Mortgage In Principle

Mintyrose

Advice needed please 🙏 

our situation 
56 & 57, 1st time buyers, deposit £85000 on a home of £160000, we are currently paying £125 per week rent 
1 full timer worker on minimum wage and a monthly pension on £270 net, we are struggling to get a MIP? Tried Halifax & Nationwide but can’t get approval, worked 15 years in this one employment,, holiday park as we live in holiday area , full time , permanent,,  why aren’t we able to get a MIP? What would be holding us up, as we can afford it, we would want a 10 year mortgage, so frustrating as we are ready to go, financially 

thanks for any advise 

MWT

Have you talked to a broker?

I suspect that you are coming up short due to the 10 year period, but if it is practical for the minimum wage job to go past retirement age a little, you may find lenders willing to consider you for a 15 year term and then if you are able to over-pay you may not need the full 15 years.

A broker can help you find the right solution for your circumstances, as the lenders may take a different view on what is really affordable than what you consider affordable..

Mintyrose

MWT said:

Have you talked to a broker?

I suspect that you are coming up short due to the 10 year period, but if it is practical for the minimum wage job to go past retirement age a little, you may find lenders willing to consider you for a 15 year term and then if you are able to over-pay you may not need the full 15 years.

A broker can help you find the right solution for your circumstances, as the lenders may take a different view on what is really affordable than what you consider affordable..

No we haven’t spoken to a broker, only gone through the above mentioned 2, very new to this and wouldn’t know where to start broker wise, also grok has told me not to apply for any more for 1/2 weeks, as searches show up, had an offer (I think) from Halifax,, would have to have a minimum deposit of £102k 

GrumpyDil

Have you read the mortgage section of the site which does provide recommendations for some brokers.  In your case I would definately be going through a broker as you don't look like a standard case and stop actually applying as full applications will show on your credit files and multiple applications over a short time frame isn't a good look.

Mintyrose

GrumpyDil said:

Have you read the mortgage section of the site which does provide recommendations for some brokers.  In your case I would definately be going through a broker as you don't look like a standard case and stop actually applying as full applications will show on your credit files and multiple applications over a short time frame isn't a good look.

Thank you ~ won’t searches from brokers show up on our files too though? 

ACG

The credit checks carried out at this stage with both of those lenders is a soft footprint so no harm caused - ignore Grok.

In the nicest possible way, speak to a broker rather than getting advice from unverified sources online. Its going to do more harm than good. You might find getting a mortgage secured against a property on a holiday park is tricky. But a broker will be able to answer all of your questions and do the research to recommend a suitable lender based on your circumstances. 

The broker works for you, so you can pick their brains about anything and everything along the way. Finding the cheapest product is something anyone can do. Our value comes in when you have issues or questions along the way. 

Mintyrose

ACG said:

The credit checks carried out at this stage with both of those lenders is a soft footprint so no harm caused - ignore Grok.

In the nicest possible way, speak to a broker rather than getting advice from unverified sources online. Its going to do more harm than good. You might find getting a mortgage secured against a property on a holiday park is tricky. But a broker will be able to answer all of your questions and do the research to recommend a suitable lender based on your circumstances. 

The broker works for you, so you can pick their brains about anything and everything along the way. Finding the cheapest product is something anyone can do. Our value comes in when you have issues or questions along the way. 

Thank you! Brain is on fire 🤣 we don’t have a property on a holiday park,, husband works at a holiday park, we are looking at moving out of local authority rental into our own bungalow 😀 we have 85k and property is 160k, so (in our heads) as husband has wage + pension, we can easily make the repayments over the next 10years, instead of years and years losing cash paying rent,, money is currently in premium bonds and adding to it monthly ( the private pension) so seems time to put it into bricks and mortar, can’t buy our council house as there is no right-to-buy in wales, which is a huge shame as we have lived here 32 years! Time is against us I now as hubby 57 

ACG

Ah sorry, I misunderstood. 
I think you will be fine though, but there could be something missed that is causing a problem. A broker will whizz through it all and get you back on track im sure. 

Mintyrose

ACG said:

Ah sorry, I misunderstood. 
I think you will be fine though, but there could be something missed that is causing a problem. A broker will whizz through it all and get you back on track im sure. 

ACG said:

Ah sorry, I misunderstood. 
I think you will be fine though, but there could be something missed that is causing a problem. A broker will whizz through it all and get you back on track im sure. 

Fingers crossed! Thanks for your help 

gwynlas

You need the services of a whole of market broker who will advise on the best lender for your circumstances. The mortgage lender pays their fees.

Given your large deposit and the private pension you should be able to get a longer than 10 year mortgage eg 13-15 years which will keep payments down. You can also overpay if you can afford it.

ACG

gwynlas said:

You need the services of a whole of market broker who will advise on the best lender for your circumstances. The mortgage lender pays their fees.

Given your large deposit and the private pension you should be able to get a longer than 10 year mortgage eg 13-15 years which will keep payments down. You can also overpay if you can afford it.

Not always, some brokers are fee free but the majority charge. We charge in most cases for example.