Excited to buy, but cannot get a mortgage agreement in principle, looking for advice...

Natrc

JS21 said:

Even though its hard, ignore what the hateful family members are saying - are they paying the mortgage or contributing to the bills? No, so it's none of their business. 

Also a lot can change in 3-6-9m, see it as an opportunity to continue saving for items such as furnishings, appliances etc after the actual House buying costs are used up and building a savings pot for rainy days. In that time, lenders offers may also change. For example we had a DIP in Jan with one lender based on a 10% deposit, but by the time we found a house we liked, offered on and it was accepted, out DIP had expired, we'd managed to save enough to now have a 15% deposit and our broker found us a better deal with a different lender and more favourable rates.

In that time your husband will also be working and will have more than enough of a 'probation period' amount of payslips. Re. Credit card, no harm in taking one out with a limit of £1000 if you're just going to be using it for daily bits like fuel and food shops - as everyone else has said, just set up the DD to put the full balance every month.

Good luck!

Thank you - sat down and had a chat with the more reasonable family members yesterday who all agreed that getting a CC, saving more and really optimising our position over the next 6-9 months would only work in our favour. So we have decided this is what we are going to do, and as you have said, this way we may be able to get a more favourable mortgage.
It will also give us a lot more time to be able to really look around the local areas and decide on where to focus our home buying search. We are relatively new to our area, and it would be nice to spend time walking around different areas locally to see where we do and don't like.
Onwards and upwards is my current attitude, going to apply for a credit card today.

Natrc

Swash said:

Just want to say I know it is rubbish but it will work out in the end. I was refused a mortgage for my first house for the same reason as you. I got a CC, paid for fuel with it and paid it off each month. I did this for 6 months and then applied for a mortgage again. No issues the 2nd time around. Good luck!

This is exactly the kind of advice/story I was looking for! Thank you. I was worried 6 months is not long enough for a credit card but hearing this has shown it's not, I'm going to apply for one today. Thanks again 

boxer234

Why on Earth are you discussing this with family members? Do you live with them ? If not it really is none of their business.   Do you want to buy a house or are you being pushed into it because it’s the sensible thing to do?  You are so young there is time to check out different areas and really work on your career before settling in one place.  What is you want to move jobs or go travelling? 

User4search

I had same issue,  due to poor credit history I was not getting mortgage but I got it after I consulted my mortgage broker , he got good reputation to sort out mortgages for like us. He did create my file more efficiently.  Let me know if you want contact 

Natrc

boxer234 said:

Why on Earth are you discussing this with family members? Do you live with them ? If not it really is none of their business.   Do you want to buy a house or are you being pushed into it because it’s the sensible thing to do?  You are so young there is time to check out different areas and really work on your career before settling in one place.  What is you want to move jobs or go travelling? 

Because I am close with my family? We have always shared things as a group, normally they are very supportive, but I didnt realise the house buying process would open up a can of worms, and everyone seems to have different opinions based on experience. All mean well, but it can feel very overwhelming. It may be none of their business, but thats how my family dynamic is, we are a close bunch who help eachother out, and we share everything, its how we support eachother. Not everyone will understand unless they have a similar family dynamic i guess. 

Oh goodness no, we are not being pushed into it at all. In fact we have had the "you are still young, you have plenty of time" from some family members/friends, its just others know the hardships of buying in the current market and know how keen me and my husband are to buy and get out of the renting cycle, and so they are encouraging us to buy asap if that is our intentions. 

For a bit of context, I am a newly qualified NHS junior doctor, and my husband is in construction, we have both worked incredibly hard on our careers, and finally feel settled in an area and in jobs, hence why we want to buy locally. Its ideal, its not a competative location for training positions in my line of work, its full of industry and construction for my husband, and its close to family and areas we like to explore (peaks, lakes, wales etc.). In terms of travelling, we have never really been that way inclined, we are currently in the position of thinking of starting a family in the next couple of years and it just doesnt interest us. I think now is the ideal time personally as we are both settled in jobs we love, we love the area and are ready to start a family in the not to distant furture. 

I hate the phrase "you are so young", because who is anyone else to judge what should and should not be acceptable at a certain age, everyone is different. I know 30 year olds who arent even thinking about buying, but I know 21 year old with mortgages, everyone has different priorities and goals. What you may think is young to do x/y/z others may think is a little older, it depends on your goals. It just so happens that ours is a house to call our own.