FTB Mortgage Query

GMS

Employed by family business will need to have salary paid into your bank account.


That's the first step. Erratic income won't help, nor will the lower salary on last years P60.

ACG

So a mortgage lender asks for payslips and bank statements. Payslips show one thing, your bank statement show something different - inconsistencies are what worry underwriters. Im assuming if your dad pays you £1231.50 he will probably just give you £1230 or 1235?

No doubt by the time you go to pay it into the bank you are paying in £1200 as you went and bought a few pints or something?

Not having a go, but it just causes problems. If you know your applying for a mortgage, you should ensure you are getting everything in the best possible light to increase your chances of it being accepted.

shanderby

Okay, until my gf gets a permanent contract which will makes things easier would I be able to borrow say £25,000 to buy a house to modernise then sell?

GMS

shanderby wrote: »

Okay, until my gf gets a permanent contract which will makes things easier would I be able to borrow say £25,000 to buy a house to modernise then sell?

This is development so might not be suitable for a standard mortgage.


How much is the purchase price?


Is the property habitable?


Any structural issues?

shanderby

Well the few I have seen are on for around £70,000 and require around £5,000-£10,000 spending on them and done up are selling for £85,000-£90,000

GMS

If you can put up half of the cost then there will be options. Speak to a broker

shanderby

Half the cost of the total cost of the house price+modernising costs?

GMS

Yes. You may not need it but if you are after developing a property you could look at development finance rather than a mortgage.

shanderby

Okay interesting thank you!

shanderby

What would be the cost of development finance?