Hello - Need some advise

nick_w_2

Hello,

looks lke a good forum with lots of people who know there stuff!
Heres my problem

Right im buying bungalow with the missus.

Went to a friend who is a mortgage broker. Anyway, he assured us we had no trouble in getting a mortgage.

Our spec
Me
21 YR
Employed in IT
Employment Time 14 months
No bad credit
Earnage (dont laugh) 14,400

G/F
22 YR
Self Employed Driving Instructor
Employment Time 9 months
No bad credit
Earnage estimated year including 9 months is 27,000k

We are renting a flat of my g/f dad for 4 months now and saw money !!!!!! away so want to buy.



We have 21K including all the fees and deposit furniture and cooker.

Were first time buyers,

We have placed an offer for 137 and we want to put down 10% as a deposit. Now 2 mortgage companies have !!!!ed us about and the 3rd lender declined stated that "it was all to short" now weather that be my g/f employment or the renting. We have a secure 2nd address as both lived with parents before moving,

This has really upset me and put me into panic mode.
The occupants in the bungalow can’t move before the 30th Sept.

The only option is at the moment is that one of the lenders who !!!!ed us about has offered us a rate of 6.49. So around 788.50 PCM


Is my situation sh*t or will people lend us money. We want to pay out about 700 PCM. I seem so hard for us to get a mortgage

HelpWhereIcan

Not really sure if I have understood what the lender who declined you has told you, but I would suspect that the most likely reason is that your gf has been s/employed for too short a period. Did they know that she had been trading for less than 12 months? Check the trading period that was put on the application and make sure that it was accurate and within the lender's criteria.

Most lenders have a minimum self employment period of 2 years and, although a few have a minimum trading period of one year, there are only a handful of lenders who will accept a self employed person who has been trading for less than 12 months.

When I am approached by someone who has been trading for 9 months, I would normally advise them to wait until they have been trading for a year and ideally have done a self assessment return/1 st year's accounts. The reason is that your choice of lender increases dramatically and, if your accounts/self assess return supports the income you declare, Intelligent Finance will look to provide a mortgage on their normal range. This would mean that a couple of months could bring your rate down from the 6.49 offered to 4.99 - a little bit of a difference.

The vendors being unable to move until September could do you a favour - depending ion when the gf's 12 months is up and how quickly she can do a self assessment return (can be done online now remember).

Something to think about before opting for self cert or worse, opting for self cert and lying about your income, trading period.

Hope this helps