Mortgage broker - ask me anything

K_S

ang2999 said:

Hi, is it possible for me to apply for a mortgage in my name only when i am married? 

@ang2999 Yes, it is possible with some not all lenders. Also depends on whether the non-borrower spouse/partner is contributing to the deposit or not, and the reason for leaving off the partner/spouse. But there's a lender for every scenario.

Mard1980

hi we have put an offer on a house. i work full time my wife works part time we don't have any debts and we earn about 35k a year between us we have £23'000 for the deposit and the house is 115,500. i have excellent credit score and my wife has a good credit score the only negative things we have is my ex partner is listed as financial connection from 5 years ago when we had a joint account but she is no longer on there. and the last few months we have been spending a more than normal on takeaways and junk food but we have never gone overdrawn. in your view do we have a good chance of getting accepted for a mortgage? we have a meeting with a mortgage adviser next week     

ang2999

K_S said:

ang2999 said:

Hi, is it possible for me to apply for a mortgage in my name only when i am married? 

@ang2999 Yes, it is possible with some not all lenders. Also depends on whether the non-borrower spouse/partner is contributing to the deposit or not, and the reason for leaving off the partner/spouse. But there's a lender for every scenario.

Thanks, my husband has a settled default and also his child maintenance affects our affordability. I will be debt free before applying, i would be using the first home fund though so this reduces my option of lenders

K_S

Mard1980 said:

hi we have put an offer on a house. i work full time my wife works part time we don't have any debts and we earn about 35k a year between us we have £23'000 for the deposit and the house is 115,500. i have excellent credit score and my wife has a good credit score the only negative things we have is my ex partner is listed as financial connection from 5 years ago when we had a joint account but she is no longer on there. and the last few months we have been spending a more than normal on takeaways and junk food but we have never gone overdrawn. in your view do we have a good chance of getting accepted for a mortgage? we have a meeting with a mortgage adviser next week     

@mard1980 Based on the limited info in your post, at 80% LTV, looking to borrow less than 3 times basic income and with a bad-credit financial association 5+ years old, it should be fine.

The recent 'splurge' in discretionary spending should have no impact on your chances.

Do mention the old financial association and send across a copy of your credit report to the broker before the meeting so they can see the details and keep it in mind when recommending a lender. Good luck!

ang2999

ang2999 said:

K_S said:

ang2999 said:

Hi, is it possible for me to apply for a mortgage in my name only when i am married? 

@ang2999 Yes, it is possible with some not all lenders. Also depends on whether the non-borrower spouse/partner is contributing to the deposit or not, and the reason for leaving off the partner/spouse. But there's a lender for every scenario.

Thanks, my husband has a settled default and also his child maintenance affects our affordability. I will be debt free before applying, i would be using the first home fund though so this reduces my option of lenders

Also the deposit will be gifted by my mum

K_S

ang2999 said:

ang2999 said:

K_S said:

ang2999 said:

Hi, is it possible for me to apply for a mortgage in my name only when i am married? 

@ang2999 Yes, it is possible with some not all lenders. Also depends on whether the non-borrower spouse/partner is contributing to the deposit or not, and the reason for leaving off the partner/spouse. But there's a lender for every scenario.

Thanks, my husband has a settled default and also his child maintenance affects our affordability. I will be debt free before applying, i would be using the first home fund though so this reduces my option of lenders

Also the deposit will be gifted by my mum

@ang2999 This is definitely one for a broker so I would recommend considering using one when it's time to buy. Good luck!

Tash

Please help with Interest only mortgage advice. 
Basically we have an interest only mortgage, due to finish in 3 years.
We want to downsize but still have 2 adult children living here so that does influence things. Both desperately saving for deposits.
My question is if we sell and clear the mortgage we will not have enough equity to buy another property so would we be able to get a small mortgage to cover the difference?
Example sell house for £350000 clear mortgage of £180000 leaves £170000. We have £30000 we could release from pension so looking at possibly new mortgage of £70000. Obviously this isn't taking into consideration moving costs etc. Annual income £60000.
We obviously need to speak to our mortgage people but is this an option in principle?
Please don't judge our obvious stupid mistake of financial idiotic choices.

K_S

Tash said:

Please help with Interest only mortgage advice. 
Basically we have an interest only mortgage, due to finish in 3 years.
We want to downsize but still have 2 adult children living here so that does influence things. Both desperately saving for deposits.
My question is if we sell and clear the mortgage we will not have enough equity to buy another property so would we be able to get a small mortgage to cover the difference?
Example sell house for £350000 clear mortgage of £180000 leaves £170000. We have £30000 we could release from pension so looking at possibly new mortgage of £70000. Obviously this isn't taking into consideration moving costs etc. Annual income £60000.
We obviously need to speak to our mortgage people but is this an option in principle?
Please don't judge our obvious stupid mistake of financial idiotic choices.

@tash No judgement

In principle, yes this is definitely an option. In practice, how much you can potentially borrow will depend primarily on how far away you are from retirement, or whether you have an post-retirement pension income that you can evidence.

Tash

I no longer work. Husband planning to retire at 67

K_S

Tash said:

I no longer work. Husband planning to retire at 67

@tash How old are both of you now? Is he in a job where a retirement age of 70 is plausible?