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Help to buy mortgage best lenders
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GGI
Posts: 4 Newbie
Hi guys,
Just after a bit of advice regarding HTB new build mortgages and any potential affordability issues.
Circumstances around the application:
Earnings - £40000pa all basic
Personal loan - £8500 remaining £266 monthly payment
Car finance - £4500 remaining £138 monthly payment
Looking to purchase new build £189,995
Help to buy 5% deposit 20% equity loan
No CCJs, no defaults, no missed/late payments clean credit history.
Do the figures stack up on affordability? I don’t see any issues around credit checks. Who’s the best lender to look at?
Any advice much appreciated.
Just after a bit of advice regarding HTB new build mortgages and any potential affordability issues.
Circumstances around the application:
Earnings - £40000pa all basic
Personal loan - £8500 remaining £266 monthly payment
Car finance - £4500 remaining £138 monthly payment
Looking to purchase new build £189,995
Help to buy 5% deposit 20% equity loan
No CCJs, no defaults, no missed/late payments clean credit history.
Do the figures stack up on affordability? I don’t see any issues around credit checks. Who’s the best lender to look at?
Any advice much appreciated.
0
Comments
-
have you tried the affordability calculators for the lenders?, that amount of debt will impact on what you can afford"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Hi,
After a quick look affordability calculators come in at around £175,000 borrowing plus deposit. That doesn’t take into account the equity loan. Does that impact affordability?
Thanks0 -
Yes, it does.
You also need to complete the Government's HTB affordability calculator.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 -
I’ve completed the help to buy calculator and affordability is ok. From memory I think it was around the x4.2 mark.
I’m just uncertain how the 2 calculators link up in relation to the mortgage app.0 -
This two caluculators are distinct for each element of your funding.
Equity loan for equity loan
Mortgage lender for mortgageI 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 -
Thank you for clearing that up.
On that basis affordability looks good and I should be good to go.0
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