First time buyer - What to take to mortgage advisor?

neurotically.yours

Hi All,

After a long wait I've finally been promoted and can now afford to look at moving out again! I've decided that I don't want to rent, so buying it is and will require a lodger to afford it. (I have savings, that can cover gaps of lodgers and the plan is for my cousin to move in from day 1).

I have a mortgage adviser appointment tomorrow, what should I be taking with me? So far on the list is;

• My Dad!!!
• 3 months of payslips
• Letters from employer to confirm permanent employment and successful completion of probation in new position and new salary.
• 3 Months of bank statements
• In the past week I've closed two credit card accounts - letters of confirmation.

I had/have two ISA's that are currently being moved to my 2013/2014 ISA but have no documents to support whats in them because I have forgotten the online logins for the two old ones and yet to receive the new details.

I'm SO excited...

Any bits of advice are very welcome. We are going to just get some advice as to whats the best route, whether it be of r a joint mortgage between me and my Dad (but I pay all the repayments), or do i go it alone or do we look at the Guarantor mortgages.

Kind of unfortunately there are no new builds in the areas I'd like to buy in, so that negates the help to buy scheme (I'd prefer not to have a new build anyway).

Sorry for the loooooong post, I'm a little excited.

Ta

ACG

ID - Passport/Driving license and a utility bill dated in the last 3 months.

That should be fine with the other bits you have mentioned.

neurotically.yours

Thanks ACG,

The Passport and Driving License are already in my bag from a week of sorting out finances.

I don't have a utility bill in my name from the last 3 months. I do have a credit card bill that has been posted to me. That was fine when I went to the bank to request account numbers and sort codes.

So I hope that is fine.

Thrugelmir

so buying it is and will require a lodger to afford it

Affordability will be based on your income alone.

ACG

Thrugelmir raises a good point, i didnt read the end of your thread.

If you require a parent to go on the mortgage or a lodger you will find your options become limited. Adding your dad could potentially reduce the term available, having him as a guarantor will reduce whats available.

I dont think any lenders will allow a lodger as a form of income.

neurotically.yours

ACG wrote: »

Thrugelmir raises a good point, i didnt read the end of your thread.

If you require a parent to go on the mortgage or a lodger you will find your options become limited. Adding your dad could potentially reduce the term available, having him as a guarantor will reduce whats available.

I dont think any lenders will allow a lodger as a form of income.

Oh no! There was no thinking that I would use the lodger's payment as an official form on income.

I did a very realistic budget in prep for my pitch to why I need help to buy. I used my Dad's month utility bills (we live in a 4 bed town house, with a very non frugal electricity bill and in a nice area of town. Rent here is about £600 a month for a 2 bed flat in an ok area and it left me with £60 a month to feed and dress myself.

Some quick searches shows mortgage repayments would be about £300-400 per month and I expect the bills to be less than half of my dads (lower bills, plus only paying half)...Making it completely do-able. I also have a 2nd seasonal position that I do along side my full time work.

So I KNOW I can afford to do this, its just convincing the bank which I know I cant do alone. (I dont mean just going in and saying "go on!", although it would be nice if thats how it works...I work in sales )

The issue is that the amount anyone will loan me alone on my income is about 40K less than properties in the areas I'm looking.

I am so lucky my parents are in the position that they can help me, its just finding the best way that they can help.

ACG

Are you seeing an actual mortgage advisor or a bloke in a bank?

If its an actual advisor, tell them your situation and let them find the a way to do it.

Unfortunately, you knowing you can afford it isnt the deciding factor. Dont forget rates are at an all time low, there is only one direction theyre going and its just a case of when not if.

neurotically.yours

We are seeing a mortgage advisor.

I really don't know how it all works as its the first time, its all a bit daunting. Thankfully I have someone to point me in the direction all they way.