£195,000 mortgage for a single mum!

happydays_70

I'm way off target..only put tiny OPs off mortgage. Toying with the idea of a new car but need refocussing! I want to lower mortgage before my deal is up in a year. It is a priority.
Hope you get sorted

pollyanna24

Yay. Got a decision in principle over the telephone for borrowing of £201,850. Eek!

She said this doesn't actually mean I'll get the mortgage (so what was the point in doing it then?), and I have to go to a three hour appointment next Friday to do the actual application. Three hours?!

Beckyy

That's good news, fingers crossed for you all goes well on Friday

chelseablue

If you buy your brother out now will he move out straight away or not until next year?

pollyanna24

He and his wife will be staying until about April next year when they have sold her flat and have bought their own property.

pollyanna24

So mortgage application done and just a waiting game now, although there are a few documents that I have to get. Feel like I've been on the phone all morning.

I have to provide a letter from my ex confirming that he gives me maintenance, but he is away with our children at the moment.

I also have to provide proof from tax credits of the amount I get, but the awards letter I have does not match the amount that goes into my bank. So I had to ring them up and they are sending out a new letter.

The valuation is being done today, apparently a drive past, and I'm hoping that it matches what I think the house is worth as going by Nationwide's computer, they reckon it's about £30K less than what the estate agent told me.

Once all the documents are in, they say it will be about 2 weeks. That sounds very optimistic to me!

pollyanna24

And I am still waiting for a mortgage over a month since my application was first done.

They wouldn't accept the letter from my ex as it was addressed to Nationwide instead of me and didn't have all the required information on it (even though I put everything on the first letter that they asked me to). However, the second letter now seems to have been accepted.

They wouldn't accept the tax credits as HMRC only send out provisional letters and seeing as it was only a nominal amount anyway, I have asked for this to be taken off my income. It is this aspect that seems to be causing the most delays as they can't get their heads around the income not now being there.

So, hopefully, I should get my mortgage offer in a couple of days.

I'm just grateful that I'm not actually looking to buy a new house and it is just buying my brother out as I don't think any other seller would wait this long!

pcyam

So you are buying your brother out early and the house is in your name only.. is he paying towards the bills/mortgage until he moves out? If yes then at least the outgoings wont jump up until after Xmas.

pollyanna24

Yes, I am buying my brother out and he will stay in the house until he buys his own.

I wanted the mortgage done asap though as he is going away for a month at the end of September for his honeymoon and I'm worried if the mortgage isn't completed soonish, then the mortgage offer I have reserved will run out.

pcyam

Sorry I meant will he and his wife to be.. help towards bills during the interim of after you have brought him and out before they move out. If so, your outgoings wont be as high as you think to begin with.