FTB mortgage application

FallenArcher

We put an offer in on a house Saturday, waiting to hear back today if it has been accepted. We offered the asking price but know that the other people who viewed at the same time also made an offer. We believe we are the highest offer.

We want to make sure we are seen as strong buyers and will be speaking to a mortgage broker today. Just wanted to check what brokers on here thought are chances our chances are of getting a mortgage and how long they take to arrange?

Offer/asking price £149950
Deposit £7500 (looking for 95% mortgage)
My salary £34900
Partner's salary £25700 (although December and November payslips will be a bit lower- she'd been working 4 days up until start of January).

Low outgoings (eg only 1 car), but did take out a loan in November for £9000 to pay for a car and fertility treatment- £210pcm repayment. No adverse credit/ccjs or anything. Both have good credit ratings- lots of settled credit accounts on record.

Parents are paying fees/sd for us.

Affordability seems no issue. I am very early days pregnant. Do we need to/should we declare this to broker/mortgage company?

Looking at YBS/Chelsea 95% at 5.29%. What is their lending criteria like?

Thanks!

chanz4

Buying a house is very stressfull, now dont burn me but if I was a lender the new 9k loan may raise eyebrows

Dave_Ham

Trust your broker and be led by them, rather than rate or others perception.

Typically YBS are very picky, although that does not mean your case would not be accepted as income is strong.

Depends what early days are (you do not need to answer as not a question) but under the threshold I do not believe it is necessary to mention at this stage.

Do tell your broker as it may well impact on advice and let them manage ongoing.

Very best of luck

kingstreet

FallenArcher wrote: »

will be speaking to a mortgage broker today

Looking at YBS/Chelsea 95% at 5.29%. What is their lending criteria like?

YBS does not accept business from brokers.

There are lower rated products available at 95%, so your broker will hopefully save you some money.

FallenArcher

Thanks all.

Hmm...the broker my friend had advised came back with a 5.49% one! I've replied saying that I'd found a number cheaper so just waiting for him to come back to me.

If brokers can't use YBS group that would mean we just need to apply direct to them then??

Dave Ham, so picky that not worth us applying? As you say income is good, repayments (5yr fixed is what we're after) aren't that much more than our rent.

Chanz4- I get your point and can understand if loan is questioned however can clearly see that money coming in and the payments going out so I'd be surprised if that matters, after all if we'd waited until after house buying there wouldn't have been an issue. The car had started costing too much in repairs so figured all savings would be better towards house deposit. Affordability wouldn't be difficult for us, even on maternity leave. (I'm only in my 6th week of pregnancy so as I say very early days).

Will wait and see what broker comes back with.

Thanks again.

Dave_Ham

Ask your broker to justify selection/advice.

Cheaper is only more cost effective if you can get it remember.

FallenArcher

He's come back, just said that YBS/Chelsea/N&P don't deal with brokers! So that's what's informed his decision. Thought brokers were supposed to save us money!?

ACG

FallenArcher wrote: »

Looking at YBS/Chelsea 95% at 5.29%. What is their lending criteria like?

If i was te vendor and i knew you were using them as your lender you would go straight to the back of the queue... As a broker i would never use them, they are pedantic over pointless things. Trying to get a mortgage offer is like trying to get blood!

Apart from that it seems to be good affordability etc but i think some underwriters may have an issue with a recent loan and your deposit...

You have a broker, you should trust them as they are in receipt of a lot more info than we are.

amnblog

FallenArcher wrote: »

He's come back, just said that YBS/Chelsea/N&P don't deal with brokers! So that's what's informed his decision. Thought brokers were supposed to save us money!?

You are not buying beans in the supermarket. You can't wander along the shelf, find the smallest price tag and scan it at the counter.

The broker's job is to get you the lending first (it is not a given you will get 95% lending), advise you correctly, and then get the most cost effective deals possible for you.