Should I change MA or is he being reasonable

Live84

Hello, I’m trying to figure out if I should change my Mortgage advisor and go somewhere else. I’m a FTB with salary of £52000, no dependants, I have CC balance of £6000 and finance on a TV of £1500. Affordability is no problem.

I’ve got a 10% deposit (£24000) on a home worth £232,000. I’m trying to get a mortgage for £208,000 but my MA is saying he’s tried multiple banks and he’s advising I will definitely need a 15% deposit which is £10,000 more thank what I have. With an offer already accepted I’m now against the clock in getting more deposit together. After using most online affordability calculators and putting in my outgoings the calculators are coming out at much more than what I need for the mortgage.
My credit score is touching 900 so pretty good.

Should I be expecting a better offer or is this reasonable from my MA.

Thanks

scotgal30

hows your credit file looking? Any missed payments? defaults? CCJ's etc?

What about out goings? Are they high or do you have a good amount left at the end of the month?

Live84

No missed payments, defaults or ccjs, nothing like that all up to date. Outgoings are about £600 per month but most of that is a PCP car due to go back shortly and I’ll be getting s much cheaper car.

Left with about £2400 per month and due to be more with the freeing up of the car. Affordability is no problem and my credit report is good with everything paid on time. Cheers

BoGoF

Althought you say the PCP is ending soon (I assume you are just handing it back?), what does your credit report say is still owing - probably the amount including the baloon payment.

The credit card balance won't be helping either, you would have been better paying that off.

And finally, ignore the credit score - it means nothing.

LRmortgage

If you have nearly £600 per month on a PCP plus CC balance of £1,600 plus the TV on finance then that will considerably lower your affordability on the online calculators.

When you say the car is going back soon, how soon? Is your Broker aware of this?
If it’s within the next 6 months then your Broker should be able to find a lender that ignore this. But you may need to prove it’s going back, and if it’s not within the next 6 months the Broker is probably including it for now.

LRmortgage

Sorry typo above post shouldn’t have said £6,000 credit card balance.

peter12345678910

Is the £6000 credit or debt? Even if the PCP ends and you walk away you still have to buy another car, which will probably mean borrowing more. How much are you planning to borrow for the cheaper car when your PCP ends?

csgohan4

Any debt/finance impacts on affordability, try the mortgage calculators to get an idea of how much a hit your taking.

MovingForwards

And the previous comments didnt help?

https://forums.moneysavingexpert.com/discussion/5894667/mb-advising-need-15-deposit

Lauralou79

Sounds like the debt you have, however manageable and paid on time is affecting your affordability.

You already have financial commitments and lenders will take this into account and adjust their offers because of this.

amnblog

Mortgage cases are like icebergs and you have outlined here (and in the previous thread) the one third 'above the surface'.

You say in your previous thread that you know your Adviser to be good. If this is the case, why would you be told you need 15% deposit if that is not the case - that way has no value to anyone.

There is more to an application than an affordability calculator.

Bottom line is, if you are not confident in what the Advisor is doing, and you don't have the result you need anyway, consult another.