Odds of getting approved for a mortgage?

dude7691

K_S said:

@dude7691
Big picture, you will be aiming to buy a 120k house with a 75k deposit, so looking to borrow 45k at <40% LTV.
Expected income around 16k with a full time employment history of at least 6 months.
Looking to borrow less than 3x income, assuming no dependents, debt or other major outgoings, no credit issues, and form of income being steady, as of today you would not have any issues at all getting the mortgage you need.
I hope that helps.

That all makes sense to me, thank you kindly for that  

dude7691

dimbo61 said:

If you get offered a pension from any employer you just say Yes please no questions needed.
Very important to start saving into a pension as you get FREE money from your employer and tax relief on top.
Even auto enrollment type pensions will pay double what you pay in plus interest built up over many years.
If you are good with your hands and wiling to attend night school courses on building, bricklaying, plumbing and electrical work you could make a good career out of property development.
Sometimes life gets in the way of our long term plans.
Hopefully your open university course may lead to a well paid career

Yes no that's fair enough I know pensions are brilliant, so I will definitely say yes after having read that. Thank you, I'm doing an economics course so I'm hoping to get some sort of role in government maybe and it's a degree I enjoy, so I'm just seeing where it leads really, thank you  

dude7691

MWT said:

dude7691 said:

Managed to save nearly £35k over that time, just doing the odd bit of online work, informal cleaning and house renos for friends/family and my grant

... just take care with the 'informal' earnings as you get closer, as you will have to show the source of your funds at some point and undocumented, untaxed cash deposits will be a problem...

I will do, I test websites and do the odd survey, gardening, cleaning but this is only sporadic and yeah not a lot. I'm not doing anything sketchy at all, but of course I don't really keep a track of it yet as I have no reason to, I don't earn enough to pay tax or NI and the type of work I do (online surveys/testing) doesn't require a tax return as far as I know. As for the friends and family stuff, I looked up the law on it and I'm all clear, I didn't even need to be invoiced. Obviously if I was earning over £183 a week, that would change I'm sure. Thanks for that advice though, come 2022 onwards I'll keep a much tighter track of where it's all coming from  

dude7691

FTB_Help said:

Agree with mwt, you may need to prove where you got your deposit from.

And if you've done some informal work i.e untaxed, then it might raise bigger issues, if its gifts then you'll need a signed letter to prove money gifted etc

Understood, I'll definitely keep a tighter track of it. How close to the mortgage application do you think I should start keeping track of this? Thank you  

FTB_Help

dude7691 said:

FTB_Help said:

Agree with mwt, you may need to prove where you got your deposit from.

And if you've done some informal work i.e untaxed, then it might raise bigger issues, if its gifts then you'll need a signed letter to prove money gifted etc

Understood, I'll definitely keep a tighter track of it. How close to the mortgage application do you think I should start keeping track of this? Thank you  

All my deposit was from savings (and I've been in my current job for 2 years) so they did not look too much in detail with me (I did send them my annual saving account statement where they could see monthly transfers were being made from my current account to the savings), but all situations are different, as you're looking to apply 6 months in a job, they may look more into detail, so just keep everything tracked just to be safe and organised for when you do apply 

dude7691

FTB_Help said:

dude7691 said:

FTB_Help said:

Agree with mwt, you may need to prove where you got your deposit from.

And if you've done some informal work i.e untaxed, then it might raise bigger issues, if its gifts then you'll need a signed letter to prove money gifted etc

Understood, I'll definitely keep a tighter track of it. How close to the mortgage application do you think I should start keeping track of this? Thank you  

All my deposit was from savings (and I've been in my current job for 2 years) so they did not look too much in detail with me (I did send them my annual saving account statement where they could see monthly transfers were being made from my current account to the savings), but all situations are different, as you're looking to apply 6 months in a job, they may look more into detail, so just keep everything tracked just to be safe and organised for when you do apply 

That's great to know thank you In terms of savings I spread it mostly across the best interest rates I can find and then in my Lifetime ISA also. It's still 4 years or so away but yeah, better safe than sorry  

Thrugelmir

There'll be questions over the source of the deposit given your expected income. £75k is a sizable sum.  Lenders use a mortgage verification scheme with the HMRC. In instances where questions arise.