Electoral Roll - mortgage application

mrsmortgage

i think we have a fairly straightforward application. I have a broker (who i will pay £500 on completion) but wanted some advice as filled in the Halifax MIP and said I had to call them.

We have 1 CC with a balance of £4800 which will be cleared before completion.

One DFS loan for £650 that will also be cleared.

CS paid of £200.

I’ll be going on ML in November with 12 weeks at full salary and also receiving MA on top.

Joint income of £39500

Would like to borrow £180k with a deposit in the region of £25-30k

One small detail is that my partner never bothered to change his electoral roll from his previous address even though he moved out 18 months ago. I’ve changed this now, but not sure how long it will take.

My Equifax is score is of 536 and his of 409.

3 out of 5 brokers have said, no problem. L&M said I could get £156k max and another one (who was useless!) quoted £156-170k.

Honest opinions please!

We don’t want to apply to then figure out we can’t do it at all!

amnblog

You are right on the edge on affordability (just inside) with Halifax from what you have outlined here.

My concern would be the effect on any future childcare costs on that affordability.

You should not be putting yourself around to multiple Brokers.

If you have found one who knows what they are doing, stick to them.

mrsmortgage

I’m sticking with the one who seems to know what he’s doing. Only asked around because of the different answers, and one at the instance of my partner.

Childcare would be £420-£480. L&C suggested to apply before baby was born as he wouldn’t count as a dependant.

For us it’s a no brainer, as it is mortgage is 1/3 cheaper than rent, so even if we have to buy a much cheaper house we’ll do it just to save that £££.