Mortgage + Additional credit - Is it possible

Fab10

I am in the process of buying a new build which should be complete by Dec 2019.

I shall be completing my mortgage application in Sept/Oct.

Myself and my husband are buying a property for £350k putting down a deposit of £120k and taking a mortgage for £230k. (combined salary of myself and hubby = £44k per annum)

Once we get keys for the property we will be looking to furnish the property and hopefully get most of the products ie, Beds, TV, Furniture etc on the 0% for x months deals that the retailers offer. Estimating total for goods to be approx £15k

*** My concern is I don't know if it is wise to go thru several 0% finance applications with different retailers (whom I believe most actual use the same finance company) ?
*** Secondly can I gauge how much I may be able to get on 0% finance prior to going thru the applications and selecting the products?
*** Thirdly would you say this is okay to do would you recommend something better?

Any help is very much appreciated

MovingForwards

I would recommend saving up a bit and buying some used furniture but new bed/mattress and white goods.

MovingForwards

Or have a larger mortgage, smaller deposit and use the difference to buy what you need.

[Deleted User]

A £230k mortgage on £44k income is very hopeful. Thats over 5 times your salary.

Are you sure these numbers are adding up? Have you spoken to a mortgage broker yet?

Thrugelmir

Source some secondhand items to furnish the property. Interest free isn't free in reality. Items are simply marked up to compensate.

LRmortgage

As JMA says, have you spoken to a broker? I think you’ll struggle to get that size mortgage on the income stated.

scholesfan88

Who is your AIP with?

As others have said, the mortgage size vs salary is high.

Do you have any existing credit, loans etc?

What about furniture you already own? Can you not gradually replace over time?

csgohan4

15k for furniture, expensive taste. As others have said, no new credit until completion unless you want to risk withdrawal of the offer, assuming you can get an offer with those numbers

Fab10

Deleted_User wrote: »

A £230k mortgage on £44k income is very hopeful. Thats over 5 times your salary.

Are you sure these numbers are adding up? Have you spoken to a mortgage broker yet?

Numbers are fine and I have it in writing from the appropriate bank, infact option was to get a larger amount from a different bank but then fees and interest rates would increase

Fab10

scholesfan88 wrote: »

Who is your AIP with?

As others have said, the mortgage size vs salary is high.

Do you have any existing credit, loans etc?

What about furniture you already own? Can you not gradually replace over time?

No loans, No credit card balances as always pay in full and in advance of billing being produced.

Fab10

csgohan4 wrote: »

15k for furniture, expensive taste. As others have said, no new credit until completion unless you want to risk withdrawal of the offer, assuming you can get an offer with those numbers

Okay I definetly plan on waiting until have keys to property then gradually get required items