Any approved mortgages when you thought chances were low!?

nizzard

Can anyone share their success story on approved mortgage applications when you initially thought your chances were low, and if so how much can you borrow?

Details of income and ltv would be helpful thanks

-taff

You can only borrow based on your own income ,no one elses story is going to help you change that.

Your best bet is to find a broker.....

Thrugelmir

Personal circumstances differ.

Lenders differ in their approach to the market.

Ask a broker if you've particular concerns.

andys15

My income. 95k. Wife's income 51k. Guaranteed bonus 7k every June. Mortgage required 260k. Checked all credit agencies and nothing on them. Never missed any payments ever. Loans to do an extension, kitchen, garage conversion, etc etc. Big fat no. Was taking the mortgage over 9 years, which would have been nearly £2800 a month and leaving us with over £4000, after everything gas phone etc etc. mortgage currently £180k and was taking out about £25k to do all upstairs.

spiritless

We have history of payment arrangements/ missed payments (but no ccjs). Last year we were told we could borrow 60k due to debt level / income/ history. Our income at the time was 45k - I wasn't working.

Husband changed jobs and got a pay rise (45k up to 70k) and I got a job (15k). Paid off around 5k of debt (still leaving a fairly significant chunk - we have a NRAM unsecured loan for 25k for a start...). However have had a mortgage agreed for £242500 with a 10% deposit (5% of which is gifted). Our AIP actually offered us sufficient to set our budget to 360k.

We did what we couo to improve our chances and entered the process with caution - we didn't pin our hopes on anything until it was in writing and confirmed. But there is a way, although perhaps not always immediately.

Good luck

superfast808

I thought I'd have issues due to a limited credit history. No defaults or anything like that though.

Initially I was progressing well with Halifax, but later opted to use a broker instead and have now ended up with a completed application with Santander.

I had various anxieties throughout the process, and it certainly wasn't one I enjoyed to say the least.

ETA: 90% LTV, £31k income, and house value only £75k

nizzard

thanks for the replies. i am speaking with a broker but want to be prepared as much as possible so useful to know how people are getting on with their applications!

Malmo

You're probably best off following and/or updating the established thread below, about those waiting for a mortgage decision:

https://forums.moneysavingexpert.com/discussion/4711931

nizzard

Thanks i have been eyeing up that thread too!