TLDR;
Given a husband and wife who earn roughly similar amounts from their respective contracting and permie endeavours, what is a typical maximum multiplier/amount a mortgage provider might lend? Both have great credit histories, and the LTV would probably be slightly less than 50%.
----------
As previously documented, I've been left some cash and a house in various inheritances. We've ~£200k in cash and a half-share in the house which we'll say is worth the same after fees.
We found a place we'd love to buy >£600k and had an offer accepted £550k - at this time we'd had an offer accepted on mum's house but shortly afterwards this fell through. With the sale of mum's house, the long and short of it (with a few details omitted for simplicity) is we could sell our own house and buy this one at the same level of mortgage or less as we have now.
Without the proceeds from mum's house, at our current mortgage level we'd be £100k short (£120k including Stamp Duty). None of this takes our pre-existing savings into account but I'm loath to touch these as they're in ISAs and even short-term I don't want to be too exposed in case of emergency.
I work about half-time so don't have a massive income compared to other contractors, it's equivalent to a permie job probably-ish.
Obviously eventually mum's house will sell but I'm nervous we might lose the one we want in the interim waiting to sell two properties - and it is a fairly unique property/location combo we might struggle to find again. So I'm wondering if I can stretch our mortgage far enough but have no idea what multipliers might be used. I'll ask our mortgage advisor but I thought people here might have some similar experiences, or some other ideas than "get a big mortgage" on how to approach this.
One point in our favour (I assume) is that we would regardless have 50% or more of the purchase price in cash; we're potentially looking at a big mortgage relative to our income but not at 90% LTV
Thoughts?
Given a husband and wife who earn roughly similar amounts from their respective contracting and permie endeavours, what is a typical maximum multiplier/amount a mortgage provider might lend? Both have great credit histories, and the LTV would probably be slightly less than 50%.
----------
As previously documented, I've been left some cash and a house in various inheritances. We've ~£200k in cash and a half-share in the house which we'll say is worth the same after fees.
We found a place we'd love to buy >£600k and had an offer accepted £550k - at this time we'd had an offer accepted on mum's house but shortly afterwards this fell through. With the sale of mum's house, the long and short of it (with a few details omitted for simplicity) is we could sell our own house and buy this one at the same level of mortgage or less as we have now.
Without the proceeds from mum's house, at our current mortgage level we'd be £100k short (£120k including Stamp Duty). None of this takes our pre-existing savings into account but I'm loath to touch these as they're in ISAs and even short-term I don't want to be too exposed in case of emergency.
I work about half-time so don't have a massive income compared to other contractors, it's equivalent to a permie job probably-ish.
Obviously eventually mum's house will sell but I'm nervous we might lose the one we want in the interim waiting to sell two properties - and it is a fairly unique property/location combo we might struggle to find again. So I'm wondering if I can stretch our mortgage far enough but have no idea what multipliers might be used. I'll ask our mortgage advisor but I thought people here might have some similar experiences, or some other ideas than "get a big mortgage" on how to approach this.
One point in our favour (I assume) is that we would regardless have 50% or more of the purchase price in cash; we're potentially looking at a big mortgage relative to our income but not at 90% LTV
Thoughts?
Comment