Hi. I was wondering if anyone could offer me some advice/reassurance. We have just had an offer of £250K accepted on a house and I am worried about the mortgage going through. We would be moving home and should hopefully have a 15% deposit. I've found a mortgage with the co-op which would be only about £70 per month more than what we pay just now if we had a 30 year term.
I earn £28.5K and my husband earns £35K and we have had a mortgage agreement in principle from HSBC and through L&C brokers. However, neither have taken into account our quite hefty childcare bill (~£900 per month). The L&C advisor said she thought it should go through and that some mortgage lenders focus more on income multiples so it was just a case of knowing the right one to go for.
So, is this correct? And would having a 15% deposit help more than a 10% deposit? It will be a push to get the 15% together but we can do it if it will make the difference. If we can get the right deal our mortgage shouldn't increase too much and we would like to get a 5 year fix so we know where we stand. Any advice would be appreciated. Thanks.
I earn £28.5K and my husband earns £35K and we have had a mortgage agreement in principle from HSBC and through L&C brokers. However, neither have taken into account our quite hefty childcare bill (~£900 per month). The L&C advisor said she thought it should go through and that some mortgage lenders focus more on income multiples so it was just a case of knowing the right one to go for.
So, is this correct? And would having a 15% deposit help more than a 10% deposit? It will be a push to get the 15% together but we can do it if it will make the difference. If we can get the right deal our mortgage shouldn't increase too much and we would like to get a 5 year fix so we know where we stand. Any advice would be appreciated. Thanks.