chances of getting a mortgage?

Kimberley82

My husband only has one default left on his credit rating, his score is 881, and has hp to the value of just over 8000 on my car.

we used to have loads of bad credit but have paid it all off and are now hoping to get a mortgage. The house we want is worth 140,000, we have 100000 but only want to put 50,000 as a deposit as we want work doing etc.

What do you think our chances of getting one are?

DVardysShadow

Chances? Don't know. Will your income cover a mortgage of £90,000?

Apart from that, it is crazy to have £100,000 in the bank and HP for £8,000. Depends on the lender, but either the monthly repayments come off your affordability or the £8,000 comes of the amount they will lend.

Kimberley82

DVardysShadow wrote: »

Chances? Don't know. Will your income cover a mortgage of £90,000?

Apart from that, it is crazy to have £100,000 in the bank and HP for £8,000. Depends on the lender, but either the monthly repayments come off your affordability or the £8,000 comes of the amount they will lend.

yes his wage will cover it.

Its not that easy as the 100,000 is being gifted to us to use to get a house

dimbo61

Consider an offset mortgage that way you can keep the money to pay for the work in the offset account until needed

Equaliser123

Kimberley82 wrote: »

yes his wage will cover it.

Its not that easy as the 100,000 is being gifted to us to use to get a house

Don't tell your lender (or solicitor) that! Make sure the money is in your bank before completion as lenders are funny about money coming in from third parties - even as gifts.

GMS

Equaliser123 wrote: »

Don't tell your lender (or solicitor) that! Make sure the money is in your bank before completion as lenders are funny about money coming in from third parties - even as gifts.

This would be fraudulent. Bad advice

Equaliser123

GMS wrote: »

This would be fraudulent. Bad advice

RUBBISH! The point is to make sure that the money is yours BEFORE being put in the position of having to say that money is coming in from third party.

GMS

Equaliser123 wrote: »

RUBBISH! The point is to make sure that the money is yours BEFORE being put in the position of having to say that money is coming in from third party.

If it is a genuine no refundable gift from a family member then there is no issue.

Not telling the lender is non disclosure of a meterial fact and potentially very damaging.

Equaliser123

GMS wrote: »

If it is a genuine no refundable gift from a family member then there is no issue.

Not telling the lender is non disclosure of a meterial fact and potentially very damaging.

As a matter of law, a gift CANNOT have any conditions attached.

Accordingly, if the gift has been made, it is the OP's money and there is no issue. It is therefore not a non-disclosure of a material fact and is not a problem.

GMS

So if a lender asks where the deposit came from and the OP does not disclose the source would you consider that to be ok?

When a solicitor is required to ensure deposit from own resources and cannot how would you suggest proceeding?

Vast majority of lenders would have no issue with a gifted deposit from a family member so why take the risk? As you have said a gift is non refundable so there is no problem if everybody agrees.

Massive problems if a solicitor confirms to a lender that £100,000 appeared in the purchasers bank account.

You are potentially creating an issue which is not even there.

Equaliser123

GMS wrote: »

So if a lender asks where the deposit came from and the OP does not disclose the source would you consider that to be ok?

When a solicitor is required to ensure deposit from own resources and cannot how would you suggest proceeding?

Vast majority of lenders would have no issue with a gifted deposit from a family member so why take the risk? As you have said a gift is non refundable so there is no problem if everybody agrees.

Massive problems if a solicitor confirms to a lender that £100,000 appeared in the purchasers bank account.

You are potentially creating an issue which is not even there.

As a solicitor myself, I am entirely confident with the situation here.

If the gift is made, then it IS the OP's own resources and nothing needs to be reported.

Why would a solicitor see the money appearing in the purchaser's bank account? It is none of his darn business.