we are a family of four working adults with deposit of 30000 with a combined income of 63,000 wanting to buy a house wich is valued at,
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320,000 but are willing to sell for 250,000 could we get a mortage
jimmyjo
3 months ago
Expert Financial Adviser Answer
Paul Skinner
answered 3 months ago
Hi jimmyjo,
I am not sure I totally understand your question.
You say you want to buy a house for £320,000 and have a house to sell for £250,000. You also say you have £30,000 deposit. I assume this deposit is from the sale of your house, and that you haveno other money to put towards the purchase?
If I am correct, this means you would be looking for a mortgage of £290,000 (£320,000 - £30,000). As such the number of lenders willing to consider such a loan is rather limited. Further still, finding a lender that will take the income of 4 separate applicants would make this very difficult to place.
Please clarify your position and I will be happy to advise further.
Should you want to discuss in more detail, please feel free to call on 0845 226 5009 or 03333 407040, during office hours.
Kind regards
Paul Skinner
PKS - Mortgage & Insurance Experts
pks.org.uk
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I am not sure I totally understand your question.
You say you want to buy a house for £320,000 and have a house to sell for £250,000. You also say you have £30,000 deposit. I assume this deposit is from the sale of your house, and that you haveno other money to put towards the purchase?
If I am correct, this means you would be looking for a mortgage of £290,000 (£320,000 - £30,000). As such the number of lenders willing to consider such a loan is rather limited. Further still, finding a lender that will take the income of 4 separate applicants would make this very difficult to place.
Please clarify your position and I will be happy to advise further.
Should you want to discuss in more detail, please feel free to call on 0845 226 5009 or 03333 407040, during office hours.
Kind regards
Paul Skinner
PKS - Mortgage & Insurance Experts
pks.org.uk
Expert Financial Adviser Answer
Darren Smith
answered 3 months ago
Hello Jimmyjo,
to put another interpretation on your information: i believe that perhaps you have secured the purchase at £250000 but have been told that the value is £320000? this is common if its a family sale as some will "help a relative" by not selling at the full market value but even in these instances, lenders will be wary at such a discount and will insist on insolvency indemnity insurance in case the current owner declares bankruptcy in the near future.
there are some lenders that will offer "mates mortgages" whereby all 4 incomes will be used for "non-related adults" this could be 4 workmates or 2 couples (etc) and will consider all 4 incomes but the wider range of lenders that will allow 4 borrowers (which is a list that has shortened in the last few days) will sometimes only allow the highest 2 incomes and will ignore the rest.
on this scenario you would have a reasonable deposit of £30k against £250k but in % terms not that different to £290k on £320k.
it would make sense for you to look into this in a little more detail and bear in mind that lenders will deduct from their loan facility based on your current financial commitments to loans/credit cards/student debt etc.
feel free to get in touch directly (dont share too much personal data in this type of public forum)
Darren
IFA
darrenasmith@2plan.com
01256 636437
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to put another interpretation on your information: i believe that perhaps you have secured the purchase at £250000 but have been told that the value is £320000? this is common if its a family sale as some will "help a relative" by not selling at the full market value but even in these instances, lenders will be wary at such a discount and will insist on insolvency indemnity insurance in case the current owner declares bankruptcy in the near future.
there are some lenders that will offer "mates mortgages" whereby all 4 incomes will be used for "non-related adults" this could be 4 workmates or 2 couples (etc) and will consider all 4 incomes but the wider range of lenders that will allow 4 borrowers (which is a list that has shortened in the last few days) will sometimes only allow the highest 2 incomes and will ignore the rest.
on this scenario you would have a reasonable deposit of £30k against £250k but in % terms not that different to £290k on £320k.
it would make sense for you to look into this in a little more detail and bear in mind that lenders will deduct from their loan facility based on your current financial commitments to loans/credit cards/student debt etc.
feel free to get in touch directly (dont share too much personal data in this type of public forum)
Darren
IFA
darrenasmith@2plan.com
01256 636437
zafarimran
answered 1 month ago
hi there Jimmyjo, based on the information you have provided, you can get a max loan of 5 times the 2 highest income people in your household. For more information, kindly contact me on 07545321393. Regards
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