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

The_J

If you think Nationwide's BMR on interest only is silly then you unquestionably require financial advice.

alinwales

I went to YBS, they would lend me £37K
I went to Coop and they would lend me £142K

shop around!

[Deleted User]

The_J wrote: »

If you think Nationwide's BMR on interest only is silly then you unquestionably require financial advice.

Being on the BMR was awesome. I'd love to be paying 2.49% still. However, being IO was silly on a long term basis. Short term it was invaluable though

Neverland

pinkteapot wrote: »

To be fair, I didn't think that was OPs attitude. I thought it was "we earn £70k and were refused a mortgage for £140k".

When you dig into it though its actually
- well my fiance is self employed as a partner in a small accountacy firm
- from this month I've just had a £10k pay rise

So really its not like they can show a track record of regularly earning £70k for several years is it

That plus a small 10% deposit...

...its not so surprising the computer said no

The_J

ringo_24601 wrote: »

Being on the BMR was awesome. I'd love to be paying 2.49% still. However, being IO was silly on a long term basis. Short term it was invaluable though

Why is it silly? If you can invest your money at a higher rate of interest it's a perfectly reasonable and understandable financial decision.

hayley11

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.

Would it not be better to have the house you love and just have a very simple (and cheaper) wedding? If you've already paid towards a big wedding, this isn't relevant but if you haven't, I would consider what's more important in the long run.

I dread the day my husband and I look for a mortgage, we haven't got a hope in hell if you're struggling :rotfl::)

The_J

I think if you are earning decent money and want a decent wedding then you should go for it. It's something you could regret otherwise.

Personally I don't understand the obsession with getting married, especially before the age of 30. Should be house - kids - marriage.

I know that's not what the bearded man in the sky and his fairies say but hey ho.

[Deleted User]

The_J wrote: »

Why is it silly? If you can invest your money at a higher rate of interest it's a perfectly reasonable and understandable financial decision.

It's only a good idea if you can find an investment property that pays a better rate than your mortgage; these are few and far between. There's also a strong temptation to dip into these funds when times are lean

mildred1978

ringo_24601 wrote: »

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

Does a £25k wedding make you more married than a £5k wedding?

Ours cost in the region of £15k, and do you know what? It wasn't worth it. If I knew then what I know now, we'd have eloped.

meer53

I think that someone has already discovered the reason the OP was declined. In a previous post someone mentioned that if the OP's partner has bought into his partnership, he may be classed as self employed. Where i work, we would need to see at least 3 years net profit figures before making any decisions, if they aren't available then we might look at the customers previous salary, we wouldn't use any projected figures to make a decision. Depends what the OP has said about this when they applied but it sounds plausible to me.

On a side note, 25k for a wedding is a ridiculous amount of money. Of course this is just my opinion, but as the OP has now discovered, sometimes there are just more important things to spend your money on.

It cost us £28 to get married. I was just as married as anyone else (until my ex traded me in) What a waste 25k would have been ! We decided to get married in a registry office as we had just bought our first house (£16k !) and couldn't afford any more. These days, people want to spend stupid amounts on one day, i have no objection to anyone wanting to have a perfect day but i bet i could do it for less than £25k !