All Grown up Now

Housebuyer958

Okay guys - sure most of you read my previous posts so you know the score.......well I have spent the last week clearing all the debts I have (for actually about 50% of the value) of what I actually owed and now I am debt free apart from my Dad who leant me 8 grand to clear everything. So I pay him £200 per month.

Anyway, a very good mortgage broker who is a friend of the family (I will recommend if you want) has found me a company called Kensington Finance who have looked at all of my credit reports and all the letters that I have from the banks to say I have paid.

They have told him that they were very impressed with my level of detail in regards to my debts and are willing to lend me on my own 4 times my salary or 3.5 times the earnings of me and my wife. Obviously they have to tell me that that is based on checking I earn what I say, plus my bank statements, plus that nothing appears on my credit rating in between now and applying - which is all fine.

My P60 last year says that I earnt £41200, while she received £7190 from her NHS bursery and £2600 from some part time work at the hosipital.

That works out to £177,500 and requires a £44000 deposit which is well within my limit covering fees too (or 80% LTV)

Their interest rate is fixed at 5.86% for 2 years and after that they will track the LIBOR (currently 0.69%) rate plus 4.19%. There are no redemption fees once the 2 years is up if I decide to change - but there are some pretty hefty fines if I miss payments (but that will NEVER happen - mortgage will always be the priority payment). These rates are actually better than my original quote from Halifax.

The only condition is that I have to wait to apply until July as one of the defaults on us is 23 months old and there criteria is 24 months. I have spoken to the seller to tell them that I have a delay in my mortgage application but they also have a delay as the guy has many different names which the banks want to clarify before they can get the mortgage (any idea how long that takes to get sorted in any ones expereince).

I have also today found out that my company is making a lot of noise about promoting me which would mean about £300 per month more income but I would say that that is a little bit hearsay.

Anyway, any opinons on this and anything that I should check the fine print for with this mortgage company? Also, do you think it is still a bit early to be getting excited (as I have been very good about not getting too excitied up to now - but I probably need to tell my wife about this new discovery now which will get her hopes up again - obvious worries come into effect)

What a difference a week makes.