What to tell the broker?

prometida

My partner and I have decided to sell London property and move North. I am returning to study, he will seek equivalent job, which shouldn't be a problem.

Mortgage is currently in my name only - 99k, and property is valued at around 150k. I anticipated using 20k deposit, pay off loans of around 5k, and keep remainder to help me 'get by' whilst studying.

I'd imagined approaching a broker soon to secure a joint mortgage based on our CURRENT earnings (23k me and 29k him). He's had minor credit issues 3+ years ago, my credit situation seems fine.

Based on other comments I've seen on the site, should I be 'coming clean' with the broker - I'd assumed we could get mortgage offer based on current situation, and did not expect to have to explain future changes in circumstances. Given that I'll have no measurable income, and he hasn't yet secured a new job, I'm worried we won't get a decent offer (we were hoping for mortgage of up to £180k).

Was about to pick up the phone to brokers, as need sell, find new place and move by August, and am already stressing about timescale!!

Any and all advice, guidance etc gratefully appreciated.

AndrewSmith

Hi and thanks for the honesty in your post.

Broker's are on your side. We work as an intermediary between yourself and the lender and will aim to present your case in as best light possible to whichever lender is selected as the most appropriate.

By giving your broker all the information about your financial situation you will stand the best chance of obtaining the most appropriate deal for your circumstances.

We brokers are only as good as the information the client gives us. If we do not have all the facts we may waste our time and yours persuing a mortgage product that you may not actually qualify for at all.

I would recommend a meeting with a broker either known to you or local to you so you can discuss your situation in depth through proper consultation. Remember the more facts and knowledge about your situation the broker has, the more likely he is to get it right first attempt.

When I hold an initial consultation with a prospective client I set the expectation that this meeting could last for up to 2+ hours. It is vital to get it right from the beginning to be able to do a 'proper' job for you.

Hope this helps

Andy