We have £100,000 deposit, and earn £30,000p.a. Can we get a mortgage for £120,000?

Posted on 11 May 2014 by Sam


I have a £100,000 for me and my husband as a deposit for a mortgage. We want to borrow £120,000 and my husband earns £30,000 per year. I am not working, we have2 children and our credit reports are ok. Do you think this deposit puts us in a good position to qualify for a mortgage of £120 000?

Sam,

On the face of it I'd have to say I'd be very disappointed if we couldn't get you the mortgage that you need. The loan to value you are looking at is excellent and will be a big plus point in your favour, however, the new affordability rules that have been implemented by the FCA following its Mortgage Market Review, have meant that far more focus is being applied to areas like bank account conduct, child care costs, and discretionary spending than has been seen before.

These new rules are likely to have a far bigger impact on families than single indivduals, and means it's more important than ever before to get the right advice.

I think it would be worth exploring your options in a bit more detail, and getting a more accurate picture of exactly what's available to you. You can do this by contacting one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help, and run through some affordability scenarios.

Regards,

Alistair

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