Mortgage accepted 05/12 - trying to complete 14/12

leveller2911

YoungBusinessman wrote: »

I have been trying to tell myself I am not too set on the house but to be honest, I really want it!!

You don't need to convince us, its the lenders you need to convince.TBH your post seems typical of the last 15yrs or so "I want it now" , no offence but you need a reality check.

Theres an old saying "everything comes to he who waits" along with "don't eat yellow snow". Theres no rush YB time really is on your side, save and pay off your debts and you will probably get a similar house in a year or so cheaper than present..

YoungBusinessman

Well just got phone call, been declined on affordability. My employer put through basic at £19k for past year, with overtime at £5k and bonus at £29k. Looks like an insecure income and looks like I'm on commission but I'm not. All my work is price work I don't have an hourly rate or salary. So income of £53k isn't enough to handle outgoings of £800 loans and £600 mortgage......


No wonder folk find it hard getting on the ladder. Underwriter phoning me at 3 to discuss anyway we can get it accepted. I think proving gfs income over past year- 4 months employed then past 8 months self employed, no break in income. Plus changing from 20 year mortgage to 30 or 35 year, taking payments down. Any other ways besides clearing debt?

DebtClearer

You really need to check out your standard salary YB. Clearly you are making quite a bit of money but this may continue to bite you. What does it say in your employment contract? Take that along. If your company starts to go under you may soon start to find that any huge £29k bonuses will cease to exist...this is what the banks are getting at.

Thrugelmir

YoungBusinessman wrote: »

No wonder folk find it hard getting on the ladder.

Underwriters have seen and heard it all before. Gut instinct kicks in after many years in finance.

With a joint annual income of £77k then you are in a far better position than many. Sort out your debts and save a deposit.

Dave_Ham

I think I probably said this originally, but this lender would never be mad keen although your employer has done you no favours in their communication either.

Best of luck...

YoungBusinessman

They are saying if I can take debts down by £200 a month we can have it. Our broker has told is to try nationwide!? Why would we not have gone there first then you numpty!

Looking at ways to pay £200 a month off overnight...

DannyboyMidlands

£200pcm is easy. You clear around £3k per month and your gf say £1500 and you live with family.

In fact, what the hell is this post all about? The pair of you should be saving £40k per year without even thinking about it. Why are things so tight?

YoungBusinessman

Lots of expenses recently on business for both of us getting where we are. Will update when I know more. I agree though it could well be paid off in a year, no problem.

YoungBusinessman

Also planning on paying it off in next 12 months, mortgage or not.

droiderm

Do those expenses effect your take home ?
There is an implication they do.