1st Time mortgage questions

randombetas

Hello all my wife and I are looking for our 1st mortgage but we have a few questions, 

1) We have no to very little deposit at the moment so are looking at a 1% deposit one or the Skipton track rate mortgage will this hinder us (will change when my wife gets a redundancy payment?) 

2) My wife is being made redundant her last day is sometime Feb but she's getting a pilon payment and leaving in December & then getting 9 months redundancy in Feb would this hinder us applying for a mortgage (was going to use most of the redundancy as a deposit but not sure how that would work as I'm only on about 22k per year how they'd be able work out how much we'd be able to borrow (my wife is actively looking for work at the moment. 

3) Will they look at both accounts when deciding on if we're eligible for a mortgage (I pay my wife every 4 weeks when I get paid my half of the bills) as they all come out of her account. 

4) Are P60s better then a monthly wage slip as proof of income  (just worried as being paid 4 weekly I get 13 paydays a year)

5) Will it affect our application if we're claiming Universal Credit & will they ask for our statements? 

6) If I have shares in a work save as you earn scheme (not matured or fully paid into) do they take that income into account also paying into a company pension? 

7) Will they lend to os we're 44 and 45 this year will this affect us, I realise the lending term might have to be less. 

8) If we get a Dip what kinds of information do they need to know to approve your application? 

Myci85

You would be best posting this on the mortgages board as there are mortgage advisors on there that might be of more help. 

Edi81

Your wife needs to find a new job before applying for a mortgage. 

jbrassy

I think you will struggle to get a mortgage if your wife is being made redundant. I would wait until she has a new job. Lenders will typically ask for payslips. A lot of people get paid monthly, so getting paid every 4 weeks isn't a problem. The lender will look at both of your accounts (specifically the accounts you get paid into). If you're 45 now, you should still be able to get a mortgage. 

To be honest, the best thing you can do is speak to a mortgage broker who can probably give you better answers than anyone on here can. Maybe speak to L&C mortgage brokers who are free to use.