Am I stupid even trying?

Carl2510

House price £234,495 my deposit £46,899 (20%) me and my partner combined income £40,500

credit cards very low always paid in full, 1 loan which is my car which will finish next Jan. currently £205 a month other than that no other loans or major bills.

i’ve checked Calculators and my mortgage advisor also did affordability calculator for me came around the 193K mark my deposit off £234,495 brings it to £187,596

is it stupid even trying to get so close to what I’m allowed to borrow or will the bank just pretty much say no?

thanks. 

mortgagetakingages

When you have £1 is to stupid to expect to be able to buy 99p cake?

Carl2510

mortgagetakingages said:

When you have £1 is to stupid to expect to be able to buy 99p cake?

Really sorry I don’t get that saying haha!

Windofchange

Have you or your advisor scoured the market? When we were applying, there was a near £100k difference in what the worst lender for us would lend us as compared to what the best lender would lend to us. Banks have different criteria, and one may be more than happy to lend you the full amount as opposed to another who will say jog on. 

Carl2510

Windofchange said:

Have you or your advisor scoured the market? When we were applying, there was a near £100k difference in what the worst lender for us would lend us as compared to what the best lender would lend to us. Banks have different criteria, and one may be more than happy to lend you the full amount as opposed to another who will say jog on. 

He’s currently on leave but I will ask him see what he thinks and to have a look at the market and see if he thinks it’s achievable I just didnt think banks would even loan you so close to the amount you want I thought they’d at least want it a good few 10/20K under your max amount you can borrow.

mortgagetakingages

Carl2510 said:

mortgagetakingages said:

When you have £1 is to stupid to expect to be able to buy 99p cake?

Really sorry I don’t get that saying haha!

I'm saying that based on your post you can do it so why would it be crazy?

Carl2510

mortgagetakingages said:

Carl2510 said:

mortgagetakingages said:

When you have £1 is to stupid to expect to be able to buy 99p cake?

Really sorry I don’t get that saying haha!

I'm saying that based on your post you can do it so why would it be crazy?

I just don’t want to push my luck and then be rejected for the mortgage especially with it being a new build as I would then lose half the deposit. 

bazzyb

Carl2510 said:

Windofchange said:

Have you or your advisor scoured the market? When we were applying, there was a near £100k difference in what the worst lender for us would lend us as compared to what the best lender would lend to us. Banks have different criteria, and one may be more than happy to lend you the full amount as opposed to another who will say jog on. 

He’s currently on leave but I will ask him see what he thinks and to have a look at the market and see if he thinks it’s achievable I just didnt think banks would even loan you so close to the amount you want I thought they’d at least want it a good few 10/20K under your max amount you can borrow.

This doesn’t make any sense. If you can borrow a maximum of £193k, then you can borrow £193k. If you could borrow £20k less than they would have advised your maximum is £173k. 

Maximum means maximum, it shouldn’t just be a random guess if that’s what you’re implying?

mortgagetakingages

Carl2510 said:

mortgagetakingages said:

Carl2510 said:

mortgagetakingages said:

When you have £1 is to stupid to expect to be able to buy 99p cake?

Really sorry I don’t get that saying haha!

I'm saying that based on your post you can do it so why would it be crazy?

I just don’t want to push my luck and then be rejected for the mortgage especially with it being a new build as I would then lose half the deposit. 

You reserve a new build for £500... what are you so worried about! You only hand over more when you exchange with a firm mortgage offer in place!

GoingOn30

Wil you have any rainy day savings left over? Or could you work really hard to minimise your outgoings over the next few months to build some up? If so then go for it!

Carl2510

bazzyb said:

Carl2510 said:

Windofchange said:

Have you or your advisor scoured the market? When we were applying, there was a near £100k difference in what the worst lender for us would lend us as compared to what the best lender would lend to us. Banks have different criteria, and one may be more than happy to lend you the full amount as opposed to another who will say jog on. 

He’s currently on leave but I will ask him see what he thinks and to have a look at the market and see if he thinks it’s achievable I just didnt think banks would even loan you so close to the amount you want I thought they’d at least want it a good few 10/20K under your max amount you can borrow.

This doesn’t make any sense. If you can borrow a maximum of £193k, then you can borrow £193k. If you could borrow £20k less than they would have advised your maximum is £173k. 

Maximum means maximum, it shouldn’t just be a random guess if that’s what you’re implying?

Hi thanks for your reply, I was under the impression there would be scrutiny from the underwriter if we was trying to get the absolute maximum we can borrow which give more chance of being rejected.