Need help finding Mortgage!!

riepeanut

Hi everyone,

I have been a long time lurker on the forums but I feel I need to ask for some advice. This is how things stand...

House is £325 (London, so expensive!). We have 65K deposit 80 LTV% but could increase to 75% LTV at a push.

I'm a first time buyer, currently renting. I earn 31K. Employed for the last 8 years same company. No debt. Savings. Credit rating is good.

My partner is SE. Over the past nearly three years he was Employed and SE but as time. This went on until his business got to the stage where he left his PT Employment (1 year ago) So his SA302s show most recent year as net 38K (28K SE / 10 E) and the second year as 18K (3K SE / 15K E) which is obviously our problem... (We can apply for 3rd year in April)

His credit rating is clean apart from Equifax which shows a default nearly 6 years old for £20. It's not on Experian. To add further complication he has an existing mortgage with consent to let which he will keep. The rent will be 125% of the mortgage payment. 95K outstanding. He also has 10K car finance and 5K credit cards.

So after some research we applied with Natwest who after much delay declined us because of bank charges on my partners account. These were taken by a company incorrectly and we submitted evidence of this. Now they have come back with more questions about his employment and mortgage. They have been ever so slow. They have also asked if he is still employed which he is not so for this reason I still think they will come back with a decline.

I contacted L&C but because our application is so far down the line with Natwest they refuse to help.

Are there any lenders that accept only 1 years accounts? Our offer was now accepted 4 weeks ago so time is of the essence.

Simon_gloster

Don't offer on a property until the finances are a done deal, especially when there are complicated employment set ups.

4 weeks already, your vendor must be thinking you aren't going to buy as no survey has been instructed. At least you'll know what to do on the next property.

riepeanut

Natwest wouldn't do a full application till offer was accepted... We got the AIP OK.

Dave_Ham

I would be surprised if Natwest pass this, although strange that they have let it go on this long so you may have some hope.

I would be pretty confident of you achieving this elsewhere, although you will need a decent mortgage broker and the good ones are often not free.

You will need to address the length of time with the Estate Agent as they will be concerned with a 4 week wait.

Good news on time of year though, as Surveyors are not as busy as they have been and for the last couple of weeks now we have been seeing the speed of booking and actual survey down dramatically reduce.

Good luck

riepeanut

Thanks for your reply

The estate agents are aware of where we are in the process. The vendor is not in a chain and not in a major hurry.

I don't think it's going to happen with Natwest either. I don't mind paying a fee for the right broker. Anyone have any recommendations for SE London? (not sure I'm allowed to ask that!)

Kynthia

riepeanut wrote: »

I don't think it's going to happen with Natwest either. I don't mind paying a fee for the right broker. Anyone have any recommendations for SE London? (not sure I'm allowed to ask that!)

Try looking at the unbiased.co.uk website.