We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
1st time mortgage
randombetas
Posts: 67 Forumite
Hello all did post on a other bit of this forum but was advised to post it here, 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?
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 year how they'd be able work out how much I 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 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 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?
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?
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 year how they'd be able work out how much I 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 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 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?
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards