Mortgage Succes - FTB 2020

El_Lou21

Hi,
Thought I'd share my story as I was constantly scanning sites looking for any success stories similar to my situation. 
My partner and I are FTB, 10% deposit part of which is gifted.  I don't have the best credit history i.e. payday loans and my partner is self-employed so thought our chances was slim especially in todays climate with lenders slashing 5% and a lot of 10% deals.
However we've had our mortgage offer come through and would be happy to discuss with anyone also going through mortgage application in this difficult time!

Gem_M90

El_Lou21 said:

Hi,
Thought I'd share my story as I was constantly scanning sites looking for any success stories similar to my situation. 
My partner and I are FTB, 10% deposit part of which is gifted.  I don't have the best credit history i.e. payday loans and my partner is self-employed so thought our chances was slim especially in todays climate with lenders slashing 5% and a lot of 10% deals.
However we've had our mortgage offer come through and would be happy to discuss with anyone also going through mortgage application in this difficult time!

Hi, what are your earnings and loan amount if you dont mind me asking? Who did you apply to?

madwife260

This is so good to hear. We put in an offer mid july and still have no news on a mortgage offer yet! We put in 2 that the products got pulled. We had another application go in on Friday and we are hoping this one goes through. 
Who have you gone with? How long did it take?

We only have 10% deposit, half of it gifted. But both been working throughout this, no furlough, but we do have a personal loan and 2 cars on finance. But no defaults or ccjs etc. From when I was studying and husband on an apprenticeship. But now we have 2 good paying jobs. 
The wait is killing us. 
We instructed solicitors as we had no clue this was going to happen. And we would struggle so much to get a mortage!!!! 

El_Lou21

Gem_M90 said:

El_Lou21 said:

Hi,
Thought I'd share my story as I was constantly scanning sites looking for any success stories similar to my situation. 
My partner and I are FTB, 10% deposit part of which is gifted.  I don't have the best credit history i.e. payday loans and my partner is self-employed so thought our chances was slim especially in todays climate with lenders slashing 5% and a lot of 10% deals.
However we've had our mortgage offer come through and would be happy to discuss with anyone also going through mortgage application in this difficult time!

Hi, what are your earnings and loan amount if you dont mind me asking? Who did you apply to?

Hey,
On paper between the two of us it works out around £50K per annum according to the lender however my partner does earn more they've just had to go off his tax rebates and for the first year it wasn't that great!  We've got a loan amount for £175,000 with 10% and applied with Bank of Ireland. 

Hope that helps!

El_Lou21

madwife260 said:

This is so good to hear. We put in an offer mid july and still have no news on a mortgage offer yet! We put in 2 that the products got pulled. We had another application go in on Friday and we are hoping this one goes through. 
Who have you gone with? How long did it take?

We only have 10% deposit, half of it gifted. But both been working throughout this, no furlough, but we do have a personal loan and 2 cars on finance. But no defaults or ccjs etc. From when I was studying and husband on an apprenticeship. But now we have 2 good paying jobs. 
The wait is killing us. 
We instructed solicitors as we had no clue this was going to happen. And we would struggle so much to get a mortage!!!! 

It's such an awful process I hope you hear something soon!  It's taken us 7 and a half weeks from application submission to offer but it was really stressful.  I think it was with the underwriters for a good half of that time and they kept coming back asking for more documents; we're with Bank of Ireland.

Yes we also have 2 cars on finance and I have almost paid off my credit card however I was so worried about pay day loans in the past, even though I had no miss payments or defaults I was still sick with worry.

My partner was also furloughed, although back at work now. 

It does seem BOI are still doing their 10% deals so if you haven't tried with them I'd look into it, if not a Mortgage Advisor should know the market better.

Fingers crossed for you!

madwife260

Thankyou, fingers crossed then. Glad you manged to get an offer. Such a relief for you. We are with a broker. Who put in 2 applications to back of ireland, who pulled their products and sitting there as inactive apparently. So we have now applied for platform. Which is also having long delays too! I'm hoping the vendor doesn't pull out. We have already had them ringing asking what the delay is.