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Re Mortgage advice please
magicno1
Posts: 27 Forumite
Hi.
We would like to think about moving home to a bigger property.
Our current house is valued at £230000 and we would like to look at houses around the £300000 price range.
Our current mortgage is £115000. It’s in my name only and I am self employed as a plumbing and heating engineer and have been for 20 years. My wife would like to be on the mortgage which I had before we met she earns around the 8000 annual wage.
My net profits after depreciation are around the £30000 mark for the last few years so not sure if that will equate for more money????
I have some debt on credit cards which can be cleared if need be.
My current FA seems to be one way traffic regards lenders and criteria so I want to get other opinions on lending criteria and lending multiples etc etc and what I and we need to do to make a move possible?
I am 51 the wife 45. No adverse credit or missed payments. Current mortgage with TSB was C and G interest only which we overpay by 500 every month.
All thoughts appreciated thank you.
Chris
We would like to think about moving home to a bigger property.
Our current house is valued at £230000 and we would like to look at houses around the £300000 price range.
Our current mortgage is £115000. It’s in my name only and I am self employed as a plumbing and heating engineer and have been for 20 years. My wife would like to be on the mortgage which I had before we met she earns around the 8000 annual wage.
My net profits after depreciation are around the £30000 mark for the last few years so not sure if that will equate for more money????
I have some debt on credit cards which can be cleared if need be.
My current FA seems to be one way traffic regards lenders and criteria so I want to get other opinions on lending criteria and lending multiples etc etc and what I and we need to do to make a move possible?
I am 51 the wife 45. No adverse credit or missed payments. Current mortgage with TSB was C and G interest only which we overpay by 500 every month.
All thoughts appreciated thank you.
Chris
0
Comments
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I don't know if this helps but when I recently applied for a mortgage, I intended to apply only in my name due to my wife's only income being PIP but my mortgage advisor recommended applying in both our names and quoting wife's benefits as otherwise, the mortgage company would look at her as being dependant on me instead of bringing money in.0
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Thank you very helpful.0
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I don;t think you have enough affordability on the looks of it, but if you tell me what your debts and and monthly repayments I can help you furtherI am a Mortgage Adviser
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.0
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