Advice needed please

Paulinesun

Hi I really need some advice. I want to buy a house and have £30,000 deposit. I thought with a deposit of this amount that I would easily be able to get a small mortgage but am finding it hard. I have had an independant broker trying to get me a mortgage of about £50,000 for the last few months but he has told me today he is unable to do this. I am working and bring in a salary of about £12.000 per month. I do not have any debts as I paid them all off. I am renting at the moment so thought it wouldbe better to buy and put my money into my own property.
I cannot understand why it is impossible to get a mortgage. Can anyone offer any advice please.

shortchanged_2

Do you actually mean your salary is £1200 a month or £12,000 a year?

GMS

What reason has the broker given for the unsuccessful search?

Paulinesun

Oops that should have read £1,200 per month sorry. The broker said something about too many outgoings but I just have the normal household bills. I have no debts, credit cards etc so can't understand it. Any advice would be appreicated.

Dave_Ham

Makes little sense, this should be achievable.

Are you named on another mortgage, car finance, loan or other HP?

Are you 50+ years of age?

Paulinesun

No I have never had a mortgage before or any car finance etc. I am 53 does that have anything to do with it. I thought with such a good deposit I would have no problem. He says he is trying but they are not responding.

Dave_Ham

It will be your age he is struggling with, is your £1200 a month basic pay or made up of overtime.

I would still fancy getting this through, although you are unlikely to get a traditional 25 year term due to age and therefore affordability is lower.

Would change your broker if he cannot source, although your age and affordability is the challenge..

Paulinesun

Hi the £1,200 is basic. He said at first there would be no problem and I could get one for about 12 years till age of 66 but now he is saying doesnt look like they will agree. I thought it was all sorted as he kept saying I had one.

Dave_Ham

Typically you can get to 69, with many lenders and with no credit commitments you should be ok..

I think a more experienced broker will sort this for you, subject to credit score of course although he has not said that is an issue...

Paulinesun

Thanks Ham! Yes my credit score is fine! Yes I dont understand as at first he said I could get to borrow £50,000 mortgage based on my age and deposit amount and he was positive I could get one but now he seems to be saying they wont give me one so not sure whats going on. Do you think I should try another one. He is supposed to be an independent one .

Dave_Ham

Unfortunately in every profession you get a mixed bad of experienced/inexperienced good/bad etc.

Suspect this is the case unless your broker knows something we do not...

Most brokers only charge on success so speaking to another should not cost you anything..

All the best