Looking to the near Future (realistic mortgage application)

enginesuck

Hi,

My wife and I are looking to buy a house in around six months time, or at least secure a mortgage to then start looking, I was made redundant from my last Job (34K per Annum)recently which has enabled me to pay off my modest debts (around 5k) and my wifes credit card (about 5k) im left with about 70K to use as a deposit. I have started a new job which pays roughly 50 -70K depending on overtime.(35k basic) I intend to leave it six months before applying so as to have a proven history of pay.

There are some other issue which may affect a mortgage application detailed below.

1. My credit isnt brilliant bounced a few cheques etc but have always had an offline debit facility and no bother with getting high end phone contracts etc. (my main debt was a 5k overdraught built up over 5 years) around 10 years ago i defaulted on a credit card but repaid the amount in full 8 years ago.

2.My wife credit has always been good, she has managed her credit well and the 6k she had accumulated on her CC was several big bills - car repairs and new washing machine etc over a few years - always paid on time and never overdrawn. She doesnt have an income, i transfer money into her account monthly.

3. We are planning to imminently close both our accounts and get a joint account with nationwide, giving my wife control of all our finances, mostly for the following reasons.

4. My new job means i will be around 280 days a year out of the UK travelling to jobs worldwide, meaning i need my wife to have full control back home.

5. I am paid in a foreign currency into my uk account with no tax or NI contributions taken at source. I have made provision to pay NI and have opened a separate savings account to put aside my tax liabilities, ive also got an accountant who will be able to fill in my tax return. ( i may qualify for tax free status but id rather put the money to one side just in case)

So what i want to know is do you think we may be a contenders for a mortgage ?- We are looking at properties at the 190,000 GBP mark - so just over a 35% deposit.

Thanks in advance

Dave_Ham

You are right to look for additional information upfront.

I would suggest you sit down with a broker sooner rather than later and not the Estate Agent ones...

You do have some serious challenges, although your deposit will help face these head on.

Good luck

Conrad

A broker may well suggest you get fake UK Tax deducted payslips online, but be aware if you get caught it will be a serious matter for you.

enginesuck

Why would i need to do that ? i will be paying the tax just not at source. of course if in the year from April 13 i qualify then i wont pay but the intent is there and will be backed up by a separate saving account.

Dave_Ham

Some lenders are not going to like the application full stop, hence why I said sit down with a broker and ascertain the criteria you can qualify for.

I am not sure many brokers are as rogue as Conrad thinks they all are, but you need to just be honest throughout as you have been so far I assume.

Good luck