Changes in affordability

JackRH93

Hi all,

I have received great advice here so far so have a question, this one may be a “how long is a piece of string” question though.

I’m staircasing on a shared ownership property over the coming months. are our lender and we need to use them to borrow more for now. They are currently willing to lend us £175k more than what we already have and some debt repayments we have doesn’t harm affordability (confirmed via a phone call to their new mortgage team after going through all our figures), @ £300 per month.

I’m worried that in 5 months or so when it looks like we’ll be able to complete that things might change with . We need £141k so quite a bit less than what they’re willing to lend us.

How likely is it that things would change that drastically over the next 5 or 6 months? There are so many uncertainties in this country at the moment it makes me concerned that things will change a lot.

ACG

It would take something fairly significant for it to drop £30k.

Thrugelmir

In all likelihood it would more likely be an unforeseen change in your personal circumatances. Than a broader economic event. That will cause a major revision of lending policy. Focus your energies on matters over which you have control. Rather than worrying over nothing.