Direct to Lender or Mortgage Broker

edited 30 November -1 at 1:00AM in Mortgages & Endowments
2 replies 364 views
heston2014heston2014 Forumite
194 Posts
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hello

Hoping for some friendly advice please :-)
We are looking to sell our property this year to move to a bigger home since we have some equity.

Our existing mortgage is with Halifax and our Fixed rate ends in September, hence, we are starting the process of selling/looking for a new house.

We are both in full time employment, decent credit score, no default or CCJs, no missed payments, however, have high utilisation of credit. We have had the same credit card accounts for many years and have not missed any payments. I was wondering if since our Fixed rate ends in September, would we be able to approach Halifax directly to apply for a new residential mortgage? or should we go with a broker?

Just some rough figures, would we be able to secure a new mortgage based on a £550k property?

Joint Income £130k pa
Joint Debts £35k
Property value £375
Mortgage £85k
Equity £290k
Next mortgage £350k max

Thanks for your time.

Replies

  • ACGACG Forumite
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    You should be able to do it yourself, but I would potentially look at paying down some of that debt.

    On £130k income and an £85k mortgage, there could be some concerns as to why you have £35k debt, but I would not expect it to stop you getting a mortgage.
    I 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.
  • heston2014heston2014 Forumite
    194 Posts
    Sixth Anniversary 100 Posts Name Dropper Combo Breaker
    Thanks ACG.
    Working on paying down as much as we can, but won't be able to clear it all by the time we apply.

    Could we perhaps use some of the equity to pay off debts when we sell up?
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