How to get £34,200.00 more than you thought you could!

The Smith Family

The Smiths' are struggling to get the mortgage they need.

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Peter Smith (37)
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Is employed full-time

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Earns £32,000

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Has a £250 p/m car loan

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Has £3,000 in savings

Claire Smith (35)
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Is employed part-time

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Earns £10,000

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Has a £1,500 on credit cards

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Has £2,000 in savings


Peter and Claire are looking to move home and have been to see their bank.  They need a mortgage of £206,250 but have only been offered £176,600 - BAD NEWS!!!

Here's what they can do to get a bigger mortgage:

Pay off some debt

Peter only has 6-months remaining on his car loan and can therefore be discounted.  This will give them an extra £22,900.

£199,500 - new max loan available

Increase the term

By increasing the term of the mortgage from 25 to 30 years, Peter & Claire will be able to borrow £10,700 more.

£210,200 - new max loan available

With 2 simple changes to their mortgage application, Peter and Claire are now able to get the £206,250 they need.