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Moving Home - Mortgage nightmare
RyanHM
Posts: 6 Forumite
Hi all,
My partner and I sold our shared ownership property earlier in the year, and as we had not found a property and didn't want the sale to fall through, decided to move in with a friend temporarily. Since then, COVID happened, and the mortgage market has changed quite dramatically. Originally we were looking at properties around the £300,000 mark, with a 10% deposit (90% LTV). However, my partners income was based on the use of overtime (£14,000 annually) so due to lender restrictions we are now looking at properties around the £250,000 mark. I just wondered if anyone knew of any lenders accepting overtime? Whats most frustrating is that we dont classify as first-time buyers, nor are we remortgaging, so the number of deals available is rather low!
Thank you in advance
My partner and I sold our shared ownership property earlier in the year, and as we had not found a property and didn't want the sale to fall through, decided to move in with a friend temporarily. Since then, COVID happened, and the mortgage market has changed quite dramatically. Originally we were looking at properties around the £300,000 mark, with a 10% deposit (90% LTV). However, my partners income was based on the use of overtime (£14,000 annually) so due to lender restrictions we are now looking at properties around the £250,000 mark. I just wondered if anyone knew of any lenders accepting overtime? Whats most frustrating is that we dont classify as first-time buyers, nor are we remortgaging, so the number of deals available is rather low!
Thank you in advance
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Comments
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What line of work is your partner in as most lenders have withdrawn O/T as part of the calculations aside from NHS O/T.Mortgage started 2020, aiming to clear 31/12/2029.0
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@MovingForwards He is a Community Carer, so unfortunately falls under a key worker, but not a NHS worker1
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@haras_n0sirrah may be able to shed some light as she's one of the resident brokers on this forum. Whilst she won't be able to name lenders, she will be able to say if it's one or two, or several.
Do you have a broker as it would be worth it, especially if you can get some of the O/T through on the appropriate.Mortgage started 2020, aiming to clear 31/12/2029.0 -
There are lenders who are still accepting overtime but you must have been earning it since Covid (although the last 3 months will now be post covid) - it will be based on the latest 3 months
15% deposit widens up the market significantly2 -
@MovingForwards Thank you. Yes we do have a broker, but may be looking for another one as finding communication difficult.
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Thank you @haras_nosirrah. Thankfully he has been earning overtime pre/during/post COVID so that shouldn't be a problem.0
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