£4,200 net income per month and can't get a mortgage!

spadoosh

Was me and my g/f just lucky then?!? Bought last june property £104k deposit £10.4k, total income about £35k (one of which they didnt include so technically minus £6/7k off that), credit history.... not perfect but nothing major. Paying 5.99% not the best but more than affordable for us and what we expected with low deposit plus all fees paid (not added to mortgage).

Keep looking op, i think someone will lend to you, though as said earlier, credit scores mean diddly squat.

Neverland

lilygirl85 wrote: »

I should add that I was only promoted to a new position last month which has increased my salary by £10,000 gross. This is why we've struggled to save any more than we already have.

Plus, as I've already mentioned we now have a wedding to pay for (and unfortunately it isn't going to come cheap!)

I guess I'm just disappointed that 90% mortgages are advertised but seem so inaccessible.

Well just reading the whole thread I think thats the problem

You have *just* both achieved this income level and NatWest want to see a bigger deposit or more of a track record

You've only got three options:
- save more money and wait
- raise some cash from other sources (sell things/pay less for the wedding/borrow from parents)
- go to another mortgage provider (who will probably be expensive)

You have plenty of money coming in right now you just have to make choices about how you want to spend it

Personally i would go with the first two options and not the last one

Blakey74_2

snowmaid wrote: »

You would read it that way..... What the OP is trying to get across is that if they are struggling to get a mortgage, what about the average Joe that doesn't earn their salaries - how are they managing to get mortgages. The OP is looking for advice or maybe a clue from someone who has been in their position.

Green really doesn't become you......

Comes across to me as we earn lots of money have a 10% deposit and we should be entitled to a mortgage from the lender of choice.

The market no longer works this way. It's been explained that the more deposit you have the less risk you are. Also why hasn't the op tried another lender or in reality a whole of the market broker? If a whole of the market broker cannot get a mortgage for the simple reason the deposit is not higher enough then there could be a problem for average joe. Plenty of examples though of average joe getting 90% mortgages though.

The_J

I think you are entitled to be disappointed based on what you have been told. By the way, Natwest use Equifax not Experian.

90% is very hard to get but speak to a broker, just because one lender says no doesn't mean they all will. We aren't living in the 70s either, most banks couldn't care less if your current account is with them and has been for 50 years. If that upsets you, bank privately. Of course, you don't yet earn enough to do that so you're with the hoi polloi for now.

Finally, I think people are being a little harsh. I don't get much smugness from the OP. It's not like £4200 a month net is a lot, at 26 I earned that on my own.

opinions4u

snowmaid wrote: »

You would read it that way..... What the OP is trying to get across is that if they are struggling to get a mortgage, what about the average Joe that doesn't earn their salaries - how are they managing to get mortgages. The OP is looking for advice or maybe a clue from someone who has been in their position.

So the range of posts suggesting "see a broker" and "save a bigger deposit" and "cut back on the wedding" don't do this?

I've taken the time to explain the lender's view of risk taking in connection to deposit size. The response to this was along the lines of "there is no risk". Well sorry, but there is.

The answer is exactly the same for the "average Joe".

snowmaid

Blakey74 wrote: »

Comes across to me as we earn lots of money have a 10% deposit and we should be entitled to a mortgage from the lender of choice.

The market no longer works this way. It's been explained that the more deposit you have the less risk you are. Also why hasn't the op tried another lender or in reality a whole of the market broker? If a whole of the market broker cannot get a mortgage for the simple reason the deposit is not higher enough then there could be a problem for average joe. Plenty of examples though of average joe getting 90% mortgages though.

The OP is looking for clues as to why they haven't been successful in obtaining a mortgage, and has stated what they are earning. They are not saying they are enttiled, the OP is ASKING why, when they have clear credit histories, earn a reasonable salary, they have been refused - what other possibilities could they have overlooked.

nibs

opinions4u wrote: »

So the range of posts suggesting "see a broker" and "save a bigger deposit" and "cut back on the wedding" don't do this?

I've taken the time to explain the lender's view of risk taking in connection to deposit size. The response to this was along the lines of "there is no risk". Well sorry, but there is.

The answer is exactly the same for the "average Joe".

The OP has asked for advice re her mortgage application.
Some of the replies from you and a few others have been regarding her lifestyle and attitude.
These posts were unnecessary as OP wasn't asking for a lifestyle coach.
The posts suggesting 'see a broker' and 'save a bigger deposit' are helpful, but the ones criticizing OP are unnecessary and unhelpful.

[Deleted User]

When i was applying for a mortgage on my current home, First Direct said yes, whilst another 'no-name' mortgage company (broker found it for me) said no. I was also a bit miffed that one place wouldn't accept me.

I'd just started a new job (also just getting a 10k pay rise). First direct let me submit my job acceptance letter as evidence of earnings since i didn't have enough payslips.

You're only asking for a 2x joint salary which should make finding a mortgage pretty easy. However, i will agree your deposit is a bit on the low side considering your incomes. Is it possible to borrow some money from family? Get yourself into the 85% bracket will cut down your mortgage rate so you'll be able to save money in the long term.

Why are you looking at Natwest for a mortgage? Is it because you bank with them? That's a really bad reason!

Also, everyone, stop giving them a hard time about the wedding (And 25k isn't that extravagant for a wedding). It's their choice. Hope your wedding planning goes ok OP

Blakey74_2

snowmaid wrote: »

The OP is looking for clues as to why they haven't been successful in obtaining a mortgage, and has stated what they are earning. They are not saying they are enttiled, the OP is ASKING why, when they have clear credit histories, earn a reasonable salary, they have been refused - what other possibilities could they have overlooked.

Tittle of the thread is wrong being turned down by one lender doe not mean someone can't get a mortgage.

The OP has been given clear advice ie go and see a whole of the market broker who will look at the whole picture and advise.

Do we know what the OP's other half does? Are wages made up partly of bonuses? Who knows the reason but a whole the market broker is likely to give advice.

I got turned by the first lender we approached in 2010 despite having a 30% deposit. We had no problem getting a mortgage though

Dave_Ham

I promised myself I would stay on topic this week and have already told the OP they will get a mortgage at 90% (other things being equal) they are seeing a mortgage broker today.

Unless the broker is a plum, I am confident he will come back with a 5.5-6.5% mortgage product. On a side note, if OH is now deemed as self employed (ie bought into the practice) they may not have had enough years accounts or similar and therefore this is why there may have been a small issue. could say speak to an accountant, but I suppose you have that covered.

So, it always interests me that when there is an OP about being repossessed, or a marital split and advice is needed (especially when on low incomes or lost jobs) there are very few further posts with advice, certainly not many just dealing with the emotional side.

The second someone comes on here with an "above average" income, all hell breaks loose and all sorts of posts are getting involved in the debate/criticism.

Whilst this is an open forum and within reason anything goes, I think the OP may have got the point now?

This is not meant to all, as largely I think there has been some useful input in between the unnecessary criticism..

Interested whether the OP will actually bother to update...