Mortgage broker - ask me anything

cosh25

Hi, just wondering of any brokers can help on gifted deposits.

A parent is looking at gifting me around £5000. Are there certain levels on what providers will require the bank statement etc for a gifted deposit?

RicardoKlement39

Hi. Crystal ball question. In 2024 I’ll be drawing some pension and we have decided to use it for a deposit on a home, how likely is it a 55 yr old get a mortgage? 

K_S

RicardoKlement39 said:

Hi. Crystal ball question. In 2024 I’ll be drawing some pension and we have decided to use it for a deposit on a home, how likely is it a 55 yr old get a mortgage? 

@RicardoKlement39 Your age by itself will not stop you from getting a mortgage or necessarily limit the term. For example there are mainstream lenders who will consider offering a 55 year old a 19 year term (up to 75) based on their employment income at 55. If you have a post-retirement pension income that you can evidence, then you can go beyond 75 as well.

kingstreet

cosh25 said:

Hi, just wondering of any brokers can help on gifted deposits.

A parent is looking at gifting me around £5000. Are there certain levels on what providers will require the bank statement etc for a gifted deposit?

Not really. Expect to have to complete a lender form or letter to the lender's specification and obtain donor ID and bank statement evidencing gift funds in-situ.

clippyclop

If inflation is going up and in theory wages, will my mortgage be eroded in real terms?  Is this upside to inflation outweighed by any downsides (such as interest rates possibly rising)?

Flo87

How far for commuting it`s to far in lenders eyes? I want to buy a house in Liverpool area  but the current job it`s in Birmingham, I`m trying to get a transfer but it will take a while to be sorted, I will willing to commute a period till everything it`s sorted with the job.

K_S

Flo87 said:

How far for commuting it`s to far in lenders eyes? I want to buy a house in Liverpool area  but the current job it`s in Birmingham, I`m trying to get a transfer but it will take a while to be sorted, I will willing to commute a period till everything it`s sorted with the job.

@flo87 There are no hard and fast rules unfortunately. It depends on the plausibility of what you are suggesting and how the underwriter views it.

TB1987

Hello,

Hoping for a bit of reassurance please. Thanks so much for the brokers posts on here, I’ve sat and read about 200 pages and it is so helpful!

My husband and I would like to move house in the New Year. Our current house is worth £170,000 and we owe £90,000 on our current mortgage so would have a £80,000 deposit.

Our joint income is £92,200. £5,200 of which is a car allowance (not sure how this affects joint income)

Our worry is our debt. We have a total of £40,000 on credit cards and a car loan of £18,000 of which repayment is £359 a month for another 55 months. The car allowance covers this which is why I mentioned it above.

The amount we want to spend on a new house is between £280,000 and £300,000 max. Do you see our debt stopping us doing this? I’ve done a lot of DTI calculators and the different mortgage lenders intermediary calculators which all come back positive but just worried about being declined. 

Thanks again for all of the super helpful posts on here. 

K_S

TB1987 said:

Hello,

Hoping for a bit of reassurance please. Thanks so much for the brokers posts on here, I’ve sat and read about 200 pages and it is so helpful!

My husband and I would like to move house in the New Year. Our current house is worth £170,000 and we owe £90,000 on our current mortgage so would have a £80,000 deposit.

Our joint income is £92,200. £5,200 of which is a car allowance (not sure how this affects joint income)

Our worry is our debt. We have a total of £40,000 on credit cards and a car loan of £18,000 of which repayment is £359 a month for another 55 months. The car allowance covers this which is why I mentioned it above.

The amount we want to spend on a new house is between £280,000 and £300,000 max. Do you see our debt stopping us doing this? I’ve done a lot of DTI calculators and the different mortgage lenders intermediary calculators which all come back positive but just worried about being declined. 

Thanks again for all of the super helpful posts on here. 

@tb1987 <75% LTV, 97k income (most lenders will treat car allowance as basic pay), looking to borrow less than 2.5x income, cc debt of 40k (most lenders will consider this as around £1,200 or so monthly outgoing) and monthly car loan payments of £359.

Based on the limited info in your post and assuming everything else is in the background is fine, other than a few lenders who use hard debt to income criteria, the background debt should not stop your plans. Good luck!

TB1987

K_S said:

TB1987 said:

Hello,

Hoping for a bit of reassurance please. Thanks so much for the brokers posts on here, I’ve sat and read about 200 pages and it is so helpful!

My husband and I would like to move house in the New Year. Our current house is worth £170,000 and we owe £90,000 on our current mortgage so would have a £80,000 deposit.

Our joint income is £92,200. £5,200 of which is a car allowance (not sure how this affects joint income)

Our worry is our debt. We have a total of £40,000 on credit cards and a car loan of £18,000 of which repayment is £359 a month for another 55 months. The car allowance covers this which is why I mentioned it above.

The amount we want to spend on a new house is between £280,000 and £300,000 max. Do you see our debt stopping us doing this? I’ve done a lot of DTI calculators and the different mortgage lenders intermediary calculators which all come back positive but just worried about being declined. 

Thanks again for all of the super helpful posts on here. 

@tb1987 <75% LTV, 97k income (most lenders will treat car allowance as basic pay), looking to borrow less than 2.5x income, cc debt of 40k (most lenders will consider this as around £1,200 or so monthly outgoing) and monthly car loan payments of £359.

Based on the limited info in your post and assuming everything else is in the background is fine, other than a few lenders who use hard debt to income criteria, the background debt should not stop your plans. Good luck!

Thanks so much for your quick response, much appreciated! 

I’m sorry our total joint income is £92,200 with the car allowance included. £86,780 without car allowance.

We have never missed a payment with anything or had payday loans so hopefully everything should be OK.

Thanks again!