Mortgage broker - ask me anything

payless

Surely  it would make sense for posters  to start a new thread for their questions, this way others may feel it is open for them to answer as well 

Notfarfromtheborder

Hope you can help with this one. My son has just started as a police constable, has had 2 pay slips. Which lenders would offer a mortgage based on a short work history albeit with good future employment prospects? What multiplier would bhe be looking at, think his salary is just shy of £25K?
Thanks

haras_n0sirrah

Notfarfromtheborder said:

Hope you can help with this one. My son has just started as a police constable, has had 2 pay slips. Which lenders would offer a mortgage based on a short work history albeit with good future employment prospects? What multiplier would bhe be looking at, think his salary is just shy of £25K?
Thanks

Several lenders are ok with short job history. Is he subject to the 24 month contract most police seem to be when newly in the job? If so also not an issue but something to be aware of as not all lenders ok with probationary periods 

Bolto

Hi. Thank you for this post. My husband and I need to move out of our rented flat. (I have a mortgage on a property I bought before we met, 70k left on it and never missed a payment but I do have 2 defaults. I can’t sell it at the moment as I have tenants in situ). 

My husband has perfect credit, earns 52k and we have 37k deposit. We’re looking for a property around 200k - 230k

Do you think he’ll be able to get a single applicant mortgage? 

haras_n0sirrah

Bolto said:

Hi. Thank you for this post. My husband and I need to move out of our rented flat. (I have a mortgage on a property I bought before we met, 70k left on it and never missed a payment but I do have 2 defaults. I can’t sell it at the moment as I have tenants in situ). 

My husband has perfect credit, earns 52k and we have 37k deposit. We’re looking for a property around 200k - 230k

Do you think he’ll be able to get a single applicant mortgage? 

There are lenders who will allow a spouse to be in the property as an authorised occupier. You may well be able to be on the mortgage as defaults doesn't mean you can't get a mortgage

becky8690

I am getting a mortgage with a gifted deposit, the giftor is using a facility they have that allows them a kind of "overdraft" but not against their properties as they own 2 and have paid off mortgages. Is this acceptable if my solicitor or lender asks them for proof of where the money is from. Neither have asked for any proof as of yet 

haras_n0sirrah

becky8690 said:

I am getting a mortgage with a gifted deposit, the giftor is using a facility they have that allows them a kind of "overdraft" but not against their properties as they own 2 and have paid off mortgages. Is this acceptable if my solicitor or lender asks them for proof of where the money is from. Neither have asked for any proof as of yet 

The solicitor will ask for proof but as long as it can be proven and it is a legal source then the giftor borrowing money isnt an issue.

becky8690

haras_n0sirrah said:

becky8690 said:

I am getting a mortgage with a gifted deposit, the giftor is using a facility they have that allows them a kind of "overdraft" but not against their properties as they own 2 and have paid off mortgages. Is this acceptable if my solicitor or lender asks them for proof of where the money is from. Neither have asked for any proof as of yet 

The solicitor will ask for proof but as long as it can be proven and it is a legal source then the giftor borrowing money isnt an issue.

Ah thank you for your quick reply! Yep all legal of course, its a facility they have from the bank that let's them borrow against the properties they own. I was worried that it wasn't accepted the giftor borrowing money to gift to us, we've supplied all documents for them to check for AML and a letter stating its a gift and not to be paid back, they just haven't asked for proof of funds from them yet

Newhome21

Possibly a silly question so I apologise in advance. Looking at purchasing a new build and wondered if renting until property completed would have any impact on the mortgage application as I know there would be searches done on credit file by landlord. 

Thanks in advance. 

haras_n0sirrah

Newhome21 said:

Possibly a silly question so I apologise in advance. Looking at purchasing a new build and wondered if renting until property completed would have any impact on the mortgage application as I know there would be searches done on credit file by landlord. 

Thanks in advance. 

It would have no impact - you have to live somewhere. The only thing to be aware of is that it will mean a short time at current address but that isnt too much of an issue