Mortgage application depression :(

Matt1982

Well done fella

Dan_1976

Good work great post!

I hope you do come back, you have now got some experience under your belt LOL!

I must admit, as I said, I would have gone potty if this had been refused. You are also right about people judging, they fill the gaps with guess work and it always seems to be negative!

Good luck with your new adventures!

VIGILANT22

Dark_Jester wrote: »

Sorry, I have been quite busy since I work and dont have spare time like you, Vigilant22 ect to hang around this forum 24-7!

Thanks for the mention... You are somewhat incorrect tho..you have indeed been hanging around just not posting..the same as your alias..

Voodo Magic Man Last Activity: 08-03-2010 2:46 PM This was your last activity under Dark Jester also!!

Dark Jester In the time since my last post, there has been a couple of twist and turns with my mortgage application:

(1) My wife finished her barrister pupilage and is now fully qualified and working for a firm in London.

It's odd you didn't mention to the lender or forum when you first posted about the significant 15k increase which has happened in a matter of weeks...you would have had this info as the term for pupilage is always known



Dark Jester(3) We now have a combined salary of £70k
(previous...have a combined annual income of £57,000) plus 15k would make 72k !!!!

Moral of the story is .....

If you believe this...pigs will fly...:)

Dan_1976

OMG, this is a forum, you could be an 11 year old girl or a 58 year old bald bloke. Everything on hear has to be taken on face value.

We all fill the gaps of missing info and we actually may have got this wrong.

Why would he lie about this? If he did lie then he is a sad idiot!?!?

JA1000

£72k income and now a £95k mortgage - at least it's gone to the right side of the income. I still can't understand why a couple on £72k income would look to do a shared ownership at 50% and not look to buy a property outright (with mortgage), with the right deposit I would have thought between £250k and £350k would be easily acheivable.

Each to their own and well done for completing and well done for getting married even if you are paying for it now.

Hope she gets on well with the new job in big smoke with all the big buck barristers.

Dark_Jester

JA1000 wrote: »

Each to their own and well done for completing and well done for getting married even if you are paying for it now.

.

If by that you are either implying that we regret or are struggling because of the wedding then you could not be further from the truth. It’s clear from HSBC underwriters complete U-turn with their decision that they balls it up the first time and now have rectified it! We now have a house to move into at the end of March and so regret nothing and are looking onwards and upwards!

In regards to why we are going for shared ownership; the answer is simple, we are sick of renting and wanted to get on the property ladder ASAP. Shared ownership offered us a solution to our problem. Yes we could have been patient, saved and bought something outright, but I was impatient and could not be bothered to wait. I’m 26 now and have been paying rent (of some sort) ever since I started university at 18. I always promised myself that once I completed my PhD and got a job, I would buy myself a house and never rent again - this shared ownership property has enabled me to achieve 50% (originaly 25%) of that dream!! Myself and my wife will continue to save (and pay off debts) and then within 2 yrs staircase and buy the other 50%. After what I have been through, this will be a walk in the park my friend!

The property that we have bought I believe to be a hidden gold mine and will be worth a lot more in time. Its a wonderfull 3 bedroom house, 2 living rooms, fitted kitchen, garden and garage. Its in a nice area, close to family and friends and 10 min walk from local rail station (which in turn is 30min journey to central London)!!! Therefore, I did not see the point of wasting any further time and continuing to pay rent to my !!!! of a landlord. It was too good an opportunity to pass by!!

ps I have amended post 191 to clarify some things.

minnie123

I haven't read the whole thread but I thought these part ownership schemes were to help FTB that couldn't afford to purchase a whole property - it seems pretty unfair that you qualify for the part ownership scheme with such a high joint salary as there are not a lot of these part ownerships and you could have easily purchased a whole property.

kegg_2

excuse me if i get this wrong as i know little about mortgage applications and am just really a lurker but it realy surprises me that a bank will take into account the wages of a person doing a pupilage as a pupilage only last one year and there is no guarantee that a pupil will be offered a tenacy at the end of that period.

Dark_Jester

minnie123 wrote: »

I haven't read the whole thread but I thought these part ownership schemes were to help FTB that couldn't afford to purchase a whole property - it seems pretty unfair that you qualify for the part ownership scheme with such a high joint salary as there are not a lot of these part ownerships and you could have easily purchased a whole property.

Well according to the housing association we got the property from the minimum to qualify was a joint income of £60k. Before my wife got offered the new job (which occured after the official mortagage offer) we both were under that threshold.

I can understand why you would think it was unfair and I honestly have no rebuttal to it. Im sorry but Im glad i got the house.

Dan_1976

I dont minnie was blaming you, you do not control the criteria.

Good luck to you.