Mortgage in principle

[monsieurpoirot]

Can anyone talk me through this? Can I get one on line, but then go through a broker to actually apply for a mortgage? What expenses are included? Will they do a credit check and does that matter? Should I pay off a 2 k 0% cc balance with savings or will this not matter too much?

I'm looking for a 300 000 mortgage, seen monthly repayments which are easily affordable to us, but then looked based on our income and it said 200 000 so not sure now.

Will just being back from maternity leave affect anything?

TIA!

Thank you :). Do you know what percentage of your income the 8% interest rate can be? Do they look at things like gym membership (which obviously is cancel if needed)

We are very fortunate to gave grand parent child care. Would they still 'charge' us for it though?

The lender I mean based on national averages?

Iirc Try not to do too many applications too close together as it can impact on your credit score. IME The broker did a separate mortgage in principle application even though we had one from a high street bank (didn't impact credit score).

Good luck!

A good independent Mortgage broker may have access to deals with lenders that you cannot get on line yourself

Maybe I should just see the mortgage brokers first off then?Or should I phone our current mortgage provider to try sand extend (double) our current mortgage? Everything's changed since we last did this!!

Don't worry about the £2k, as long as it's paid on time every month. They may slightly reduce the amount you can borrow as a result but I wouldn't expect it to make much difference

Make sure your bank account is conducted well, i.e. No unauthorised overdraft or declined payments

Cut your spending if you can to show your disposable income as high as possible

Free childcare is a good thing

A broker will be able to access better deals and should be up front with you about their fees if any

MMR is a PITA for sure

www.uswitch.com/mortgages/guides/mortgage-market-review/

You could do both ask your current lender what they can offer and also ask an Independent mortgage broker what they could get you
Check family and friends for recommendations of a Broker A good broker should not charge for this service they usually charge fees only on an offer being made from the lender

I've been doing a few of the banks online affordability calculators this evening and the amount varies from 210-344 k. Crazy! Even at 8% the repayment would be half our monthly income for 300 k so surely that counts as (just about) affordable?? Think a broker is the sensible way to go :) Thanks for all the advice

We went through a broker and he literally sorted out everything for us. Couldn't recommend it enough, even when we had everything fall through on our chain and had to get a bigger mortgage in a hurry because we bought a different property he sorted it out really quickly and with no fuss. Compared to the last time we bought a house it was so much simpler than going to the banks. I would always use a broker in future.

Can a broker access mortgages that lend you a bit more than normal banks would. Our house just been valued a bit less than we were hoping :( Our situation is slightly unusual and I will be getting a big pay rise next year. Plus we have a 50% deposit. Or is that a definite no after MMR?

If you try London & Country they don't charge anything and will work through all options. They look at loads of mortgage companies. They were fab for us. We had a house of non traditional construction so mortgages hard to find.

Oh and to answer your question our bank would of lent us far less than we ended up with.