Is it risky applying for a mortgage now?

cha1n

Hi

My partner and I were about to apply for a Mortgage in principle and she let me know last night that she'd let her account get down to £8 before she got paid that day. :mad:

When I grilled her about it, she said she'd just bought lots of pointless stuff for the house, clothes too, etc. She's only been back in consistent, full-time work for the past 3 months, so I think she was splashing out a bit!

Anyway, I'm now worried that if we applied for a mortgage that someone would think that she's not capable of paying the payments back. Our current rent is the same as what a mortgage payment would be on the houses in the price-range we're looking at, so no problems there but I've heard that they will 'stress test' your account and simulate the interest rates going up to 8%. My account will be fine, I usually save around £500 per month.

Thanks for any advice.

amnblog

Advice - yes - don't ruin your weekend.


As long as you do not go outside of any overdraft limits on the account I can't see your partners enthusiasm being a problem.

ACG

So between you, you saved £508 in a month.
Your partner spent her money, she did not go overdrawn, bounce any DDs, take out extra credit etc.

A DIP is just a credit check, nothing more. They will not check bank statements at this stage.

cha1n

Thanks for the replies.

Yes, we'll just do the mortgage in principle, maybe next week but we may find a house and put an offer in any day now and I just wanted to know if we should wait before applying for an actual mortgage. I never really thought about it as looking at both our accounts, so hopefully my saving will stop us looking bad as a couple!

ACG

Shes not done anything wrong!
She has spent her money and nothing more.

Affordability is tested yes. But 99% of the time it is based on your commitments. We all spend money on crap but if times got tough that would be the first thing to stop.

If this was my relationship and my mrs was saying things like you are on here, she would be getting a house on her own.

cha1n

Bit sensitive there, we're meant to be saving for a house deposit. She failed (repeatedly), it annoyed me, plus got me worried that the year of hard saving I've been doing was going to be wasted over clothes and candle holders! Forgive me!

ACG

I just think you are/were over reacting. 2 brokers said there was no issue and you were still going on like you had saved the day, when there was nothing to save.

cha1n

I think you're the one over reacting. I'm not claiming to save the day at all, just concerned about us getting a mortgage as I'd read that you should not let your account get low 3-6 months before applying for a mortgage.

Hopefully you're not so aggressive with clients you meet in person, I know I wouldn't be impressed.

ACG

This coming from the person who "grilled" their partner before even checking if there was a problem?

When finding out there is no problem, you are still doing your partner down "my saving will stop us looking bad as a couple"....There has been nothing to make you OR your partner looking bad. I read that sentence as though you think you have saved the day.

If you think I have been agressive you have miss read my post. My point is that you are over reacting and giving your partner a hard time for nothing....I am actually sticking up for your partner.

If I was at an appointment and you were saying things like you are on here to your partner, yes I would pull you up on it - although admittedly it is difficult to gauge how things are being said in writing. Your buying a house together, its a pretty big commitment. If there is a problem I would want it sorting before I commit time to helping you get a mortgage as it has the potential to cause arguments down the line and all come crashing down after we have all invested time and money. If you see that as a bad thing, so be it. Personally I see it as a good thing as it shows I am in it for the right reasons rather than trying to just get a quick sale.

[Deleted User]

If my husband spoke to me like that about my own money (and called it 'failings'!!!) I certainly wouldn't be looking to buy a house with him. What your partner does with her own money is her own business, she's not spent beyond her means so to 'grill her about it' before even bothering to find out if it would be an issue seems a bit strong. I've had defaults and debts in the past that are stopping my husband and I get a mortgage now, he's been nothing but kind and supportive because I mean more to him than any house. If he spoke to me like you spoke to her then I'd seriously question what his priorities were.

cha1n

Yes, I could tell that you were attempting to defend my partner and ordinarily (for the past 10 years) I've got no concern what she does with her money but seeing as we're we supposed to be saving for a deposit then I am concerned.

Regardless of whether it's effected the mortgage application, it's still reduced our deposit amount. Of course I could tip toe around the situation and pretend I'm not annoyed but I am. It's the sort of mindless spending that I'd expect from someone living with their parents or something.

Oh and I never thought I saved the day, it was your comment that made me think that. I thought you were implying that it would have been a problem but because we are applying as a couple, that both our account balances count.