% deposit is £225000 -
It’s not London either just regular Help to buy0
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Hi Dolly
As above, definitely a case for a broker. You need to find a good reputable oneI am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
So the mortgage amount is £337,500 then? You are putting down the minimum 5% deposit?
On the page I linked to, you can access the non-London HTB calculator as well.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ha ha yes damn it I wish we did need a £33750 mortgage! :rotfl:0
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Thanks L&C,
If the house was £10k less would it make much of a difference?0 -
It depends on your personal situation and also the lender criteria, Dolly123.“Official Company Representative
I am the official company representative of L&C Mortgages . MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0
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