Mortgage advice please!!

Scottycameron1

Hi guys,

Me and my partner have our full mortgage application with NatWest on Thursday! We have a 80,000 deposit savings and gift and looking to borrow £244,000 we already have the letter in principle from NatWest! The reason for using NatWest is the manager is a good family friend!!
My salary is £40,000 with a guaranteed bonus of £4,000 my partner is self employed and her latest figure on SA302 is £10,000 our credit card balances will be zero and have zero outstanding debt! My partner has perfect credit everything you could wish for perfect! Me however not so much! 13 months ago I closed and payed in full my last payday loan (yes I was very naive and stupid as I felt it would help my credit score) I'm fully aware it's the opposite! I have also recently taken some cash advances of the credit card to pay for a engagement ring (didn't want her to see) however the balance is zero! Do you guys think we have a chance because over the last year we have saved and saved we would clearly pass the affordability checks and have a great deposit im just worried!

SavingSteve

!!!!!!!!!!!

ukamber1

Scottycameron1 wrote: »

Hi guys,

Me and my partner have our full mortgage application with NatWest on Thursday! We have a 80,000 deposit savings and gift and looking to borrow £244,000 we already have the letter in principle from NatWest! The reason for using NatWest is the manager is a good family friend!!
My salary is £40,000 with a guaranteed bonus of £4,000 my partner is self employed and her latest figure on SA302 is £10,000 our credit card balances will be zero and have zero outstanding debt! My partner has perfect credit everything you could wish for perfect! Me however not so much! 13 months ago I closed and payed in full my last payday loan (yes I was very naive and stupid as I felt it would help my credit score) I'm fully aware it's the opposite! I have also recently taken some cash advances of the credit card to pay for a engagement ring (didn't want her to see) however the balance is zero! Do you guys think we have a chance because over the last year we have saved and saved we would clearly pass the affordability checks and have a great deposit im just worried!

Dont think you need to worry!;)

I dont know how Natwest work in terms of how much they would loan you but I really dont think you need to worry...I'm no expert but with a 30%+ deposit and a clear/perfect credit history, I think you should have no problems...As those payday loans were paid off on time and closed, I dont even think they'd be an issue....

Best of luck on Thursday!;)

getmore4less

Its a 25% deposit.

chromac

It's a 32.7% deposit

SavingSteve

chromac wrote: »

It's a 32.7% deposit

Nope, getmore4less is right. OP states they're looking to borrow 244k, so the total cost is their 80k + 244k = 324k.

80k is just under 25% of 324k

Bonfire_Bride

To be honest...I always thought that cash advances on credit cards and ANY payday loan acitivty was a huge negative. But I am no expert in the mortgage industry (but I do work in finance)


Would you be comfortable with the repayments?

Scottycameron1

Thanks Guys,

Whatever the figure is will be 25% deposit! Our net disposable income at the moment is roughly £3000 so would be able to afford 900-1200 repayments comfortably!

SavingSteve

Has your full stop key stopped working on your keyboard?

Scottycameron1

SavingSteve wrote: »

Has your full stop key stopped working on your keyboard?

Nope working fine

.........

MortgageMamma

Have you gone to natwests affordability calculator on their website? perhaps if you keyed your details in there it could help - make sure you're not credit checked at same time though. Not quite sure how the consumer version of it works