Mortgage Providers- Will they lend me enough?

JimN

Hi,

Hoping to use someone's expertise on here...

My property is up for remortgage in June, with £168k still owing over 22 years.

The property is worth £400k (a worse case as the property next door was sold for £445k at end of last year).

My "deal" with First Active is up (4.99%) soon, and I would like to add some borrowing that I took out to do the property up (£20k on cards/loan). People have said to me to move balances around etc to pay off cards, but as i'm trying to "tighten the belt" it would be far easier to put this extra onto the new mortgage.

However, the real question is affordability- as my wife is now looking after the baby we're on my income- £45k. So

1) Can I get a mortgage for £188k based on my earnings?
2) Will the debts (that will be paid off by taking out the mortgage) be deducted from what I can potentially borrow?
3) Any ideas on providers that offer relatively high income multipliers (i've checked on various websites- but always ask me to call!)

Thanks in advance for any help

dimbo61

get shopping round now as deal is up in june
make clear to the lenders that the credit cards will be paid off with the
extra borrowing which you have used to do up the property.
you have plenty of equity and if job is safe ! , good credit history ?
get on the phone, try first active first and see what they offer you
then go and see one of the many brokers ( whole of market ) to see
what they can get you. GOOD LUCK

herbiesjp

Just over 4 times your income but at less than 50% LTV means that you should have deals to go for.

As dimbo rightly says, get your skates on to see what First Active will offer you, and also see what else is out there on the market

It's not a good time really to have to look for a deal, but you have to take what is on offer.