Geez, way too many numbers for my simple brain I'm afraid.
BUT, you appear to still be including your wife's salary....if so, DON'T.
Basically:
Your income 80k + 43k = 123k....(43 is 75% of rent) per year
Mortgage interest only repayments = 78k per year.
Interest only bill is 63% of your gross income !
Include principle and it is well over 70%
Is that basically the case ?
If so, I can fully understand no bank wanting to lend.
You don't earn enough.
BUT, you appear to still be including your wife's salary....if so, DON'T.
Basically:
Your income 80k + 43k = 123k....(43 is 75% of rent) per year
Mortgage interest only repayments = 78k per year.
Interest only bill is 63% of your gross income !
Include principle and it is well over 70%
Is that basically the case ?
If so, I can fully understand no bank wanting to lend.
You don't earn enough.
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