Applying for a mortgage, never rented?

Annie210

My partner and I are looking to get a mortgage, probably next year. We've just started looking into how the mortgage application process works and what documentary evidence is required when applying (bank statements, pay-slips etc.)

While in Santander yesterday, I picked up a leaflet about their mortgages, and found that they also require a 'detailed budget planner' that you have to bring along to your mortgage application meeting. A quick look of this online showed me that they require you to fill in your monthly spends on things like groceries, utility bills, council tax, home insurance etc.

My partner and I are both currently living at home with our parents in order to maximise our savings towards a deposit, so we don't pay utility bills etc, however we have been looking at prices of things such as council tax etc in order to ensure we will be able to afford everything when the time comes.

Does anyone know if all banks/lenders require this level of detail, and if so, what should we do?

We're trying to avoid renting before we buy, in order to maximise savings, will lenders accept estimates of what our bill payments will be after we move in, or will this not be accurate enough?

I'm thinking of arranging a meeting at Santander to explain the situation to them and discuss their mortgage application process in more detail, but if anyone has any advice, I would be very grateful.

MortgageMamma

Annie


As first time buyers, you need proper qualified advice. As you have not rented there is no need for you to evidence that, also regarding bills - estimates of what you will be paying will suffice for affordability purposes. The best way to do this is research online or ask friends and family what they pay for a similar sized house to what you will be buying. You need to do that for your peace of mind more than anything.


Some lenders in this situation where an applicant has not rented or owned a property before use the office for national statistics data of what the average spend for a family/couple of x amount of people in a property of a specific size.


Best advice anyone can give you is see a broker, as Santander may not be the right lender for you and you could get a more suitable and competitive deal elsewhere.