Am I straightforward?

TNH

Morning!

I'd really appreciated some feedback on how straightforward I am with regards to a mortgage application.

Annual salary: £12,000 (I've only been on this salary for the last two months and I'm aware that some mortgage providers require you to be on a set wage between 3-6 months before application).

No debts. Previous credit in the form of two loans. One paid off on time and the other early.

Single, 30 years old with no dependants - just a pooch!

Savings are now at £27,000 thanks to a tax rebate

Bank of mum and dad are willing to help out with fees and to bump up the deposit. Circa £15,000 as this is what my brother got to help him move - its all very fair in our house!

Anything else I need to included?

I'm looking at properties under £80,000.

TLM_77

I'd say straight forward apart from not having been employed in your job for long but shouldn't be an issue really - lenders tend to ask for 3 months payslips.
They may want some assurance your employment is permanent too.
Expect to be able to borrow around 4 x salary (48k) if you've no debt.
I'm sure you'll be fine.
Good luck.

Oh, and good idea to get a broker to help you.

TNH

Thanks TLM_77

Just to clarify. I've been in my job for a few years. My wage has recently been bumped up slightly.

dimbo61

Maybe worth waiting till you have three months wage slips in your hands to photocopy and provide to a lender or broker.

marginex

I think affordability maybe an issue, monthly living costs etc, is £12k a year enough?

TLM_77

TNH wrote: »

Thanks TLM_77

Just to clarify. I've been in my job for a few years. My wage has recently been bumped up slightly.

Apologies, I read it wrong.

Make sure you get 3 months payslips and bank statements.

As mentioned by another poster, lenders will look at affordability.
Think about how much you spend on bills, lifestyle etc each month.
Perhaps it's worth waiting for another 3 months, during which time you could spend as little as possible to increase affordability?
That said, you must ensure that when you do get a mortgage, you can afford it along with whatever lifestyle you have or intend to have.
I wish you the very best of luck.

kingstreet

Assuming you have no credit, no dependents, no student loans and buy a freehold property with no ground rent & service charges, you should be able to borrow upto £46,000 over 25 years.

Wh05apk

..................and I can't think of any lenders who ask for 3 months payslips unless you are looking to use overtime or bonus's.

TNH

marginex wrote: »

I think affordability maybe an issue, monthly living costs etc, is £12k a year enough?

I feel like I come up against one hurdle after another. Would a part time evening job bump up my chances?

kingstreet wrote: »

Assuming you have no credit, no dependents, no student loans and buy a freehold property with no ground rent & service charges, you should be able to borrow upto £46,000 over 25 years.

Are 30 year mortgages difficult to obtain?

I'm really stingy with my cash. I never spend beyond my means but I understand that this whole process may be a non starter

Mortgage_Mark_2

A longer term will, with a few lenders, mean that you can borrow more, yes...