How to get a higher mortgage quote...

jojo80_2

Good afternoon,

I was hoping someone could help to answer a few questions about what mortgage lenders look for when making a quote- I recently had a quote and it was significantly lower than I had expected (less than 60K, I had hoped for 80K really).

I am wondering if my problem is that I have had a succession of temporary job contracts, and only just been made permanent in May 08. That means I have had 3 work places and 4 contracts since September 06.

I have also moved house twice, again because of finding it hard to get a job. Having said that, my address should be more stable now- I'm living at my parents place until I finally manage to get my own place.

I don't have a history of missing payments, I don't have a car loan or anything else loan, although I do have just under £3,000 on my credit card.

Would all this be the reason why my mortgage quote was so low? If it is just a case of "poor job/address stability" and low income in recent years, a bt of time will help to secure that- I'm a key worker and finally in a good job position- but I'm a bit worried now in case there's something I don't know about!

Thanks for any ideas, hints or tips!
Jo

_Andy_

Jo - what is your gross annual salary?
Also did the lender in question do a credit search?

jojo80_2

My current salary is 23,800
As far as I know they did a credit search- I gave permission for one anyway. I have checked my credit file and there's nothing nasty on it, I come out fine. Maybe it's just that particular lender.

_Andy_

Which lender was this?

herbiesjp

What kind of deposit do you have to put down? As that will affect income multiples as well.

I would have thought 4 times income would have been do-able on that income. Some lenders also offer higher multiples to key workers - what is your occupation?