Mortgage broker - ask me anything

haras_n0sirrah

keljnr said:

Hi haras,
We are due to remortgage, do the lenders go off last year's earnings? I only ask as 7 months ago my income increased. Will the bank's take this into account? 

I am self employed.
Many thanks. 

With self employed they will go off your last two years tax assessments so wont include income that is more recent however they will ask for the latest 3 months business bank statements so if your income has been good that will help to support your application 

Breadline_Bettie

Hi @haras_nosirrah
I know the mortgage market is fragile currently but our buyer is with Accord and 2.5 months post house offer he has no mortgage offer. Valuation survey carried out beginning of Sept, is this normal in current climes ? 
Thankyou 

becky8690

Were part way through a mortgage application and my husbands car dealership is offering him deals to upgrade his car, which we are tempted by as we have recently become new parents and his car is not the best room wise! We wouldn't want to pay more monthly but it would obviously start a new credit agreement. We understand we would need to wait until after completion to do something but would even waiting till then be a bad idea?

IAMIAM

How long are current remortgage offers valid until for Halifax and ATOM. Can I secure a deal now to drawdown in April?

Bornwild

Hello
I want to know what my chances are of getting a mortgage.
I am going to move back to the UK, husbands staying abroad due to his job. I will be working full time on a job wage of around 2 to 3k a month.
I also have enough to cover 15% deposit on on a house.
I know i cannot buy a house right away due to living over seas atm, but my aim is to work my !!!!!! of for a year, get a regular wage coming in and i also have savings in my bank what i can use towards the deposit.

Do i stand a chance to be accepted for a mortgage?
Is there anything i could do to help better my chances.
I part own a house abroad too what is worth 250k, Its being put on the market so maybe a chance i would have some of that money also as mortgage is 185k we already paid back abit.

Thanks

Sonya2506

I'm hoping to move house and looking for mortgage advice please.

I have approx £90k equity in my current property for the deposit but need a mortgage of around £140k. My income from salary is only £22000 although on top that I receive an additional £700 per month child maintenance and rent from a property I inherited (which is owned outright by me and is worth approx £90k). Will this additional income, and the fact that I own another property, be taken into account? Oh, and there's an added complication - I'm 55 so I'm assuming I'll only be able to take a 15 year term. 

My partner will be moving with me (and will obviously be contributing to the mortgage payments) however he is self employed without 2 years accounts - is there a realistic chance of me being accepted for a mortgage on my own?

haras_n0sirrah

Sonya2506 said:

I'm hoping to move house and looking for mortgage advice please.

I have approx £90k equity in my current property for the deposit but need a mortgage of around £140k. My income from salary is only £22000 although on top that I receive an additional £700 per month child maintenance and rent from a property I inherited (which is owned outright by me and is worth approx £90k). Will this additional income, and the fact that I own another property, be taken into account? Oh, and there's an added complication - I'm 55 so I'm assuming I'll only be able to take a 15 year term. 

My partner will be moving with me (and will obviously be contributing to the mortgage payments) however he is self employed without 2 years accounts - is there a realistic chance of me being accepted for a mortgage on my own?

If you have a track record for both the maintenance and the rental then yes some lenders will use it

haras_n0sirrah

Bornwild said:

Hello
I want to know what my chances are of getting a mortgage.
I am going to move back to the UK, husbands staying abroad due to his job. I will be working full time on a job wage of around 2 to 3k a month.
I also have enough to cover 15% deposit on on a house.
I know i cannot buy a house right away due to living over seas atm, but my aim is to work my !!!!!! of for a year, get a regular wage coming in and i also have savings in my bank what i can use towards the deposit.

Do i stand a chance to be accepted for a mortgage?
Is there anything i could do to help better my chances.
I part own a house abroad too what is worth 250k, Its being put on the market so maybe a chance i would have some of that money also as mortgage is 185k we already paid back abit.

Thanks

There are lenders who will consider using your husbands income as well as long as one of you is permanently resident here (not all countries covered)
You will need to have a uk credit history - have you got a uk bank account?

haras_n0sirrah

IAMIAM said:

How long are current remortgage offers valid until for Halifax and ATOM. Can I secure a deal now to drawdown in April?

Some lenders are six months, some are shorter. Check how long your chosen lenders remortgage offers are valid for 

haras_n0sirrah

becky8690 said:

Were part way through a mortgage application and my husbands car dealership is offering him deals to upgrade his car, which we are tempted by as we have recently become new parents and his car is not the best room wise! We wouldn't want to pay more monthly but it would obviously start a new credit agreement. We understand we would need to wait until after completion to do something but would even waiting till then be a bad idea?

I would avoid making changes until after completion if you can