Advice from any brokers would be appreciated

Taggo

Good evening,

I'm after some advice on how best to proceed.

Long story short I'm about to sell my home and where I'm going has fallen through. Carrying on as have made good profit. Will go to rented.

So, with the profits after fees etc I will have roughly 35k,

I bought with wife before, she has stopped working, will get a job if needs be but want to see if a new mortgage is possible on my wage.

The facts,

In Scotland, looking at houses between 170-185k

Salary £30500 with £750 guaranteed extra.
1 child £82 a month child benifit

If I use some of the 35k to pay credit commitments (2 cars) I'd have about 22k left for deposit/fees and no outstanding commitments.

Nutshell, sole mortgage, my wage, no credit commitments. Is this amount possible or should I send her back to work? :rotfl:

As an aside, my 2 previous mortgages have been straightforward so never used a broker, would I be best to in this situation?

Thanks for anyone who reads and has info good or bad.

Thrugelmir

Your wife is financially dependent. Sole application doesn't circumnavigate this issue. Be surprising if it did. As mortgage lenders have been in business for a very long time. Surprising though how often this approach gets suggested. As if it's never been thought of before.

Jumping off the property ladder needs to be considered carefully. As can be difficult to get back on. Once paying rent can be difficult to save as well.

Taggo

I wasn't trying to circumnavigate anything, you've pointed out something I never thought of, which is appreciated. Always assumed dependent was just child, makes sense though. I was just trying to see where I am at with the figures, nothing at all about not declaring everything honestly.

As a by the by then, what would be to stop someone saying their partner wouldn't be living there and is not therefore a dependent. (this really is just a question out of curiosity as u pointed it out, I won't be doing that, promise!)

Taggo

yes its not ideal but that's where i stand, but considering I got on with less than 5k 4 years ago I feel the profits worth it. I will have enough to get back on almost immediately, if not on my wage alone my partner will go back to work to guarantee what we need.

Just really wondered if its worth consulting a broker now or the other half finding a job first.

haras_nosirrah

Some lenders will allow a spouse to be an authorised occupier and won't factor into affordability as a negative. Not all but there are some

ACG

Why would you not make it a joint application?
If you were to pass away your wife would need to go and find a Mortgage. If it is joint, she would not. Although I suppose if you get life insurance that would prevent her being forced to sell up.

I think those numbers are a little tight. You should speak to a broker or run the figures on some affordability calculators.

Taggo

I thought she could be named on the deeds, we've bought twice before when she was working so forgive me I'm new to this.

Simply, I wanted to know if we would be in the ballpark on my wage alone whether a sole or joint application, and if she's a dependent I guess probably not.

Not the end of the world as she was always going to work in the new area anyway, essentially I wanted to see if I could buy before she's in work. Thanks for the replies, will wait it out.

Taggo

Re: passing away, I'm well insured both at work and privately, more than cover the mortgage,thanks for pointing it out though incase I wasn't

ACG

If it is a joint application she would not be classed as a dependent. As you said "sole mortgage" in your initial post, I suspect thrugelmir assumed you meant doing the mortgage solely in your name (rather than joint names but your sole income).

Taggo

OK, this is where I get lost in the terminology, so I can apply joint and put her wage nil. Il try some calculators on that.

Thanks ACG

Taggo

1 applicant with 2 dependants = 142k
2 applicants with 1 dependant = 114k

Colour me confused!

Il see a broker ��