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  • FIRST POST
    • samla
    • By samla 12th Oct 16, 10:09 PM
    • 2Posts
    • 0Thanks
    samla
    Mortgage advice needed!!!
    • #1
    • 12th Oct 16, 10:09 PM
    Mortgage advice needed!!! 12th Oct 16 at 10:09 PM
    Myself & my partner are looking at moving house. My partner currently has a mortgage on our existing property. I have never had a mortgage. We are concerned that my partners poor credit rating will affect our chances of getting a mortgage, the main reason she had an IVA in the past which finished in May 2015. We are going through the process of clearing all my partners arrears in the hope of increasing her credit file. My credit rating is good, although for the amount of money we wish to borrow I wouldn't be able to do it on my own. We anticipate we will have around 20k of equity in the current property to use as a deposit for the new house. We are looking at houses in the region of 180k.

    Another factor concerning us is that I work in the gambling industry, & with being in that industry I am a recreational gambler. I have heard that lenders aren't keen on lending to people who gamble. However, I am not an average gambler. I always keep track of how I am performing, & over the last 18 months I have been doing it, I have made profit every month & have made more money than I make from my actual job.

    Given all the above factors, I'd appreciate it if someone can advise us on the best course of action. Also which lenders are most likely to accept us given the circumstances. Reason for asking is that I've read that applying with several lenders can have a negative effect on your credit file. We have been to speak with an estate agent broker, however they asked for £500 upfront which I thought was a bit excessive!

    Thank you
    Sam
Page 1
    • Thrugelmir
    • By Thrugelmir 12th Oct 16, 10:33 PM
    • 54,381 Posts
    • 47,198 Thanks
    Thrugelmir
    • #2
    • 12th Oct 16, 10:33 PM
    • #2
    • 12th Oct 16, 10:33 PM
    We are going through the process of clearing all my partners arrears in the hope of increasing her credit file.
    Originally posted by samla
    Arrears of what?
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • samla
    • By samla 13th Oct 16, 9:10 AM
    • 2 Posts
    • 0 Thanks
    samla
    • #3
    • 13th Oct 16, 9:10 AM
    • #3
    • 13th Oct 16, 9:10 AM
    She had built up arrears of approx 2k on her gas/electric bill & also her current mortgage by missing a payment. These were from approx 5 years ago, but should be cleared in the next week.
    • amnblog
    • By amnblog 13th Oct 16, 10:25 AM
    • 9,562 Posts
    • 3,691 Thanks
    amnblog
    • #4
    • 13th Oct 16, 10:25 AM
    • #4
    • 13th Oct 16, 10:25 AM
    An IVA recently and 10% deposit does not mix.

    You will need more time or much more deposit.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Alifrust33
    • By Alifrust33 11th Mar 17, 1:08 PM
    • 4 Posts
    • 0 Thanks
    Alifrust33
    • #5
    • 11th Mar 17, 1:08 PM
    • #5
    • 11th Mar 17, 1:08 PM
    A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.
    • glentoran99
    • By glentoran99 11th Mar 17, 1:10 PM
    • 4,402 Posts
    • 3,246 Thanks
    glentoran99
    • #6
    • 11th Mar 17, 1:10 PM
    • #6
    • 11th Mar 17, 1:10 PM
    Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications
    • getmore4less
    • By getmore4less 11th Mar 17, 1:35 PM
    • 29,163 Posts
    • 17,443 Thanks
    getmore4less
    • #7
    • 11th Mar 17, 1:35 PM
    • #7
    • 11th Mar 17, 1:35 PM
    Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications
    Originally posted by glentoran99
    if they have been making money there should be none you keep your stake money within the system.
    • glentoran99
    • By glentoran99 11th Mar 17, 2:38 PM
    • 4,402 Posts
    • 3,246 Thanks
    glentoran99
    • #8
    • 11th Mar 17, 2:38 PM
    • #8
    • 11th Mar 17, 2:38 PM
    Then it wont be an issue
    • Thrugelmir
    • By Thrugelmir 11th Mar 17, 2:40 PM
    • 54,381 Posts
    • 47,198 Thanks
    Thrugelmir
    • #9
    • 11th Mar 17, 2:40 PM
    • #9
    • 11th Mar 17, 2:40 PM
    A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.
    Originally posted by Alifrust33
    This thread has been inactive since last October. Worth checking before posting.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Alifrust33
    • By Alifrust33 12th Mar 17, 11:25 PM
    • 4 Posts
    • 0 Thanks
    Alifrust33
    Many people read old posts for advice so it doesn't really matter. Just trying to help the guy!!
    • tykesi
    • By tykesi 13th Mar 17, 8:54 AM
    • 1,691 Posts
    • 2,314 Thanks
    tykesi
    The guy who was last active on 14th October last year so most likely isn't bothered for any help nor actually see your replies?
    £2017 in 2017 - £3238.42
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