Originally Posted by Matt J
What I dont understand is why I can afford a good £200 more a month mortgage repayment on what I currently pay, but I cant get a mortgage for the increased amount
Is that a genuine reason to get a self cert mortgage? my overtime varies massively so do I have a genuine claim of not knowing my exact income?
I dont want to borrow massively over my budget and can easily afford the £200 extra, I already know my cost of living so I've already worked out my budget and the only thing holding me back is how much I can borrow
ask your bank then and they'd probably give it to you as a stretch mortgage. first time buyers won't have the luxury really of being proven to afford and pay.
also bear in mind that the 3.5% figure that is common may of been based on things when the rates were alot higher - interest rates are actually pretty low at the moment and have been for a good number of years...
how would you be fixed if the interest rate was 8-9% would 3.5 times be more reasonable adding a few hundred quid already to your mortgage.