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Would this be an issue (Mortgage - FTB)
surfer9
Posts: 120 Forumite
Hi,
A big aim of mine for a long time has been to get onto the property ladder. Recently I had given up for now as I could not find any properties that were right for me and the right price...
I have just come across a property that is perfect and is affordable.
Getting accepted for a Mortgage (My situation and my concerns)
My situation:
I have a £75,000 deposit.
I am 31.
I would be buying on my own.
My credit rating/history is perfect.
I am Self Employed + Employed (not contracted).
I want to borrow £111,000 and according to online Mortgage calculators - I can borrow around this amount.
My concerns:
As I had stopped worrying about getting a mortgage - I have been quite lacklustre in my employed work. I have been taking it easy and not been putting in the hours at work (I am not contracted - I get paid an hourly rate and only get paid when I work), so my last 3 or 4 payslips would not average out annually up to the amount I'd need to qualify for the £111,000 I need. Though my P60 for the last tax year shows an annual amount that would qualify for the £111,000.....
QUESTION1: Would my lacklustre recent payslips be an issue?, would the lender use common sense or would they be bureaucratic about it? If I say I can up my hours significantly would they believe me? Could they potentially phone my employer and find get this confirmed to back me up? Would they be ok to accept my last P60 as evidence instead of looking at recent payslips?
QUESTION 2:
Also I have done a little bit of gambling recently, I don't go mad, I am sensible. As the Euro 2016 tournament has been on - I have placed a few bets. Probably spent £40 this month. As I have plenty of savings and a steady income from both my employments I am more than comfortable - so hopefully a lender would understand that, and trust me that I live within my means and if I was to get a mortgage I would not be gambling like that. Again would common sense be used here? or would they see the gambling and instantly judge me?
Thanks for your help.
A big aim of mine for a long time has been to get onto the property ladder. Recently I had given up for now as I could not find any properties that were right for me and the right price...
I have just come across a property that is perfect and is affordable.
Getting accepted for a Mortgage (My situation and my concerns)
My situation:
I have a £75,000 deposit.
I am 31.
I would be buying on my own.
My credit rating/history is perfect.
I am Self Employed + Employed (not contracted).
I want to borrow £111,000 and according to online Mortgage calculators - I can borrow around this amount.
My concerns:
As I had stopped worrying about getting a mortgage - I have been quite lacklustre in my employed work. I have been taking it easy and not been putting in the hours at work (I am not contracted - I get paid an hourly rate and only get paid when I work), so my last 3 or 4 payslips would not average out annually up to the amount I'd need to qualify for the £111,000 I need. Though my P60 for the last tax year shows an annual amount that would qualify for the £111,000.....
QUESTION1: Would my lacklustre recent payslips be an issue?, would the lender use common sense or would they be bureaucratic about it? If I say I can up my hours significantly would they believe me? Could they potentially phone my employer and find get this confirmed to back me up? Would they be ok to accept my last P60 as evidence instead of looking at recent payslips?
QUESTION 2:
Also I have done a little bit of gambling recently, I don't go mad, I am sensible. As the Euro 2016 tournament has been on - I have placed a few bets. Probably spent £40 this month. As I have plenty of savings and a steady income from both my employments I am more than comfortable - so hopefully a lender would understand that, and trust me that I live within my means and if I was to get a mortgage I would not be gambling like that. Again would common sense be used here? or would they see the gambling and instantly judge me?
Thanks for your help.
0
Comments
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It wont be for every lender (depending on how much are on your recent payslips and SA302s) but there will be some that will work off your P60.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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