Joint application - wife in job less than three months?

evilpikachu2000

Hi all, my wife and I are about to go to a broker to try and get a mortgage for a £130,000 property. We have a deposit of £10,000 at the moment and have good credit scores (high 900s according to experian and mid 400s according to equifax) however - as ever with money - I'm concerned that we may not be approved for a couple of reasons. My wife (part-time salary £10,000) has only been in her role for just over two and a half months and therefore only has two payslips with her full wage on them. Will this cause an issue?

I've been in my role for the past 7 months (full-time salary £34,233).

The other thing is our debt. My cc debt is around £9000 on a 0% that expires next summer and my wife's is £5000 or so.

Would be keen to see whether anyone thinks our chances of being accepted at a decent rate are reasonable.

I'm a chronic worrier!

amnblog

Lenders can live with new jobs but they tend to like a 12 months history of employment. Were you working prior to your current roles?

Thrugelmir

Your deposit appears to be borrowed money. Maybe a concern for some lenders.

evilpikachu2000

Thanks for responses. What do you mean by "borrowed money"? We have saved this.

We both had jobs before these current positions and have never been out of work.

kingstreet

Fourteen grands worth of card debt and a ten grand deposit looks like you're "robbing Peter to pay Paul."

amnblog

Paying 'George' is what costs me the most.

Mortgage_Mark_2

amnblog wrote: »

Paying 'George' is what costs me the most.

Start shopping at Tesco instead.

HappyMJ

The CC debt's are at 0% though...I also have card debts at zero percent and wouldn't pay them off to get a mortgage. They will though take the minimum repayments into account when figuring out your affordability so you may not be able to borrow as much as you wanted.

They could take 5% of the balances or they might take 3% of the balance as the minimum monthly repayments. They won't take 1% as they need to take into account that the interest rate one day will no longer be zero percent.

Thrugelmir

HappyMJ wrote: »

The CC debt's are at 0% though....

Still debt. though debt isn't the issue. The lender will wish to see the commitment to save. As tells much about the potential borrowers themselves and the risk category they fall into.

evilpikachu2000

Update, we were given an AIP from Halifax but only at just over £110,000 - which is short. A mixed day in that respect. We offered at £115000 on a cheaper house which is on at £125000 (and actually, we prefer after a second viewing) which the vendor rejected. Have gone back at £120000. Let's see what happens.

A shame that those online calculators are so off! Bank of Ireland only offered £17,000 which was strange!? Whereas Natwest and Halifax offered in excess of £190000 with our salaries and CC debt. Frustrating but at least I know we can take those first steps.

Thrugelmir

evilpikachu2000 wrote: »

A shame that those online calculators are so off! Bank of Ireland only offered £17,000 which was strange!? Whereas Natwest and Halifax offered in excess of £190000 with our salaries and CC debt. Frustrating but at least I know we can take those first steps.

The £17k is in essence a not interested in your business response.