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Re: FTB mortgage advice needed

eiregal said:
? Also, I have an SSIA which is due to mature in 2007. Would it be an idea for me to withdraw from this now as I figure I need the money more now than I would it later?
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Early withdrawal of SSIA will mean that you lose out on almost all of the Govt 25% top-up on your account.
 
I didn't actually know that about the SSIA. I thought that if one withdraws early the current balance can be withdrawn, I didn't realise they take back the Gov't contribution. I certainly won't be doing that then! Any advice on the mortgage amount?
 
If you cash in an SSIA in part or full before maturity then the amount withdrawn is subject to 23% exit tax on the lot. In contrast at maturity the 23% exit tax applies to any interest/growth earned only and not to the original principal.
 
Re: FTB mortgage advice needed

The easiest way to find out what you can borrow might be to apply for approval in principle with a few lenders.

The fact that you have outstanding debts of c. 33% of your combined gross income will obviously militate against maximising your mortgage borrowings.
 
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