Engagment options effect on mortgage elligibility

[MrC]

yeah. But when I had the conversation they knew I was a contractor, they just weren't that interested. They wanted to know if my personal income was going to drop. Which it isn't as I have a decent war chest, but they didn't give a hoot.
AIP of just shy of £450k based on my income of £50k and wife's income of £30k. And the fact that we have no debts (no car loan, lease etc.).

A mortgage that large over 15 years would be £3k a month. Which is a HUGE chunk of income, and not something I want to touch.

You did well to get an AIP for that much. 450K on 80K combined works out at 5.6x multiple which is pretty darn high!

Did you go direct to the lender or via a broker?

Regarding buy while retaining I presume you'd need to look at renting your old place on as a BTL unless you arent anywhere near you borrowing limits.

Have a call booked for CFM early next week, hopefully they can paint a clearer picture for me.

[Lance]

You did well to get an AIP for that much. 450K on 80K combined works out at 5.6x multiple which is pretty darn high!

Did you go direct to the lender or via a broker?

Regarding buy while retaining I presume you'd need to look at renting your old place on as a BTL unless you arent anywhere near you borrowing limits.

Have a call booked for CFM early next week, hopefully they can paint a clearer picture for me.

like I said. They weren't interested in anything other than ability to pay.
It was my current provider.
And no interest in letting. The purpose of buying before selling is simply because the market is a tulipshow if you're in a chain. Basically many vendors won't even let you view unless you've sold.