Hi all, bit of background we are FTBs - had an offer accepted last week and will be putting through our mortgage application this week however I am slightly nervous as we are borrowing very close to our maximum which we can lend (about £4k under). Is this risky and will we more likely be refused because of this?
We were originally looking at houses about £50-75k less not many were coming up so the competition was so intense t that we didn't have a chance (we were also having to look further out area wise than we really wanted). I decided to change tactic and up our budget so we could come closer into London and be closer to parents and with the aim of finding a house which could be our family home and we wouldn't need to move in say 5 years.
In terms of affordability we can definately afford a more expensive house, repayment quotes I've had are between £1.2-£1.3k a month and we currently have a combined income of just over £5k, no dependants, no student loans, no car finance & no credit card debts + we have 15% down.
Just looking from experience if anyone has had mortgages go through smoothly even when they are borrowing close to their maximum limit on their AIP or what questions I can expect to come up?