Mortgage broker - ask me anything

doglover34

any idea on underwriting times for Aldermore?? getting slightly worried now ... its been 9 working days so far.... sigh! Slightly impatient as getting pressure from buyer to move forward.

haras_n0sirrah

trackboy said:

haras_n0sirrah said:

trackboy said:

haras_n0sirrah said:

trackboy said:

haras_n0sirrah said:

trackboy said:

Hi,
I am currently in secure job on railway earning well over 50k. I have recently started a 2nd job working from home. I will be getting my first pay cheque from my 2nd job by end of October. 

I have seen a property that I like and have made offer hoping to be accepted. My question is during the times like now would it be possible to get mortgage using both my job. Are there any Lenders that will accept me with 10% deposit. 

Generally you will need 6 months in a second job before lenders will include it. How much do you need to borrow? Would it fit affordability on just the first job? There is a lender with 15% deposit who may include a second job with less than 6 months however it will be subject to a plausibility check (are the jobs in similar fields, are the hours in each job sustainable etc)

I will need to include my 2nd job to get the mortgage i am looking for roughly 400k figure. My 2nd job is flexible work from home so doesn't get in way of my 1st job. 6 months sounds like a lot. Is there no possibility of getting it with 1st payslip?

At 10% I think you will struggle - there just are so few lenders in that space. Have you got any possibility of getting to 15%?

No at most I could manage is 12%. My credit score is excellent will that help? Also my first job I am getting promoted within 3 months times. Which will boost my salary to 60k for my first job.

I have had a look - with the lenders currently doing 10% you would need to have had job 2 for 6 months. There is a possibility though of using a payrise if the employer will confirm it in writing and it is due to start within the next 3 months

Yeh I can get that in writing that should not be problem. Does that mean I can use my 2nd job with 1 payslip and 10% deposit.

You won't be able to use your second job unless you can get a 15% deposit. All the 10% lenders have a 6 month in second job requirement.
If you can get confirmation of your payrise it is possible you can use your higher income in job 1 but you still won't be able to use job 2

haras_n0sirrah

doglover34 said:

any idea on underwriting times for Aldermore?? getting slightly worried now ... its been 9 working days so far.... sigh! Slightly impatient as getting pressure from buyer to move forward.

I am afraid I haven't used them since feb. What has your broker/ Aldermore direct said?

doglover34

haras_n0sirrah said:

doglover34 said:

any idea on underwriting times for Aldermore?? getting slightly worried now ... its been 9 working days so far.... sigh! Slightly impatient as getting pressure from buyer to move forward.

I am afraid I haven't used them since feb. What has your broker/ Aldermore direct said?

MA said 8 days and is chasing .... but havent even had valuation instructed yet! should i be worried?

claire8370

Great thread.
Is a second job given the same weight as a main job? I have been running an Etsy shop for a couple of years and bring in about £10k a year. Would that me multiplied by the same rate as my main job?

haras_n0sirrah

claire8370 said:

Great thread.
Is a second job given the same weight as a main job? I have been running an Etsy shop for a couple of years and bring in about £10k a year. Would that me multiplied by the same rate as my main job?

It varies from lender to lender. A number of them do. For an etsy shop it would be last 2 years profit

MSN2220

haras_n0sirrah said:

MSN2220 said:

Hello. Please can you share the wait times for Kent Reliance? 

Thanks 

approx 6 working days

Thank you. Is that application to offer? 

haras_n0sirrah

MSN2220 said:

haras_n0sirrah said:

MSN2220 said:

Hello. Please can you share the wait times for Kent Reliance? 

Thanks 

approx 6 working days

Thank you. Is that application to offer? 

Unfortunately not. 6 working days to look at documents. The offer will depend on how fast the survey can be done 

des01_2

Hi, my partner is 56 and I'm 50, we have excellent credit reports, no loans, have 2 credit cards £0 balance so can close them, secure employment in these times (key workers) substantial deposit but told can only get 13 yr mortgage by our bank so our borrowing capacity reduced.  Good pension pots.  Any chance of ever getting a mortgage with longer term? Thanks

haras_n0sirrah

des01_2 said:

Hi, my partner is 56 and I'm 50, we have excellent credit reports, no loans, have 2 credit cards £0 balance so can close them, secure employment in these times (key workers) substantial deposit but told can only get 13 yr mortgage by our bank so our borrowing capacity reduced.  Good pension pots.  Any chance of ever getting a mortgage with longer term? Thanks

There are lenders who will go to 75 as long as you are currently paying into a pension and even 80 depending on your job