Mortgage advice - breaking even

borat_1234

Hi,

I’ve got an appointment tomorrow with the mortgage advisor from my esisiting mortgage company (Skipton. I’m looking at topping up my mortgage in order to buy a bigger more expensive house (would be borrowing an extra £18,000) and utilising Help to Buy for 20%.

Equity I’ve got is £80k.
Earn £35k + £3k bonus/overtime
Ive got about £6k on 0% intersted credit card.
The affordability check said I could borrow an extra £38-40k, but I only need £18k.

However my bank statements show me pretty much breaking even each month, and are slightly cocked up as I’ve been passing money through my current account to pay off credit cards.

Im a little concerned that the underwriter will look at this and see if I’m breaking even, how can they lend me more?

Ive not applied for a mortgage since the stricter lending was introduced, last time I had to show 1 months bank statement + 3 months wage slips.

Any advice/reassurance would be appreciated!

Thanks

Dan

ACG

I quite like Skipton, I am not sure how it works with you applying directly but I would normally put an explanation on the application if there was anything I was unsure about.

But their underwriters do tend to use common sense and normally pick up the phone if they want an answer to something.

Thats not to say you will be accepted or declined, but I tend to find I never end up picking up the phone to my BDM banging my head on a wall in frustration like I do with some lenders even if they are asking for more information.