not the most straight forward mortgage applicant

wang801

Another question from me;


My partner and I aren't the most straight forward applicants but I will try and sum it up;


We are looking to buy a new build with the help to buy, house value is £160k


My wage 20k yearly, OH's wage 26.8k year
(I also am self employed, but I only started doing this in December, this makes between 700/1000 a month gross profit)


OH is 56, I am quite a bit younger. So we would need a shorter term mortgage up to my oh is 75.
Credit files, mine is ok, a couple of late payments and, sadly, a ccj dating back to Dec 2009 (assuming I am correct this should drop off my credit file in January)


So here is the thing, up to recently we didn't think we could afford to buy a home due to a lack of a deposit.
however my OH had 2 private pensions frozen 10 years ago, neither will pay out enough yearly so the best option is to take them as a lump sum.
Now we will get 28k before tax (if my calculations are right approx. 21k after tax) of one. (we are taking this one out this tax year.
and 34k in the other (to avoid paying too much tax we are waiting until next tax year to pull this one out)


so the deposit isn't a problem, and we could put more down then the 5% if needed.


We are currently in private rented accommodation and are desperate to move, and were wondering if we could get a mortgage in the next couple of months, or are we better off waiting until next January?


Any advise would be much appreciated.

amnblog

You need to have one year trading minimum for your income to be considered.

wang801

That isn't a problem it doesn't have to be considered in the mortgage application.

kingstreet

You are only going to get a term to age 75 if you provide evidence of income in retirement.

Lenders who will offer longer terms normally drop out at age 70 unless you can prove you can afford longer.

wang801

auch, and I guess saying you will be working will not be enough?


also my wage alone will probably not be enough to cover a mortgage?

Thrugelmir

wang801 wrote: »

however my OH had 2 private pensions frozen 10 years ago, neither will pay out enough yearly so the best option is to take them as a lump sum.

Or leave them to let them grow in value.