Would you give me a mortgage?

opinions4u

jodiebabes wrote: »

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

Your post seemed to imply that lenders should be falling over themselves to lend to you.

I tried to explain why they might not be and also to give some pointers that might open more doors at better rates.

If you feel patronised, that's unfortunate and I'm sorry.

But I've read back everything I posted with the context of what you were asking and feel that it is reasonable and sensible.

The credit crunch is relevant. Your time in employment may be a factor. The size of deposit, credit commitments and the amount you want to borrow are all relevant. The number of credit searches you have can also be relevant.

I underwrote around 1,000 mortgages in the 1990s when negative equity was a major risk. Only 2 of them went over 2 months in arrears within the first 2 years.

I have tried to give you perspective from the other side of the fence. I'm sorry that's not of interest to you.

Jonbvn

I wouldn't lend to you for several reasons:

1. Your deposit is too small. I would want 20%+. Save a bigger deposit.
2. You have some debts, which may limit your ability to pay the mortgage in future. Consider paying off your debts with your savings (based on respective interest rates).
3. You have not been working for very long.

Give it a year or two, and come back with less debts, more deposit, a longer employment history and lower house prices and you will be fine!

uzubairu

Jonbvn wrote: »

Give it a year or two, and come back with less debts, more deposit, a longer employment history and lower house prices and you will be fine!

That's the reality of your situation.

jodiebabes

danielanthony wrote: »

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.

Thanks for that. I have seen both the Britannia and HSBC products - think they are the best option for us.

Kavanne

Wolu wrote: »

I thought they offered the overdraft facility to allow people to use it. Does it actually affect your credibility on mortgages?

Er no!!!! An overdraft is for emergency purposes!! it is not your money, it is the bank's!

skiTTish

I dont think its your income or debts or overdraft thats the problem ,its the deposit .As a 'general rule ' to facilitate the best rates of interest you need to have a 25 % deposit , when we only had a 5% deposit and found that rates were high ,we asked the bank if it would be better to save another 10 % to get a better rate (15% in all ) and they said not to bother as the good rates dont kick in ill around 25 % .