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Can we still get a mortgage?

I would like to move house but at the moment my husband is working for an agency. We would have £38,000.00 as a deposit but would like to borrow £98,000.00. My earnings are £20,000.00, would we still be able to get a mortgage?

Asked on Jul 2 2009, Home Finance in Leeds | Report content

Answers (1)

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  • With an almost 40% deposit that will certainly put you in the lower risk bracket for the banks as even should house prices fall further you will have plenty of equity left in the property (and that means they can recoup their money if you can't pay your mortgage). There will be some mortgage lenders at the moment sticking rigidly to income multiples, would leave you some way short if they were unwilling to include your husband's agency work, but equally there are many banks now moving back to affordability. You've not told us if you have any other financial commitments or incomes, but assuming you have neither, on your income alone you could expect to be offered between £60,000 and £85,000. If you speak to an IFA they will be able to advise you on which banks will be best suited to offer you something, as some will take your husband's income into consideration, as it's agency work they may take into account half of what he actually earns. For IFA I use Anthony Trueman, who I can recommend whole heartedly, but I'm not sure if he works outside of the South West; if you want to try him though his number is 01822 859368. All the best, Mark Manning.

    Answered on Jul 2 2009, Report content

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