can we buy that house???

sandraa_2

My husband and I finally found our perfect home, we had an offer accepted but are really stressed out at the moment wondering if the banks are going to accept us for a mortgage....

please, help!!!

I am self employed in my first year of business so I can not prove my income. Profit this year; £12000

My husband is employed for 6 years with a salary of £52000.

We have over £20000 saving. No loan, no credit card.

The house is £250000 and we would like to go for 5% deposit.

Can someone tell us which bank would accept us.

thank you.

sandra

herbiesjp

Hi Sandra

Without proof of income you will not be able to take the self employed income into account.

Although, having said that, you should be able to find a few lenders that could agree the mortgage based on your husbands sole income

However, as you are looking at a 95% mortgage, the deals available will again be pretty limited

Best bet is to get in contact with a fee free whole of market adviser and get them to get the mortgage agreed for you quickly, if you do indeed want to go for the property in question

sandraa_2

thank you for your quick reply.

we really want that house (have been looking for years to find one we like).

I will see a mortgage adviser and hopefully my husband income will be enough... now what is also worrying is how much are we going to get on the interest rate!
x

herbiesjp

Well on an avergae deal of say 6.39% over 25 years on a repayment mortgage basis it would mean monthly mortgage payments of £1594.17 pm

Depending on your husbands job and/or qualifacations, it may open up some other doors as well

sandraa_2

do anyone know of banks lending 5 times the salary?

thanks

Conrad

First National
Scottish Widows Bank
N & P
C & G

Subject to various factors..........

herbiesjp

There are several lenders, however some have lowered their maximum exposure on mortgage to 90%

It will depend on how you score with the particular lenders and their lending criteria, and therefore what income multiples they will apply e.g. if you get a medium score they may offer 4 times, however if you have a high score they may offer 5 times

Best bet would be to have a chat with a whole of market adviser, as in the current climate, criteria is ever changing and you would like the adviser to place the mortgage with the right lender first time around to avoid any wasted credit searches