Am I dreaming and being completely unrealistic - prospects of getting this Mortgage?

rennes99

Hello all

Partner and I are FTBs and we have found somewhere we would love to buy - and are about to get the mortgage process underway. However I'm very concerned i'm being FAR too optimistic, and that we're in for some disappointment.

The property is £450k, and we would like to put down £80k ideally - but could VERY reluctantly stretch to £90k, which would eat into our spare cash so want to stick to £80k really.

So that's 82-83% LTV.

We earn a combined basic income of £81k, and I have a "non-guaranteed" but regular (for the last 3 years) £20k bonus yearly, plus or minus 1k. So actual income is £100k (are variable income portions being looked at these days??)

No debt at all whatsoever, and have not had for over 2 years, nor any applications in last 2 years.

I however have a little bit of adverse credit from 3-4 years ago - several pay day loans and various missed payments across these a few credit cards. No defaults or anything like that, but nevertheless a period of several months 3-4 years ago of adverse credit. I also have a 1 month "AR" mark from 3+ years ago on a small personal loan, which I am trying to get removed, as I understood at the time I was changing the direct debit payment date, not entering into an arrangement! Anyway that's a separate issue and should be sorted.

So, on the basis of the above situation, would we be able to borrow £370k on our income and that history?

Thanks so much

getmore4less

4.57x  that's ball park OK bonus may help with some lender and the adverse sitting might need losing some.

Broker to match with a lender.

Squeeze to 80%LTV will help the rate and you can then look at saving to replace the funds.

K_S

@rennes99 Looking to borrow 370k at 85% LTV with a joint basic income of 80k (and 20k bonus with consistent track record), no defaults/CCJs, light adverse from 3+ years ago. Based on the very limited info in your post, you should have options to borrow what you need.

rennes99

Thank you very much both - that is reassuring