Mortgage Application Questions - First Time

Boobydoo

Hello all

My Husband and I are hoping to apply for a mortgage in the next few weeks and I'm trying hard to understand this huge topic. I hope that you guys can put my mind at rest as I have people giving me all sorts of advice which seems to differ!

Firstly, both my Husband and I were self employed just over six months ago. We now work for the same employer and have been for the six months. Someone has told us that this will look bad to the mortgage Company because we a) work at the same place and have all eggs in one basket and b) because we've only been employed for six months. Is this true?

Secondly, we have a main bank account which our wages are paid into and all the household bills come out of. This account is only in my Husband's name. We then transfer out savings each month and an amount into both of our current accounts which pay mobile bills etc. Again, we have been told that having a main bank account in just my Husbands name will not go down well, even though we both have current accounts which have small amounts go in to pay our mobiles etc.

We both have ISA's and savings accounts. Each month we transfer into these whatever is left over from the main account. Will the lender want all the details of our savings and ISA accounts?

Lastly, we have a deposit saved. Do we have to provide proof of this at the start of the application?

I'm sorry if I sound a little dumb on any of this, but I'm trying my best to understand.

Many thanks in advance.

The_J

Boobydoo wrote: »

Firstly, both my Husband and I were self employed just over six months ago. We now work for the same employer and have been for the six months. Someone has told us that this will look bad to the mortgage Company because we a) work at the same place and have all eggs in one basket and b) because we've only been employed for six months. Is this true?

No.

Secondly, we have a main bank account which our wages are paid into and all the household bills come out of. This account is only in my Husband's name. We then transfer out savings each month and an amount into both of our current accounts which pay mobile bills etc. Again, we have been told that having a main bank account in just my Husbands name will not go down well, even though we both have current accounts which have small amounts go in to pay our mobiles etc.

No problem with this. (edit: only problem might be proof of address, presumably you have bank statements in your name going to your current address?)

We both have ISA's and savings accounts. Each month we transfer into these whatever is left over from the main account. Will the lender want all the details of our savings and ISA accounts?

Possibly, to prove source of deposit.

Lastly, we have a deposit saved. Do we have to provide proof of this at the start of the application?

Possibly, but as part of the application.

Seems fine, any more questions?