Local Mortgage Broker vs Online Brokers

muhandis

It's as ACG said. It's a fairly straightforward case looking as it from the point of view of having 2 earned incomes and defined maintenance outgoings.

From experience with a friend who had rental income from India, it was nigh on impossible for him to find a lender who would consider that income. I imagine it would not be much different for rental income from Mexico.

From an affordability perspective, given that you are looking to borrow 175k on a joint income of 40k, that is already an income multiple of 4.375x without even considering maintenance outgoings and the baby who will be a dependent soon.

From personal experience, being on maternity leave is not an issue if you can get a letter from your employer confirming that you will return to work on x date and your pay will be x. Plenty of mainstream lenders are happy with that.

I imagine affordability will be tight but can't see why different brokers would give different answers as it seems a fairly straightforward case disregarding the overseas income.

scottishblondie

mrsmortgage wrote: »

I ha ent sold any property. I got divorced and my exH kept the family home. There's currently a charge on that house that will be nullified once he give me the money he owes me (and thus get my deposit that way). For the property abroad it's not in my name but my mum's. It won't go to my name for a while (as described in a will), but I can benefit from its income. Has been that way for a long time, and because it's not in my name no lawyer has had any issue with stamp duty. We certainly didn't have any 5 years ago.

The additional property surcharge has only been in place since April 2016, 5 years ago things were much simpler when it came to stamp duty! It sounds like you'll be OK on that front, but others in the forum are far more qualified than I to tell you for sure.

mrsmortgage

muhandis wrote: »

It's as ACG said. It's a fairly straightforward case looking as it from the point of view of having 2 earned incomes and defined maintenance outgoings.

From experience with a friend who had rental income from India, it was nigh on impossible for him to find a lender who would consider that income. I imagine it would not be much different for rental income from Mexico.

From an affordability perspective, given that you are looking to borrow 175k on a joint income of 40k, that is already an income multiple of 4.375x without even considering maintenance outgoings and the baby who will be a dependent soon.

From personal experience, being on maternity leave is not an issue if you can get a letter from your employer confirming that you will return to work on x date and your pay will be x. Plenty of mainstream lenders are happy with that.

I imagine affordability will be tight but can't see why different brokers would give different answers as it seems a fairly straightforward case disregarding the overseas income.

Yes, the only answer to the income is to get it taxed over here. Which would mean double taxing and waiting 3 years! I would be better off finding a different job (I used to make 35K but was made redundant, sad times).

The maintenance outgoing is fairly low £200 a month. We have no car finance which would be a similar commitment.

Let_Us_See

Straightforward affordability case.


Purchase at £200k with a £25k deposit.


Factor in £40k joint income, partner's actual on going maintenance payment, and I would ignore food cost for a non-resident child. Therefore, no DEPENDENT children.


For your own sanity I would forget about foreign rental income.


PS. I thought foreign rental income was taxable in the UK? Should still be declared in your self-assessment return?

mrsmortgage

Let_Us_See wrote: »

Straightforward affordability case.


Purchase at £200k with a £25k deposit.


Factor in £40k joint income, partner's actual on going maintenance payment, and I would ignore food cost for a non-resident child. Therefore, no DEPENDENT child.


For your own sanity I would forget about foreign rental income.


PS. I thought foreign rental income was taxable in the UK? Should still be declared in your self-assessment return?

The accountants I saw about thought that because the property is not in my name, it counts as a gift and thus not taxable, that is unless the law has changed recently

Let_Us_See

mmmmmmm ......................

mrsmortgage

Let_Us_See wrote: »

mmmmmmm ......................

My mom has always sent money across for the past 10 years and it’s never been an issue, it just got changed to a “rental income” label when my uncle passed away. That’s in fact how I got my first house deposit.

It’s no different to bank of mum and dad giving an allowance each month is it?