Getting a higher than usual mortgage
Discussion
I have found a perfect property for my family. It has everything we need (and want), and is a move in, no spend property. Initially we were looking for a fixer, but when we look into the costs this property makes a lot of sense, and is in catchment of one of the best schools in the area
It is the first property we have seen this is almost compromise free. However, although we have a 100k deposit, we are about 20k short of what the vendors are looking for, and high street lenders are capping us 20k short.
I have tried a few places but was wondering if there are lenders who can go a bit more? The problem I face is that 30% of my annual earnings are commission based and they don't seem to be taken into account as much as I thought they would. Affordability based upon the last 5 years is fine, and is in fact much lower than we were paying on the last mortgage which we upped payments by double to cut the term. I thought this would make a difference as we can prove we were 50% more than the projected new mortgage for 5 years previously.
Can anyone point me in the right direction?
It is the first property we have seen this is almost compromise free. However, although we have a 100k deposit, we are about 20k short of what the vendors are looking for, and high street lenders are capping us 20k short.
I have tried a few places but was wondering if there are lenders who can go a bit more? The problem I face is that 30% of my annual earnings are commission based and they don't seem to be taken into account as much as I thought they would. Affordability based upon the last 5 years is fine, and is in fact much lower than we were paying on the last mortgage which we upped payments by double to cut the term. I thought this would make a difference as we can prove we were 50% more than the projected new mortgage for 5 years previously.
Can anyone point me in the right direction?
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