Would you give me a mortgage?

jodiebabes

Hello,

I have been looking at the latest mortgage deals and have enquired about a couple but I am finding they have very strict criteria. Our situation at the minute is;

Me - Salary 22k NHS Nurse - debts - Student Loan of 6k.

Partner - Salary 38k Local Government Senior Manager - debts - Car loan

We have never defaulted on any payment. I have been in my current post since qualifying last Sept. I have an overdraft facility which I use now and again when I have transfered money into my savings and accidently have gone into it. My partner has worked for the government for 10 years. No overdarft.

We have a 10% deposit of 20k ready for our next house move. I have enquired about 2 mortgages I have seen with ok interest rates on 90% LTV's.

We didnt meet the criteria for one of them as I have used my overdraft facility in the last 6 months (ggrrr). And another one because my partner isnt a graduate. That really annoyed me. If he had just come out of uni and was on 15k they would have accepted us. He is on 38k! Has been with the LG for 10 years!!! He has tons of qualifications through work and is actually doing a Diploma which he completes in May but still they wouldnt entertain us.

I think having these criterias are good, but they arent considering individual circumstances.

Right. Rant over. Back to the search engines....

Gorgeous_George

Would you give me a mortgage?

Yes, of course. Just don't waste my £12.50.

GG

LeeSouthEast

Given the circs described, I'd give you a mortgage.. if I were a mortgage provider. Seems daft that on that combined income with minimum debt (assuming the car loan isn't for a Maybach or something...), you can't get a mortgage. The alternative is to continue saving for a while and build up a bigger deposit to reduce the LTV. You're more likely to be accepted and probably with a better rate, too.

Kavanne

you need an independent advisor to find the best deal for you

jodiebabes

We can get a mortgage. Just silly interest rates (we were quoted 7.2% with C&G for our house move).

I am just annoyed that they arent looking at you as people. If you dont tick the boxes they wont let you in! ha

Dick_here

Wear your nurses uniform and I'd probably give you one.

_Andy_

jodiebabes wrote: »

We cant get a mortgage. Just silly interest rates (we were quoted 7.2% with C&G for our house move).

So you can get a mortgage then?

opinions4u

!!!!!!_here wrote: »

Wear your nurses uniform and I'd probably give you one.

I really hope it's two blokes!

opinions4u

jodiebabes wrote: »

I have been looking at the latest mortgage deals and have enquired about a couple but I am finding they have very strict criteria.

We have just gone through the most significant banking crisis in the last 75 years. Possibly ever. Of course they are careful about their lending!

Our situation at the minute is;

Me - Salary 22k NHS Nurse - debts - Student Loan of 6k.

Partner - Salary 38k Local Government Senior Manager - debts - Car loan

We have never defaulted on any payment. I have been in my current post since qualifying last Sept. I have an overdraft facility which I use now and again when I have transfered money into my savings and accidently have gone into it. My partner has worked for the government for 10 years. No overdarft.

Ok, loans may reduce the amount lenders are prepared to offer. You have been in your job less than a year which could affect credit score result.

We have a 10% deposit of 20k ready for our next house move. I have enquired about 2 mortgages I have seen with ok interest rates on 90% LTV's.

A 15% deposit would improve you likelihood of getting a mortgage, possibly at a better rate too.

We didnt meet the criteria for one of them as I have used my overdraft facility in the last 6 months (ggrrr). And another one because my partner isnt a graduate. That really annoyed me. If he had just come out of uni and was on 15k they would have accepted us. He is on 38k! Has been with the LG for 10 years!!! He has tons of qualifications through work and is actually doing a Diploma which he completes in May but still they wouldnt entertain us.

A lender can pick and choose their lending criteria and who they wish to lend to.

I think having these criterias are good, but they arent considering individual circumstances.

But not as good as somebody with a 50% deposit, in the same job for 5 years, no other credit, wishing to borrow 2 x salary.

Lenders have less money available to lend. If it was a choice of the customer who I have just described (close to nil risk) or you then who do you think is the better risk?

To answer your question, yes I think you are good for a mortgage. The question is how much and at what rate?

I'd suggest you see a whole of market mortgage adviser locally. Don't keep running from lender to lender carrying out credit searches.

We cant get a mortgage. Just silly interest rates (we were quoted 7.2% with C&G for our house move).

High risk. Higher rate. It makes sense. I once paid 15.4% for my mortgage.

I am just annoyed that they arent looking at you as people. If you dont tick the boxes they wont let you in!

They are assessing you as individuals, based on pretty reliable credit scoring systems. Just because a lender has a chat with a really nice couple who seem decent and honest doesn't mean that couple are able to repay £180k if somebody lends this to them.

Welcome to reality (and don't forget to save up arrangement fees, stamp duty, legal costs and valuation fees).

danielanthony

My missus is a nurse and I'm on the same money as your bf and we found Britannia had very good rates for 90% LTV mortgages. HSBC weren't bad either. We are looking to borrow £175k and both these lenders gave us AiP's.

jodiebabes

opinions4u wrote: »

We have just gone through the most significant banking crisis in the last 75 years. Possibly ever. Of course they are careful about their lending!

- I am aware of this. I never asked a question about it. I dont need talking to as if I am stupid.

Ok, loans may reduce the amount lenders are prepared to offer. You have been in your job less than a year which could affect credit score result.

- For the mortgages I have looked at I met the criterias they had. This has never been an issue. I was just explining our situation.

A 15% deposit would improve you likelihood of getting a mortgage, possibly at a better rate too.

- I am also aware of this.

A lender can pick and choose their lending criteria and who they wish to lend to.

But not as good as somebody with a 50% deposit, in the same job for 5 years, no other credit, wishing to borrow 2 x salary.

Lenders have less money available to lend. If it was a choice of the customer who I have just described (close to nil risk) or you then who do you think is the better risk?

To answer your question, yes I think you are good for a mortgage. The question is how much and at what rate?

I'd suggest you see a whole of market mortgage adviser locally. Don't keep running from lender to lender carrying out credit searches.

- We havent 'run from lender to lender'. We realise you are credit checked each time therefore have only spoke to lenders about their criterias. We have been to a whole of market lender who suggested to see our current lender. Which we did.


High risk. Higher rate. It makes sense. I once paid 15.4% for my mortgage.

They are assessing you as individuals, based on pretty reliable credit scoring systems. Just because a lender has a chat with a really nice couple who seem decent and honest doesn't mean that couple are able to repay £180k if somebody lends this to them.

Welcome to reality (and don't forget to save up arrangement fees, stamp duty, legal costs and valuation fees).

Welcome to reality? Please dont patronise me. I didnt come on for that.