Will We Get a Mortgage ?

paulhgc

We have been accepted for a mortgage in principle but will we get one ?

we don't live together at the moment

i am aged 37 and earn 29k before tax with good credit file but have only been in current job 8 weeks and previous job was only 19k pa i am also not on electoral roll due to working out on the road and have been staying at weekends with the family

My partner is 44 and will be earning 18k before tax but is currently changing from part time hours to full time and her employer has written a letter to explain
she has also worked for the same company for 26 years and has a 26 year pension to date

we have applied for a new build priced at 168k with a 5% deposit on a £127.300 mortgage over 25 years

Wh05apk

You have an greement in principle, so why wouldn't you get a mortgage? If the lenders have doe an AIP they will be aware you are not on the voters roll so would have taken that into account.

Even on your current salaries your income should be enough.

Do not fall into the trap of believing the garbage you read in the press about mortgages being hard to get, provided your income/credit history are ok, you should have no problem.

paulhgc

Wh05apk wrote: »

You have an greement in principle, so why wouldn't you get a mortgage? If the lenders have doe an AIP they will be aware you are not on the voters roll so would have taken that into account.

Even on your current salaries your income should be enough.

Do not fall into the trap of believing the garbage you read in the press about mortgages being hard to get, provided your income/credit history are ok, you should have no problem.

Another forum i posted on i got this answer ::

OP might not get mortgage, why....

not on electoral roll
length of time in Job
partner only gone full time so last 3 months payslips will only show part time wages
only 5% deposit
taking out equity loan of 20% of house value - other finance is taking into account when applying for mortgage as they are additional regular monthly outgoings.

if i were a bank manager i would not give the mortgage, but thats me

Jimbo1976

Get yourself added to the electoral register. It's easy and it will improve your chances of getting a mortgage

harvey115

It is definitely a broker case and these points do go against you.

The 5% deposit is going to be almost impossible to get you a mortgage with your circumstances though.If you can get 10% deposit, you will find that your case would be doable with a good broker.

I am not sure whether going direct to the bank would come out as a positive result for you.

Wh05apk

As has been said 95% mortgage are very difficult to get, but if you have already got a mortgage agreement in principal, then you should be ok, as all the detrimental points will have been taken into account.

paulhgc

Wh05apk wrote: »

As has been said 95% mortgage are very difficult to get, but if you have already got a mortgage agreement in principal, then you should be ok, as all the detrimental points will have been taken into account.

I hope so also is it still classed as a 95% mortgage as 20% will be in equity and we have 5%

Also do they use the p60 as obviously this has both our old salarys on

Wh05apk

paulhgc wrote: »

I hope so also is it still classed as a 95% mortgage as 20% will be in equity and we have 5%

Also do they use the p60 as obviously this has both our old salarys on

Pay will be based on your current salary as shown on your payslip, some lenders will accept the contract to show your partners new hours.

You mention equity, are you looking at a shared equity mortgage?

Thrugelmir

paulhgc wrote: »

we have applied for a new build priced at 168k with a 5% deposit

You may struggle with a 5% deposit to find a lender. As the new builds are often overpriced, and therefore valued lower for mortgage purposes. Due to the extra's that builders add to the properties to increase saleability factor.

Is there any way you can save for a few months longer and increase your deposit size?

A larger deposit will improve the interest rate you would pay on the mortgage.

guesswho2000

paulhgc wrote: »

I hope so also is it still classed as a 95% mortgage as 20% will be in equity and we have 5%

Also do they use the p60 as obviously this has both our old salarys on

Nationwide took both our P60s, mine showed a lower salary than quoted on the application, but they verified it against my most recent payslip, so you shouldn't have a problem in that respect.

paulhgc

Wh05apk wrote: »

Pay will be based on your current salary as shown on your payslip, some lenders will accept the contract to show your partners new hours.

You mention equity, are you looking at a shared equity mortgage?

http://www.taylorwimpey.co.uk/firstbuy/