Mortgage - should I pay off car.

RoyalDad

We have had offere accepted on new house and have mortgage meeting with Barclays on Tuesday. Buying house for £355k and asking for mortgage of only £55k as have equity from house we are selling and £40k in savings. I am just 2 months in to starting new job and husband starts new one in 2 weeks time (we are moving cities). 

I earn £35k and basing mortgage on my salary alone. He has car payment of £250 a month and am worried that will go against us. Are we better off using £9k of savings to clear that before Mortgage meeting. Or have £9k more deposit on house?

He was assistant head for 15 years and we have had mortgage with Barclays for last 12 years (meeting is with them). We don't think they will count his salary as he hasn't started yet.

Thanks in advance. 

TadleyBaggie

A subject line that means something might help.

K_S

RoyalDad said:

We have had offere accepted on new house and have mortgage meeting with Barclays on Tuesday. Buying house for £355k and asking for mortgage of only £55k as have equity from house we are selling and £40k in savings. I am just 2 months in to starting new job and husband starts new one in 2 weeks time (we are moving cities). 

I earn £35k and basing mortgage on my salary alone. He has car payment of £250 a month and am worried that will go against us. Are we better off using £9k of savings to clear that before Mortgage meeting. Or have £9k more deposit on house?

He was assistant head for 15 years and we have had mortgage with Barclays for last 12 years (meeting is with them). We don't think they will count his salary as he hasn't started yet.

Thanks in advance. 

@royaldad Generally, Barclays requires 3 months of continuous employment (doesn't have to be with the same employer). If you are porting (within 90 days of redemption) your previous mortgage with Barclays, then lenders can often apply some discretion on criteria.

If you're not porting, is there any particular reason you want to use Barclays? Given that you're only looking to borrow 55k, it should be very straightforward to borrow what you need based on either just your income or both incomes (based on his future employment contract).

I would recommend using one of the fee-free brokers on the MSE guide here https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 to place you with the most cost-effective lender that will lend what you need based on your circumstances. Good luck!