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Mortgage Advice
Ads1982
Posts: 76 Forumite
Hello all!! I will try to be brief!!!
My partner and I are looking to move. Our mortgage is with Northern Rock. We are still tied in for 3 and a half years so will be looking to port our mortgage. We made an application to NR at the start of July. They said at the time they were willing to lend us what we though we needed to move. We are yet to sell our property, however, I am starting a new job in 2 weeks.
The situation is that I will be getting a good increase in wages. With this in mind, we are thinking we might try and buy somewhere bigger/better! If we make another application in a few weeks will NR now consider my new wages? Or will I have to be in the job a certain length of time before we can apply?
Off the main point, is it correct to think they made me a bit tighter with their lending given the events of this week?
Any advice appreciated.
Cheers
My partner and I are looking to move. Our mortgage is with Northern Rock. We are still tied in for 3 and a half years so will be looking to port our mortgage. We made an application to NR at the start of July. They said at the time they were willing to lend us what we though we needed to move. We are yet to sell our property, however, I am starting a new job in 2 weeks.
The situation is that I will be getting a good increase in wages. With this in mind, we are thinking we might try and buy somewhere bigger/better! If we make another application in a few weeks will NR now consider my new wages? Or will I have to be in the job a certain length of time before we can apply?
Off the main point, is it correct to think they made me a bit tighter with their lending given the events of this week?
Any advice appreciated.
Cheers
0
Comments
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Anybody got any ideas?
Cheers!0 -
NR will base any lending on your current wages - if the pay rise is now in force, or will happen shortly they should be able to take that into account.
A lot of lender have been tightening their lending, not only NRI 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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