Hello to all MoneySavers
We are a couple in our 30s, fed up with renting and would like to buy something. We're looking for an indication of what we could borrow in the current mortgage market. I will try to give as much info as possible about our circumstances.
Income and work history:
We are both starting new jobs, I will be on a renewable one year freelance contract (£45k), GF will be on permanent PAYE (£30k).
We have spent the last year building a house in another country, which we have now sold (we got carried away after watching far too much "A place in the sun" etc).
Previously we had worked for the same multinational company for 6 years, the first 3 years as PAYE employees (income £88k together) and the last 3 years as contractors/consultants, though our own ltd company. We have full accounts for the ltd company. However, as is common, due to various expenses etc. the bottom line income/profit has been less than half of the £100k+ p/a consultancy fee income/turnover.
Credit history:
I have a few late CC payments on record due to negligence (but none in the last 3 years). I also have a £2k CC default from June 2008, which I have been disputing with some success and may be able to remove from the record before applying for mortgage. Otherwise, good record with all CC settled and closed, just one CC kept for car hire etc.
GF has one late CC payment 2 years ago, otherwise spotless.
None of us has had a mortgage or any property in our own name in the UK. We had a foreign bank mortgage for the property abroad, this was always paid on time and is now settled but has not been reported to UK CRAs. We could get a letter about it from the foreign bank if it helps.
We have no debt at the moment. No applications for new credit in last 6 years except the foreign mortgage.
We don't have children.
Deposit:
We have £70k savings, we may be able to increase that to 75k by the time we apply.
We'd be grateful for opinions from brokers on this forum as to how much we could borrow.
Thanks in advance,
Chris72
We are a couple in our 30s, fed up with renting and would like to buy something. We're looking for an indication of what we could borrow in the current mortgage market. I will try to give as much info as possible about our circumstances.
Income and work history:
We are both starting new jobs, I will be on a renewable one year freelance contract (£45k), GF will be on permanent PAYE (£30k).
We have spent the last year building a house in another country, which we have now sold (we got carried away after watching far too much "A place in the sun" etc).
Previously we had worked for the same multinational company for 6 years, the first 3 years as PAYE employees (income £88k together) and the last 3 years as contractors/consultants, though our own ltd company. We have full accounts for the ltd company. However, as is common, due to various expenses etc. the bottom line income/profit has been less than half of the £100k+ p/a consultancy fee income/turnover.
Credit history:
I have a few late CC payments on record due to negligence (but none in the last 3 years). I also have a £2k CC default from June 2008, which I have been disputing with some success and may be able to remove from the record before applying for mortgage. Otherwise, good record with all CC settled and closed, just one CC kept for car hire etc.
GF has one late CC payment 2 years ago, otherwise spotless.
None of us has had a mortgage or any property in our own name in the UK. We had a foreign bank mortgage for the property abroad, this was always paid on time and is now settled but has not been reported to UK CRAs. We could get a letter about it from the foreign bank if it helps.
We have no debt at the moment. No applications for new credit in last 6 years except the foreign mortgage.
We don't have children.
Deposit:
We have £70k savings, we may be able to increase that to 75k by the time we apply.
We'd be grateful for opinions from brokers on this forum as to how much we could borrow.
Thanks in advance,
Chris72