How tough are ML now?

princessdon

I posted recently Re Offset v None Offset

After posts I thought I'd look at the Natiowide flexaccount and their ISA. Joint account = 4.25% ISA - so max allowance as opposed to offset

Anyways - had an appt on Saturday, account no problems - just need to complete some paperwork

Mortgage *may* be a problem

It appears because my OH has started a new job in Dec 2011 they may not consider him for at least 6 mos. We have both worked continuously (bar 2 weeks following redundancy in 2010 - when employment was secured during the notice period), for at least 18 years. Never missed/late payment on anything. Haven't done a credit score but would assume it is high. No debts (we save and buy - including cars).

Mortage is LESS than 1 years salary combined and approx 30% of LTV.

Seems ridiculous they *may* not consider us purely because OH changed jobs.

I guess we can wait until end of June when he has his 6M Plus, but is this typical of lenders?

Any advice to save time and effort browsing to be let down would be appreciated.

Thrugelmir

princessdon wrote: »

Seems ridiculous they *may* not consider us purely because OH changed jobs.

Still in probationary period in new job.

princessdon

Probationary period is 3 mos - so no. The mortagage rep wasn't available - so this was the assumption of rep I saw (she needs to check). But he was a contractor for them for 7 mos previously too.

We can wait a few more months - but it just highlighted for me how *picky* the ML are being. I mean if we are struggling at our age and with that amount of capital in the home, I feel very sorry for FTB and others.

If he had a "chequered" employment history I could understand it, but as I say only 2 weeks in 18 years.

dimbo61

Its now April and by time mortgage processed you will have 6 months in post I hope

princessdon

Thanks Dimbo - I guess it's their call and we are on a lower rate than have been for 7 years so it's no biggie staying on that rate for a month or two, I just felt (thinking of the right words) rejected I guess.

It is a sign of the times - but no employment is secure. OH had 18 years and was at the top of his game when they decided to outsource the IT dept to India. I work for LA and we are all "at risk" potentially due to restructure. I just thought niavely that our LTV/Savings and the fact we both have income protection insurance should have meant a low risk.

They advised meeting the mortgage advisor end of May to proceed and will take the details (photocopies of bank statements, wage slips, p60's etc now) so it should go through quicker then.

Ego down a point or two though and it was uncomfortable to hear - last time I "changed mortage provider" was 12 years ago so this time round is a very different experience.

She even said at your age you should be considering the future and I'm in my 30's!! Was just a surreal experience TBH

Thrugelmir

princessdon wrote: »

Ego down a point or two though and it was uncomfortable to hear - last time I "changed mortage provider" was 12 years ago so this time round is a very different experience.

Lenders are able to pick their customers as they wish. So can set all sorts of criteria to weed out and reduce the number of applicants. Only one of the mainstream lenders is aggressively expanding its lending this year, and their target market is FTB's.

princessdon

I guess so Thrugelmir - was a short short slap to the Ego though!

When asking for a morgage at less than 80% of your annual salary gets a NO makes you think long and hard about clearing the debt so you don't have to deal with them again! Maybe there is something to be said about being mortgage free.

ACG

Would the other persons income alone not support the mortgage?

Seems harsh unless that is the case.

princessdon

I would have said yes my wage will support it but just been informed today that my work are restructuring and therefore can't see them allowing this. Mind you this happens this time every year - for 12 years have been "at risk" this time of year - sighs.

Their morgage broker says that 3 mos wage slips and a letter saying there are no immediate plans to terminate employment (Ie a reference) is OK though - so fingers crossed I can get the mortgage I want