How soon is doable?

toybar

Hi All,

My wife and I have been turned down a mortgage twice in the past month. Both times, the reason was because I am too new in my job (1 and half months). I was unemployed for 10months beforehand (same time as our 1st born arrived and I had a bad shoulder). Before that, I was in employment for 3 years after leaving uni.

3 IFA advisers and Moneysupermarket.com have said it shouldn't be a problem for us to get a mortgage and they all expressed surprise that we can't get it because lenders want us to be in employment for at least 3 months. We are depressed about this because we have heard of other people getting mortgages no problem and they are in worst off position than us.

We are looking for a £101.5k mortgage (95%) and have £5300 deposit plus a further £12k for renovation (house we made offer on requires upgrading). We have a combined income of £34k.

Do we really have to wait until 3months is up or are there lenders who will use common sense?

herbiesjp

There are indeed lenders that should be able to look at this for you now - however difficult to say with certainty without knowing any of your exact details

Which lenders have you applied to? Some lenders will not agree the mortgage until you have finished your probationary period, and it may be that you have applied to the wrong lenders.

Conrad

The issue here is risk. It is unusual to take 10 months off for a bad shoulder, indeed mine was immobile for years following a martial arts injury but I didnt take a day off work.

The underwrtiers themselves are very unlikely to have taken 10 months off work, so they will find it risky to lend to someone that has.

A freind had both legs broken yet only took a few weeks off and then found the spirit to get back into work.

I could come on here like some (who crave thanks & adoration) and tell you how awful I think lenders are for treating you like this, but that would be dishonest.

Sorry m8, Im the Simon Cowell of mortgage brokers, painfuly blunt.

Having said all this you might just get your case past an underwriter, so keep trying.

On the plus

toybar

herbiesjp wrote:

There are indeed lenders that should be able to look at this for you now - however difficult to say with certainty without knowing any of your exact details

Which lenders have you applied to? Some lenders will not agree the mortgage until you have finished your probationary period, and it may be that you have applied to the wrong lenders.

We applied to Nationwide and Coventry BS. I do accept that I could be viewed as a risk because of starting new job and time off work. However, I am getting feeedback from brokers and advisers that getting a mortgage is not a problem despite our situation. I am just wondering whether they are pulling wool over our eyes or, like you say, we are applying to the wrong lenders.

MortgageMamma

Chelsea Building Society will likely do it, so long as you have not had mortgage arrears. Ask your brokers to speak to their area rep from chelsea about this. I know this because I've jsut placed a similar case with them.

Conrad, do you really have to be disrespectful to other brokers on the site?

toybar

MortgageMamma wrote:

Chelsea Building Society will likely do it, so long as you have not had mortgage arrears. Ask your brokers to speak to their area rep from chelsea about this. I know this because I've jsut placed a similar case with them.

Conrad, do you really have to be disrespectful to other brokers on the site?

Thanks for your input.

Actually, we are FTB and our credit history is good. We do owe money through a personal loan and some credit cards (£8k in total).

herbiesjp

Others lenders coul do it as well.

The secret here, is if you are going to apply direct is explain to them first before letting the do a credit check on you.

If you go via a broker make sure they have all the details to hand.

HTH

toybar

Conrad wrote:

The issue here is risk. It is unusual to take 10 months off for a bad shoulder, indeed mine was immobile for years following a martial arts injury but I didnt take a day off work.

[snip]

Sorry m8, Im the Simon Cowell of mortgage brokers, painfuly blunt.

Having said all this you might just get your case past an underwriter, so keep trying.

On the plus

I am not looking for pity - just sound advice on the information I provided. I would prefer it if you reserve your judgement unless you know me well.

Conrad

MortgageMamma wrote:

Chelsea Building Society will likely do it, so long as you have not had mortgage arrears. Ask your brokers to speak to their area rep from chelsea about this. I know this because I've jsut placed a similar case with them.

Conrad, do you really have to be disrespectful to other brokers on the site?

Im a straight shooter. I offer help where I can, I dont feel the burning desire to stroke everyone and tell them what they want to hear - that of couse would be fake.

Im always very suspiscious of 'crowd pleasers'.

MortgageMamma

Oh dear conrad, have you never heard of people just naturally being nice to others? Forum users are not enemies, why would one want to deliberately upset them? Why would anyone "stroke" an anonymous forum user?

You call yourself the Simon Cowell of mortgages, and you like to talk straight. Thats a very admirable quality to have and as you no doubt have witnessed I too speak my mind regardless of peoples perception of me. Talking straight and cutting the bull is not a unique quality that only you possess, you are no different or any better than the rest of us brokers. You do not know any of the regular brokers that assist on here on a personal or professional basis, so how can you brand any of us crowd pleasers? this is an internet forum designed to assist those with mortgage and endowment problems, if we all wanted a round of applause for what we do we certainly would not be in this profession!

I don't know if your comments are referring specifically to me or not, and I don't really care, but unless you add value to the forums (as you did earlier on a post that I thanked you for) nobody will ever take a blind bit of notice of you. I would kindly request that you stop behaving so inconsiderately and disrespectfully of others and muck in with the rest of us in good spirit - or go away.

AndyWallace

Conrad wrote:

Im a straight shooter.

I shoot to the 'right'. :rotfl: