Help Please - Can we get a mortgage to complete in time?

Steffy

My husband and I are moving as we both have new jobs - We need a 110k mortgage, we have over a 60% deposit. We need to complete on 7th August, however my husbands job starts 1st Sept and mine is 14-28th September (both non negotiable).

We are holding money back from the sale of our property ( which is mortgage free) to pay the mortgage and live on for the initial 4 weeks.

I have spoken to 4 different morgage advisers, all of which are telling me different things!! Today one told me that there is no way that we will be able to get a mortgage based on this, and will have to pull out of the purchase.


This has really worried me! Is this true?

Steffy

_Andy_

When you say 'advisers' have you actually spoken to a whole of market broker?

Steffy

I assumed so but not sure... I spoke to some one from lloyds tsb, L&C, Romans and Prospect estate agents

Steffy

are any of those whole of market brokers? I thought L&C were?

happybroker

L&C are whole of market.

are you currently working? if not this could be really complicated and you would need to sit down with job offers, contracts etc with some one urgently so that they can ring around for you to see what they can do.

probation periods and previous employment (ie same field of work) can influence things also but lets face it, you're not going to be the first or last people to be going through this and assuming your history is clear you should be able to get sorted if you can find some one who knows what they're talking about.

Steffy

I am just finishing my final year in uni and am not currently working (finished in Nov 2007). My husband is working and on just 15k a year.

My graduate job starts on 27k yet lenders dont seem to want to take this into account?! we have money from our sale that we are keeping back to pay the mortgage etc but im worried that were not going to be able to get one at this rate even with a 60% deposit!

Is there anyway to make this work or any lenders that would borrow to us?

happybroker

You say advisors are telling you different things and that "one" has told you that you have no chance...have you been told by the others that it's no problem? If so I would get on the phone to them and push on as time is running out.

We need much more info on here really and the you're probably going to get told to speak to an advisor anyway so I would go to the one's that are being positive and push for a firm answer (the horses mouth so to speak!).

good luck

Conrad

As ever NO ONE will able to tell you for sure as there will be several people, such as underwriters that will make contact with your application, and of course it is impossible to predict the final outcome (for example the underwriter might have just had a staff appraisal in which he was told his arrears have gone above par, meaning he might want to be extra careful on subsequent cases.)

Its doubtful any lender will KNOWINGLY allow completion prior to your jobs beginning - but you never know I suppose.

Steffy

I saw a mortgage advisor at lloyds tsb today. they have no problem with it but wont process the application until 3 months prior to my start date. so just means we have to wait til june to exchange (which isn't that far away!) 5 yr fixed rate at 4.69%.

Is this a good rate?