Talk

Advanced search

Mortgage advice please from those in the know...

(3 Posts)
BoyMeetsWorld Tue 11-Mar-14 21:02:28

We are looking to buy a bigger house & currently have an offer on ours from a cash buyer.

There are 2 we've seen & are interested in. One needs a lot of work but is at a price we know we'll easily get a mortgage for. The other, which we like better, is 35k more and we're not certain about the mortgage.

My question is: if we attempt to get a mortgage on the more expensive one & get turned down, will this negatively impact an application straight after for enough to buy the cheaper house?

TIA

AndIFeedEmGunpowder Tue 11-Mar-14 21:11:03

I think if you get turned down for the more expensive mortgage yes it could negatively impact your chance of getting the cheaper mortgage.

I think it may be worth using a mortgage broker who can do soft searches and find out if you are likely to be accepted for the larger mortgage. There may be a fee (£500-£1K) but this is usually only payable on completion, I think it's worth it! He/she is invested in making sure you get a mortgage so will be best placed to advise you.

SecretRed Tue 11-Mar-14 21:11:42

When you go to your mortgage provider they'll do an affordability calculator firstly which will determine how much they are willing to borrow. This happens before the application goes through.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now