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First time buyer - Affordability

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  • First time buyer - Affordability

    Good morning lovely people,



    Myself and my partner have been saving hard for our first home over the last few years and now we ( hope ) are in a position to do some serious looking.

    We are looking to buy a property in the region of approx. £220k and have a 10% deposit.



    What we are worried about is whether we will actually stand a chance of qualifying for a mortgage based on our "regular" income:

    Salary 1 - £30k + 2.8K car allowance

    Salary 2 - £9k



    In addition to the above, we do own a LTD company ( just over 12 months old ) which over the last 12 months generated £14k profit - money not yet drawn but will be used towards the 10% deposit mentioned above.



    We have no debts, other than a car loan to a value of £200 p/m. We also have 1 child.

    We both hold an experian credit score of over 950.



    I realise that we will need a "paid for" advice to get all the details, but would like to understand what position we are in before seeking such advice.





    Thank you all very much

    Patrick

  • #2
    Hi Patrick,

    Sorry this message seemed to slip through the cracks - did you end up moving forward with your first home?
    Mortgage brokers tend only to lend about 4.5 times your annual salary as a rule, and I'm not sure if car allowance is included in that.Which would mean they could lend you £175, 500. 10% deposit on top of that would mean a property price of around £192,550.

    However, your credit scores seem to be great, and you have no debts and with the LTD company in the mix, it may be different.

    Do let us know how you got on!

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    • #3
      That was really very nice and all the best for your new home.

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      • #4
        To calculate your general affordability range, we take into account a few primary items, such as your household income, monthly debts and the amount of available savings for a down payment. It is important to have a certain level of comfort in understanding your monthly mortgage payments. A good way is to have three months of your housing payments, including your monthly expenses, in reserve. Having a quick consult with the financial adviser from Prestige Capital Corporation is to get a financial support for your factoring receivables in order to make your home affordability as early as possible.
        Factoring with Prestige Capital gives you the cash flow that you need to keep your business running. You sell us your invoices and we immediately advance you the capital to operate and grow your business. Call toll free to learn more about the benefits of invoice factoring (877)-944-4455.

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