First Time Buyer Needs Mortgage Help

XiiD

Hi All

This is my first post so I hope I don't break any rules. I've been a lurker for quite sometime but now I really need advice.

Me and my partner both 21 want to buy a house. We have £70,000 in the bank that we had managed for the last 5 years. I have a credit score of 977 from experian and my partner is waiting.

We had a meeting with Santander (who we are both with and invested with) an we were told that they couldn't take my partners income into account because she has only been in her role for 8 months (of 18 month contract with a 6 month extension so in whole a 24 month contract) before this my partner was working for another company for 2 years.

Santander only want to offer us a mortgage on my wage which would allow us to borrow £75000 meaning we would have £145000 to spend the lady we seen was great and explained everything she said she would check the amount if they could take my partners income into account although they wouldn't offer us it and it was £135000 over 25years which means we would have £205000 to play with.

The housing market were we live the different between a 145K house and 165K is quite extreme, which is why we want the larger amount. We really want to start a family so we want to secure the largest amount we can for our 25 year mortgage.

What I am asking is, would it be worth us making appointments for other lenders are they all likely to look at my partner sitiuation in the same way. Any reccommendations welcome the lady in Santander said we should wait...we are currently in a rented flat which is £550 pcm before bills which our contract ends in October 2013 our landlord would not offer us a short term fix and would want us to sign a 12 - 36 month contract. Also our £70,000 is currently in investments but will mature in June 2013

Thanks Xii D

kingstreet

See an independent or whole market broker and get a full view of the market. All you are going to do by traipsing up and down the high street is miss the lenders who aren't on your high street and rack up a load of useless credit searches with the lenders who want to "do a quick search so we can see."

There are lenders who will lend and take her income into account.

XiiD

kingstreet wrote: »

See an independent or whole market broker and get a full view of the market. All you are going to do by traipsing up and down the high street is miss the lenders who aren't on your high street and rack up a load of useless credit searches with the lenders who want to "do a quick search so we can see."

There are lenders who will lend and take her income into account.

We have been asking them not to do credit checks an work only in theory as this is what Santander told us to do to avoid multiple credit checks, would it be advisable to have found a house we want to buy or could we contact a broker before that?

hamster2013

your LTV is pretty interseting to get a nice rate at HSBC
walk into any HSBC branch and see what they say.

it is hard to take your partners wage into account as they are independant contractor and usually banks ask for 3 year tax returns in such cases. Evenif the contract is a 18-24m contract - what guarantee does the bank have that it will continue after taht?

also, do not mention that you want to start a family to lender.... that will have a big hit on your affordability and they will not consider your partners income and you will be much limited to the £75k you are currently getting.

what is your current earning? and your partners?
taken your age - see if you can get a 30 year mortgage, which will allow you to borrow more - obviously you can repay early to save on the interest payments (after the fixed period if its a fixed rate - or immediately if its a tracker)

kingstreet

You can talk to a broker and have them "place" the case without a credit search any time you like. There are plenty of lenders who will claim they can't tell you anything without conducting a search on you first. Santander appears to be doing something right - for once.

XiiD

Im currently on £15,700 and my partner £12,000

We could take 30 years - when the lady in Santander put in my details and changed it from 25 to 30 it didn't change from £75,000.

My partner doesn't have any guarentee after the 24 months only another qualification and the work exp, so I can understand were the bank is coming from. We can look into HSBC