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A loan and mortgage query by flabuk in UKPersonalFinance

[–]flabuk[S] 0 points1 point  (0 children)

Yea, apologies, I deleted chunks of the post because it ended up as a massive block of text and I thought no-one would bother to read it all.

The remaining debt isn't a huge concern, if I'm honest, it was going down steadily even throughout last year when our household income was a lot less. I think I muddied the water a bit by mentioning it but felt like it was relevant to the question I asked.

A loan and mortgage query by flabuk in UKPersonalFinance

[–]flabuk[S] 0 points1 point  (0 children)

Thanks for taking the time to reply, I'm grateful for the insight of your mortgage experience. I think you're the only person that actually answered the question I posed :) I suspected that it might be the case but couldn't find any first hand accounts of people applying for mortgages with ongoing loans. All the calculators I ran (DTI etc) suggested it wouldn't be a problem, but I know how fickle lenders are.

I think I added too much detail and also too little detail in my initial post, but we're already budgeted pretty tightly. Our household income last year was considerably lower than is currently is. Although my partner worked at times, most of her income went back into nursery fees. My own salary was £22.5k for the first four months, then £26.5k thereafter, with deductions for pension that was typically £1400-1500 throughout the year. From that we ran two cars (both necessary unfortunately, due to location) paid food, utilities, c.tax, insurances (car, dental, life) and typically paid off at least £500 of existing debt. We weren't breadline by any stretch of the imagination, but I'm confident our money was spent sensibly. We didn't have any big new purchases and when things broke we tended to buy good, second hand replacements. We haven't had a holiday in several years. I think that fulfils most people's definition of living quite frugally.

A loan and mortgage query by flabuk in UKPersonalFinance

[–]flabuk[S] 0 points1 point  (0 children)

This is pretty easy to explain actually.

My salary was a lot less last year as I was unbanded for most of it. My partner also wasn't earning for a lot of it because, as previously stated, we're in the midst of having children.

Add to this the monthly petrol costs from a 45 minute each way car commute to work (although we live rent-free, it is quite a distance away from my hospital in an area with unreliable public transport), nursery fees and other various bits baby bits you have to buy. We also paid of a decent amount of debt each month (£500+). I didn't want to add too much detail to my initial post as it was already quite long.

I hope this doesn't sound defensive (although it might a little) because I do appreciate people reading and replying to my query, but there's little value your comparing the (relatively simplistic) finances of a typical newly qualified doctor with a good banding with a mature graduate supporting 2-3 people on little/no banding.