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anxious about applying
brettcta
Posts: 4,693 Forumite
I may be overthinking things here, but my fiance has arranged to see a mortgage adviser next week.
we have just shy of £5k saved up and will be looking to apply for a mortgage on a £120k property (we're getting a fair few quid from family aswell to get us up and beyond the 5% threshold). our local authority are involved in a scheme similar to the government's help to buy scheme that's being rolled out in january, where by if you get a 5% deposit, the local authority guarantees 20% to the mortgage provider (lloyds tsb).
my mrs' has an impeccable credit file, but mine isn't as peachy. i have currently about £3600 debt (£1000 of it still interest free) (student overdraft, which was closer to £4500 but i've managed to fire as much money towards it as i can to pay it off). i have one default on my file from a year ago because i stupidly forgot to pay my visa bill on time (now i only owe £500 on it, but will be looking at having that paid off completely by next week (payday)).
our combined earnings are around £27,000. I'm due a 9-10% payrise in the next 3 months, which would take our earnings to closer to £30,000.
we've to take in payslips and ID with us on thursday the get the ball rolling on the application - are they going to perform a credit search there and then or will i have a bit more time to pay for my sins?
her indoors rang me before to confirm the appointment and i'm experiencing what sir alex ferguson referred to as 'squeaky bum time'. we were initially going to wait until january for the gov't scheme, but we don't want to get caught by any anticipated price hikes
we have just shy of £5k saved up and will be looking to apply for a mortgage on a £120k property (we're getting a fair few quid from family aswell to get us up and beyond the 5% threshold). our local authority are involved in a scheme similar to the government's help to buy scheme that's being rolled out in january, where by if you get a 5% deposit, the local authority guarantees 20% to the mortgage provider (lloyds tsb).
my mrs' has an impeccable credit file, but mine isn't as peachy. i have currently about £3600 debt (£1000 of it still interest free) (student overdraft, which was closer to £4500 but i've managed to fire as much money towards it as i can to pay it off). i have one default on my file from a year ago because i stupidly forgot to pay my visa bill on time (now i only owe £500 on it, but will be looking at having that paid off completely by next week (payday)).
our combined earnings are around £27,000. I'm due a 9-10% payrise in the next 3 months, which would take our earnings to closer to £30,000.
we've to take in payslips and ID with us on thursday the get the ball rolling on the application - are they going to perform a credit search there and then or will i have a bit more time to pay for my sins?
her indoors rang me before to confirm the appointment and i'm experiencing what sir alex ferguson referred to as 'squeaky bum time'. we were initially going to wait until january for the gov't scheme, but we don't want to get caught by any anticipated price hikes
helpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
0
Comments
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I have just tried to look at their underwriting criteria both on their website and the software we use - it doesnt mention anything around defaults.
I think a lot will depend on how they underwrite this - if they view it as a 95% mortgage i would say the chances of it passing are very slim, if they view it as a 75% mortgage then you stand a better chance but i suppose really you can only give it a go.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
they make it more inviting to go for the 5% deposit as the local authority cover you for less if you have a bigger deposit (bank borrows us 75% regardless, so if we get 10/15% deposit, local authority only guarantees further 10/5%).
'more inviting' is the wrong term. i know what i mean, but can't say it properlyhelpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)0 -
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