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Original poster

Likelihood of mortgage.

19 replies

bingbangbongding · 10/04/2023 22:10

Not sure but I'm very nervous to apply for a mortgage tomorrow. Anyone got any idea if we will be accepted?

We both earn 50k and have good credit.

We have a 250k deposit and the house we want to buy is 500. So we want to borrow 270 to cover cost of move/house sale and stamp duty.

Do you think it is likely? We don't have childcare outgoings or student loans or anything like that. We are both in our late 30's and would likely do a 25y mortgage.

OP posts:
Persipan · 10/04/2023 22:28

You can plug the numbers into a calculator right now and see for yourself! Assuming I'm currently understanding that you have a joint income of £100k then yes, you'll be absolutely fine to borrow 270.

SG2000 · 10/04/2023 22:31

Only thing that strikes me on a quick glance is that the stamp duty needs to be paid upfront? I don't think it is something you can add to the loan?
A mortgage advisor will want to know about all your outgoings to rate the affordability of the loan. It helps to have an idea of your total monthly spend: phone, travel, food, bills, etc...
Good luck!

CellophaneFlower · 10/04/2023 22:47

You'll be fine 😊 Stamp duty can absolutely be paid on completion.

Seaitoverthere · 10/04/2023 22:50

I’d be extremely surprised if it isn’t ok. It will be 230k deposit and 270k mortgage which is a good loan to value .

Christmascracker0 · 10/04/2023 22:54

I plugged your details into MoneySupermarkets calculator and it suggests you could borrow up to £529k 😊

https://www.moneysupermarket.com/mortgages/affordability/results?purchaseJourneyResultId=968d8e72-0bfd-487d-aabf-b37df89750e0

Use a mortgage broker if you aren’t already, I definitely found it makes the whole process much easier!

wincywincyspider · 10/04/2023 23:06

When you say you both earn 50k do you mean you each earn that or that combined both your earnings are £50k?

Not sure if it's changed but we had to pay our stamp duty over to the solicitors on exchange, who then pay it to HMRC on completion. I didn't think you could borrow the stamp duty amount.

potatowhale · 10/04/2023 23:10

Very likely accepted unless you are on a non permanent contract or have only just started job, or have very high outgoings

Original poster
bingbangbongding · 11/04/2023 00:11

Thank you for the responses. No I earn 55k and he earns 50, no high outgoings (apart from energy bill) but we don't have car payments and our child is past childcare age.

I guess I'm just nervous. Struggling to sleep as need to apply tomorrow. Silly.

OP posts:
Persipan · 11/04/2023 06:07

I mean this with complete sincerity and in no way with any negativity - you sound unusually anxious about this. You might find it helpful to get some help for that, especially if you're finding the house-buying process (which is notoriously stressful) is bringing on it worsening those feelings.

jenandberrys · 11/04/2023 08:12

bingbangbongding · 11/04/2023 00:11

Thank you for the responses. No I earn 55k and he earns 50, no high outgoings (apart from energy bill) but we don't have car payments and our child is past childcare age.

I guess I'm just nervous. Struggling to sleep as need to apply tomorrow. Silly.

I cannot believe this is real. You do a job earning good money so I assume you are not cognitively impaired. About 2 minutes on one of the many mortgage calculators online would have answered your question and/or having the slightest interest or knowledge of the house buying process. I have to wonder how you manage life day to day if you need strangers on the internet to reassure you about easily answered questions like this.

CellophaneFlower · 11/04/2023 08:14

wincywincyspider · 10/04/2023 23:06

When you say you both earn 50k do you mean you each earn that or that combined both your earnings are £50k?

Not sure if it's changed but we had to pay our stamp duty over to the solicitors on exchange, who then pay it to HMRC on completion. I didn't think you could borrow the stamp duty amount.

You can add to the mortgage. Some solicitors request you pay it upon completion, which most people do, but you actually have 14 days after in which to pay.

ThankmelaterOkay · 11/04/2023 10:55

Have you just received a lump sum of £250k? Or at least a large part of it?

Chewbecca · 11/04/2023 10:58

Sounds fine to me.

Think of it as paying fees and duties out of your £250k savings and borrowing whatever you need to get to the agreed house value (rather than borrowing to pay these). Same outcome but clearer.

FrownedUpon · 11/04/2023 11:05

I really don’t why you’d be anxious about this. It isn’t even borderline on those incomes. I agree that getting help for your anxiety might be necessary.

Original poster
bingbangbongding · 11/04/2023 12:47

No not a lump sum, we have 70k left on our mortgage and have just sold for 330k, so we have 260 equity, I was thinking 250/240 down as deposit because of fees.

I'm anxious because the house we like is a dream for someone like me and I just almost feel like someone from my background doesn't deserve it (I know that is silly).

I also used to have bad credit when I was young, thanks to top shop credit and a complete lack of understanding how credit works when I was 18.

I'm very much cleaned up now, no debt or excessive outgoings. No adverse issues on my credit record (I've checked Experian, Transunion etc)

I know I'm being excessively anxious. I'm like that, I do have a counsellor but I've had a shit year. Lots of family deaths and an autism diagnosis for my child and a spell in hospital after a car accident. I'm trying to be more reasonable about this but my stress levels are still pretty high.

Application going in at 5pm.

OP posts:
ThankmelaterOkay · 11/04/2023 13:03

Oh from your worry I thought you were a FTB

CellophaneFlower · 11/04/2023 18:33

Hope all goes well, OP. Sounds like you absolutely do deserve a lovely new home.

NicLondon1 · 12/04/2023 20:20

Good luck with the move! Your mortgage will work out fine, you totally deserve some good news this year so enjoy your new home! 💐

CheeseMcKnees · 12/04/2023 20:23

DH and I have a joint income of £100k and our broker has said we’re good for a mortgage of £440,000.

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