Mortgage application

Exstra

I am looking to apply for a mortgage in the next month due to finding out my new build my girlfriend and I have purchased will be complete in early December.

We are providing a £410k deposit on a £560k property.

I have a few questions some of you may be able to help me with.

- When they look at your spending in your bank accounts, how far back do they go?

- If you are taking out cash which is money for the family house you are living in, can this be explained or will they consider it a recreational cost?

- How long is it likely to take to have a mortgage offer in place?

- Lastly I earn £35k and my girlfriends salary differs month to month but earns around £15k a year. Is it likely we would be able to get the £150k mortgage we want?

Thanks for any help and advice provided.

Thrugelmir

Where's the deposit coming from for the purchase?

What's shown on your bank statements that concerns you?

Income is only one factor that determines the success or not of the mortgage application process

Exstra

Between us we have made some clever investments in the past hence the big deposit.

Lots of spend on pubs, eating out, etc. (things I plan to cut down on).

Thanks for the information. I was under the impression they now see where and what you spend your money on when considering your mortgage now.

Wh05apk

Don't take too much notice of the rubbish printed in the press, from your post it looks like you need about 3x income, so assuming you don't have 12 kids/adverse credit or looking for a 5 year term the you should be fine.
When you submit your application you will be asked for expenditure figures, most lenders will accept that your expenditure now, and when you purchase a property may be different.

Exstra

That's a great relief, thank you for that information.

Thrugelmir

Exstra wrote: »

Between us we have made some clever investments in the past hence the big deposit.

Make sure you have the evidence of the source of the funds.