Mortgage broker - ask me anything

kishoregupta

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

haras_n0sirrah

kishoregupta said:

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

I am afraid at the current time you would need a 15% deposit on the open market. You can do help to buy or shared ownership which may make your deposit go further but on the open market 10% currently isnt possible without indefinite leave to remain 

Skint_yet_Again

Is there any problem with gifted deposits from parents at the moment ? I’m looking to gift to my son & his girlfriend will have a similar gift from her parents so about £40k deposit between them. 

haras_n0sirrah

Skint_yet_Again said:

Is there any problem with gifted deposits from parents at the moment ? I’m looking to gift to my son & his girlfriend will have a similar gift from her parents so about £40k deposit between them. 

The only issue is nationwide 90%. Everyone else is fine with family gifted 

DaisyT1990

Hi, I’m just after some guidance if possible. My name was changed in around 2003 I believe as I was legally adopted by my step dad. Will Halifax (mortgage currently in underwriting) need documentation confirming this? I do not have any documents, I think I was about 13 at the time! Any advice would be appreciated. 

Thank you

kishoregupta

kishoregupta said:

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

haras_n0sirrah said:

kishoregupta said:

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

I am afraid at the current time you would need a 15% deposit on the open market. You can do help to buy or shared ownership which may make your deposit go further but on the open market 10% currently isnt possible without indefinite leave to remain 

makes it more difficult! We live in London and we are looking for 3 bed and the ones that we like are around 475 to 500k..I guess we won't be eligible for shared ownership given that our household income is more than 90K per year. We were considering help to buy but a lot of people in our circle aren't recommending. We can get some gift or loan from parents, but is there how much is allowed as a gift out of the 15 % deposit? 

haras_n0sirrah

kishoregupta said:

kishoregupta said:

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

haras_n0sirrah said:

kishoregupta said:

Hi there, we are looking to buy our first home, haven't found one yet. I am a British citizen and my wife has a spousal visa with a year left to apply for her Indefinite leave to remain. We only have a 10 % deposit with everything that we have with us. We would like to apply together but I hear that its difficult to get 10 % mortgage these days with one of us not having ILR or citizenship, is this true? for the kind of property, we are looking at 15% would be way beyond our budget. 

I am afraid at the current time you would need a 15% deposit on the open market. You can do help to buy or shared ownership which may make your deposit go further but on the open market 10% currently isnt possible without indefinite leave to remain 

makes it more difficult! We live in London and we are looking for 3 bed and the ones that we like are around 475 to 500k..I guess we won't be eligible for shared ownership given that our household income is more than 90K per year. We were considering help to buy but a lot of people in our circle aren't recommending. We can get some gift or loan from parents, but is there how much is allowed as a gift out of the 15 % deposit? 

A 5% gifted deposit will be fine (not a loan though)

mowgliisaG

Hi Sarah, still getting self employed mortgages through with Santander?? Hoping to hear tomorrow..wonder what your experience has been. 

mowgliisaG

Or any of the other brokers on here...

haras_n0sirrah

mowgliisaG said:

Or any of the other brokers on here...

I haven't got any self employed going through with santander at the moment but have done 3 post covid with them and all went through eventually