Will I be able to get a mortgage? CMH89

#1
Morning everyone.





I'll be looking to buy a house in 3 months time.





I've played around with Nationwide's calculator. It says I would be able to borrow around £155,000 but I thought I would ask on here to see if someone has taken a mortgage out in real life with similar figures to ours. If mortgage brokers could comment tooI would be grateful

I'll put figures up of what we will have/ owe in June.





Myself

£22,000 annual salary.

£10,000 extra in over time for the past 6 years.

~ £32,000 a year





£9800 owe on a personal loan (car) with 37 months to go.





Pay £300 out a month on petrol, car tax, phone sim, contact lenses. Doesn't include food.

So £566 with loan payment a month.





Other half

£876 wage a month





Will owe £3500 on 0% credit card





Pays £80 a month on phone sim, contact lenses, union. A couple of other things. Doesn't include food or credit card payments.





We don't spend much on ourselves each month. Direct debits are kept to a minimum.





We are looking at houses in the £120,000 area.

We will have £8000 including fees so will be looking at a 5% deposit.





I look forward to any replies. I'd love to be able to buy a house right now but the house deposit just isn't big enough and my other halfs credit card has a bit more than £3500 on it.

#3
I put £22,000 annual salary and £10,000 overtime into their affordability calculator. With expenditures noted above it says I could borrow £152,000 over 30 years.





I have read from reading these forums lately that some lenders don't accept overtime income.





Is that standard across the industry or only a select few?

#4
Each lender is different.



I have just had a look on the nationwide site and their criteria is:




Monthly - latest 3 payslips add the value of the bonus, overtime or commission, divide by 3 and key as Monthly




So that is what you would need to enter and use as your overtime.

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