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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?


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.

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