Mortgage questions and advice needed / Natwest

downs523

Hello, i have a few questions if i may...

background and circumstances..

I currently live with my wife and daughter in a 2 bed maisonette and we are looking to move into a house in the next 6 months or so. Our property at the moment is worth in the region of £120-£125k and our outstanding mortgage balance is just under £90k.

I bank with Natwest and have completed their online mortgage "how much can i borrow" tool and it states we can borrow up to £242,250

i earn £31148
Wife £31148 but will earn approximately £20000 (part time in jan 2014)

She is currently on maternity leave until november 18th and then from november 18th - january its annual leave at full pay. Heres the tricky part... in january she will only be returning to work part time on reduced pay which will be in the region of £20000.

I want to try natwest for our mortgage as i bank with them and they seem to state they will offer quite a high amount! However i am not sure when to apply for this due to the change of income with my wife.

Negative thing

I have a default in Feb 2012 for £240 from 02 phone company which has a notice of correction attached basically stating i was unaware of the account as it was my ex partners (under my name), i checked with o2 at the time and they confirmed i had no accounts with them..... however they still placed a default on my name but did offer me £50 compensation. I did complain but they refused to remove the default. (is this right???)

The property we are looking for will be in the region of £200,000 and we will be putting down a 10% deposit.

Is this realistic or not???

Is it best to wait until after January 2014 when she is settled into part time work? or should we apply now/november time???

What do natwest ask for???

We are both police officers so have a secure income

This may seem confusing to read, hope it makes sense! thank you

Chris

downs523

I have just ordered my £2 credit report with Equifax and it does not show the default mentioned in my previous post, but on Noddle it does show it? is this right??

kingstreet

Call Credit, Equifax and Experian may all have different data on the different versions of your credit file. It's one of the reasons you are advised to obtain all three, so your broker knows which lenders to approach and which to avoid.

For example, bad news on Call Credit, avoid Skipton BS.

downs523

i read somewhere on here that Natwest use Equifax? anyone confirm this as being true?

Kingstreet- thanks for the advice mate

kingstreet

downs523 wrote: »

i read somewhere on here that Natwest use Equifax? anyone confirm this as being true?

That is reported to be the case, yes.

downs523

Would we have to wait until my wife commences her part time hours or could we just go ahead and apply now. Bearing in mind she is currently on maternity pay...?

downs523

anyone know the answer to my above question please?

kingstreet

Some lenders will accept the pay of someone on maternity leave on provision of their final pre-leave payslip and an employer's reference, others will only lend if there's evidence of savings to cover the maternity period.

I haven't done such a case with NatWest, so you will have to wait for a reply from someone who has, or call them and ask.

downs523

Hi, thanks for the advice again

Chris

kingstreet

I was in NatWest criteria just now, so I thought I'd strip out the maternity leave section;-

Maternity Leave

To evidence income for applicant's on maternity we ask to see the most recent 3 months banks statements and the last 3 months payslips prior to going on maternity. We will use the client's basic salary prior to going onto maternity for affordability. We reserve the right to request additional information if required. We will ask the client to confirm that they intend to return to work after maternity but will not seek the employer to confirm.

downs523

That's nice to hear, will be going to see them next week