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,
320,000 but are willing to sell for 250,000 could we get a mortage
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.
PKS - Mortgage & Insurance Experts
pks.org.uk | 02.15.12 @ 21:27
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)
| 02.15.12 @ 22:58
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 | 04.06.12 @ 10:54