Likely hood of being accepted

mytravelrep06

Hello - I have been looking for a while but never posted, looking for some honest advise.

We are looking to apply for a shared ownership new build and have had our offer for the house accepted by the housing assiocation Accord.

We are seeking to get a mortgage with Leeds Building Socitey based on the 95% LTV for a 50% share.

The application is going to be a single application in my wifes name only as she had a very good credit history. However i have bad history with 2 defaults recently. 1 was paid off this month for £500 and the 2nd is still outstanding for £1,000 which is why my name is not going to be on the application or deeds.

However we have a joint bank account with lloyds so have a finanical link.

What is the likely hood of Leeds Buidling Socitey accepting the mortgage based in my wifes details only?

Thanks for your help..

Richard

mytravelrep06

100 views... Anyone?

sulphate

You probably know this already but no one here can tell you whether or not you will be accepted.

You might get a few responses if you are able to provide a few more details i.e. your wife's income & the amount you are looking to borrow etc.

I don't see why there would be an issue with you having a joint account.

jacobtheamish

Have you used a broker?

It would depend on whether or not your wife fits the affordability criteria set by Leeds, if she doesn't then no, if she does then yes

Ryantymon

As previously mentioned, nobody can make that decision here.

Leeds BS are notoriously difficult to deal with, i have 2 cases going through with them at the moment and both of them are like a never ending saga!

Goodluck

mytravelrep06

Yes we have using a mortgage advisor/broker

My concern is by having the joint bank account we are finically linked and i am not sure if that will cause leeds to decline cos it will show my name and details??

Wifes income is £18,050
hp outstanding on a car at £168 per month
Rent on other 50% is £151
Service charge is £15

She does have a loan and 2 credit cards but these have been paid off this month so would be paid off if mortgage was approved.

Ryantymon

mytravelrep06 wrote: »

Yes we have using a mortgage advisor/broker

My concern is by having the joint bank account we are finically linked and i am not sure if that will cause leeds to decline cos it will show my name and details??

Wifes income is £18,050
hp outstanding on a car at £168 per month
Rent on other 50% is £151
Service charge is £15

She does have a loan and 2 credit cards but these have been paid off this month so would be paid off if mortgage was approved.

Will need a little more info than that.

Have you got any children?
Term of the mortgage?
Purchase price and loan?

This is something the broker im going to the broker assume has done, Leeds do lend slightly more if it is just a single applicant though. So if the broker has put through that there is just 1 adult (including applicants) through the affordability calculator the result will be more generous.

mytravelrep06

Have you got any children?
No Children

Term of the mortgage?
Mortgage advisor said 35 years based on the wife is 28 now

Purchase price and loan?
Purchase price on our part is £37,500
Loan would be. 95%

2 people will be in household wife and myself

Thank you for eveyones help

kingstreet

You are buying 50% for £37,500?

You are just about in. The Leeds affordability calculator indicates a maximum mortgage of £35,621 and you'll need £35,625, so you'll need to increase your deposit by about £4 to bridge the affordability gap.

A high-scoring borrower could be offered as much (if not more) as you need.

Where are you buying? Accord is our area. Have you been vetted by Orbit yet? Who is arranging your mortgage?

Why isn't it us?

jacobtheamish

It fits the Homes and Communities Shared ownership calculator comfortably, so should be fine with the Housing Association. Although I'm not familiar with northern HA's

Ryantymon

Just a bit of good news for you, Unexpectedly at half 4 this morning i got a email with a mortgage offer on behalf of my client which as of yesterday looked like they could potentially lose the house!

Yesterdays update was that we needed a statement of earnings from HMRC and that can take up to 6 weeks. Needless to say the client is over the moon.

As King said though, Affordability is tight so i hope there isnt too much waste outgoings on you're statements! I think it would be worth giving him a call if hes in you're area, talk to a professional!