Anxiously waiting to see if we get the mortgage

[FuckingHateRats]

We have been living in a house owned by my mother for 12yrs (we pay her interest-only mortgage payment every month).

We are finally in a position where we can apply for a mortgage and want to do so now before interest rates rise any more.

Our credit scores report as 'fair'. The house is valued at £415k but my mum is gifting £115k equity in lieu of a cash deposit. We have a combined income of £72k.

This is such a complicated first time purchase and I know our credit rating could be better too.

Such an anxious wait for us.

£300k mortgage on £72k? Have you done a DIP? Sounds tight to me.

Good luck OP.

NatWest are willing to lend us the full amount, subject to their criteria. Our mortgage advisor did the digging around beforehand.

As long as you don't have shed loads of debt or a defaults/lots of missed payments, I reckon you should be okay.

Generally 4.5x income is a good ballpark to work to and you are borrowing less than that.

That's just over 4 time their salary. Does my sound redic to me. We have 5 times

*doesn't

Sounds ok to me.
You have a decent deposit and up to 4.5 is usually fine.
Depending on your age the repayments might be quite high though.

are you buying your mums house? what about capital gains?

But I don't think 72k for 300k is too much. quite normal to borrow 4.5 x