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First time buyer
fuzzybrain
Posts: 4 Newbie
OMG! I don't know where to start!
ok, So we are hoping to to get a mortgage based on my partners income £25,000 p.a (minimum, with regular pay increases as he is a graduate)
My income is £16,110 p.a (minimum, with a annual pay increase due in February) However, I have poor credit history (including a CCJ) due to financial difficulty experienced with my ex partner. Which is why we are looking at only doing a single application.
Affordability wise, at the moment I am paying the rent and all the household bills out of my wages, and we are saving my partners. So we have no worries about being able to afford mortgage repayments.
The problem is, we are limited on what the banks will offer us because they can only count my partners wage. Also, Most of the banks seem to want you to bank with them for 6 months before they will offer you a mortgage.
If during that 6 months, If made regular monthly contributions to my partners account. Would that be taken into account when/if they approve him for a mortgage?
Also, what would happen if we looked through a mortgage broker rather than the high street banks? Would we still need to wait as long. Are there any other requirements that we should consider? i.e The length of time my partner has been in employment? And should my partner have a utility bill in his name or is that not needed?
So many questions!!!!! x
ok, So we are hoping to to get a mortgage based on my partners income £25,000 p.a (minimum, with regular pay increases as he is a graduate)
My income is £16,110 p.a (minimum, with a annual pay increase due in February) However, I have poor credit history (including a CCJ) due to financial difficulty experienced with my ex partner. Which is why we are looking at only doing a single application.
Affordability wise, at the moment I am paying the rent and all the household bills out of my wages, and we are saving my partners. So we have no worries about being able to afford mortgage repayments.
The problem is, we are limited on what the banks will offer us because they can only count my partners wage. Also, Most of the banks seem to want you to bank with them for 6 months before they will offer you a mortgage.
If during that 6 months, If made regular monthly contributions to my partners account. Would that be taken into account when/if they approve him for a mortgage?
Also, what would happen if we looked through a mortgage broker rather than the high street banks? Would we still need to wait as long. Are there any other requirements that we should consider? i.e The length of time my partner has been in employment? And should my partner have a utility bill in his name or is that not needed?
So many questions!!!!! x
0
Comments
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How much was the CCJ?
When was it registered?
When was it satisfied?
What's the loan to value?
Lenders only take into account income from the applicants.
You do not have to bank with a lender at all, to apply for a mortgage, so six months is not true of most lenders.
The ID & PoA stuff isn't relevant for now.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
CCJ was for £770. dated April 2012. Has just been settled. Speaking to a debt adviser about how to notify the courts and get it marked as settled on my credit report.
At the moment we only have 5% deposit of the amount we thing we can borrow. We continue to save and could push upto 10% However, its all dependent what we can borrow, and what LTV we are offered. Obviously, for us the lower the deposit the better as it would mean getting on the property ladder sooner. Do you think that is too ambitious?0
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