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  • FIRST POST
    • LawrenceMPA
    • By LawrenceMPA 20th Jul 19, 3:31 PM
    • 13Posts
    • 1Thanks
    LawrenceMPA
    Will I likely get approved a mortgage?
    • #1
    • 20th Jul 19, 3:31 PM
    Will I likely get approved a mortgage? 20th Jul 19 at 3:31 PM
    I am currently living alone in a council flat but hoping to move out with my gf. I will have about 12k in savings and she will have about 15k.

    I earn about 19k plus some over time. I also get approx 800 a month in benefits because I have bipolar. Obviously I wonít be able to get universal credit when we move out because she earns over the threshold at 30k.

    When we move out Iíll only get 350 benefits and I donít know how long this will last.

    We want to move out to a place worth about 240k. Weíll pay it in proportion to what we earn. So I think Iíll be paying about 400 which is less than what I pay now but obviously Iíll be earning less. All my benefits go into savings and I rarely need to cut into them.

    Problem is I have a bit of a gambling habit and I bet about 20 pounds a week and also spend about 30 quid a week on takeaways/meals out.

    Will this likely be a problem? Other than that I am pretty good about money.

    TIA
Page 1
    • csgohan4
    • By csgohan4 20th Jul 19, 3:57 PM
    • 6,299 Posts
    • 4,215 Thanks
    csgohan4
    • #2
    • 20th Jul 19, 3:57 PM
    • #2
    • 20th Jul 19, 3:57 PM
    Regular betting maybe an issue with some lenders, generally you can borrow x4.5 of your gross income, benefits may not be taken into account

    suggest get a good broker to evaluate your options
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • da_rule
    • By da_rule 20th Jul 19, 4:48 PM
    • 3,402 Posts
    • 3,078 Thanks
    da_rule
    • #3
    • 20th Jul 19, 4:48 PM
    • #3
    • 20th Jul 19, 4:48 PM
    Eating out and a wide variety of other things are usually classed as optional rather than compulsory spends in relation to affordability (and it may be that you simply can't afford to anyway).

    Assuming a 10% deposit, your savings would only leave you £3,000 to cover legal costs and move costs. If this is all of your savings then you will also lose any safety net.
    • Bossypants
    • By Bossypants 20th Jul 19, 7:31 PM
    • 936 Posts
    • 1,839 Thanks
    Bossypants
    • #4
    • 20th Jul 19, 7:31 PM
    • #4
    • 20th Jul 19, 7:31 PM
    The betting might be a problem. A friend of mine was refused because he put £5 on his favourite football team whenever they played, even though it was well within his budget to do so. In the end he had to stop for several months so that he would have 3 months of 'clean' bank statements to show the lender before he could be approved.

    Just one anecdote, of course, and lender policies always vary, but it might be worth considering stopping for a few months before you plan to apply, just in case.
    • comedyseeker123
    • By comedyseeker123 14th Aug 19, 12:11 PM
    • 48 Posts
    • 24 Thanks
    comedyseeker123
    • #5
    • 14th Aug 19, 12:11 PM
    • #5
    • 14th Aug 19, 12:11 PM
    You earn £19k in a full time job, with some overtime and £800pm in benefits? Just curious how you are getting money for having a disability that's not preventing you from working?
    • comedyseeker123
    • By comedyseeker123 14th Aug 19, 12:12 PM
    • 48 Posts
    • 24 Thanks
    comedyseeker123
    • #6
    • 14th Aug 19, 12:12 PM
    • #6
    • 14th Aug 19, 12:12 PM
    How will you be getting less for moving house?
    • comedyseeker123
    • By comedyseeker123 14th Aug 19, 12:13 PM
    • 48 Posts
    • 24 Thanks
    comedyseeker123
    • #7
    • 14th Aug 19, 12:13 PM
    • #7
    • 14th Aug 19, 12:13 PM
    Also your deposit is 8%. Unlikely.
    • ashe
    • By ashe 14th Aug 19, 12:19 PM
    • 661 Posts
    • 465 Thanks
    ashe
    • #8
    • 14th Aug 19, 12:19 PM
    • #8
    • 14th Aug 19, 12:19 PM
    Go see a broker, they will know which lenders will be more likely to ask for statements. I do matched betting so had about 200k of bets go through my accounts in the 6 months leading up to our application, I was fairly thankful Nationwide didnt ask for statements lol.
    • suffolkboy_
    • By suffolkboy_ 15th Aug 19, 12:46 PM
    • 19 Posts
    • 8 Thanks
    suffolkboy_
    • #9
    • 15th Aug 19, 12:46 PM
    • #9
    • 15th Aug 19, 12:46 PM
    Also your deposit is 8%. Unlikely.
    Originally posted by comedyseeker123
    Plenty of lenders offering 95% LTV. HSBC being one of the main high street ones, but there's many others.
    • sal_III
    • By sal_III 15th Aug 19, 1:03 PM
    • 1,043 Posts
    • 1,031 Thanks
    sal_III
    Also your deposit is 8%. Unlikely.
    Originally posted by comedyseeker123
    Math fail...
    27k deposit for 240k property isn't 8% you don't even need a calculator to see it's over 10%

    Gambling might be a problem with some lenders, takeaway is not. Also a lot of lenders will not consider benefits, but that shouldn't be a problem since your combined salaries are 49k+ which at 4.5 is enough.

    As others have suggested contact a broker, give him all the facts and listen to his professional opinion.

    I hope you have carefully considered that step, having never lived together with your GF and jumping straight into joint mortgage is a huge step. This board is full of cautionary tails how this can end up very badly.
    • sammyjammy
    • By sammyjammy 15th Aug 19, 2:28 PM
    • 4,663 Posts
    • 5,118 Thanks
    sammyjammy
    You earn £19k in a full time job, with some overtime and £800pm in benefits? Just curious how you are getting money for having a disability that's not preventing you from working?
    Originally posted by comedyseeker123
    OP is likely in recepit of PIP, its not means tested and it is payable to those in work, what doesn't make sense is why this would drop to £350pm after he moves in with girlfriend....

    Although also mentions UC so maybe lives in London with high rental....
    "You've been reading SOS when it's just your clock reading 5:05 "
    • Crumble2018
    • By Crumble2018 15th Aug 19, 2:30 PM
    • 100 Posts
    • 97 Thanks
    Crumble2018
    OP is likely in recepit of PIP, its not means tested and it is payable to those in work,
    Originally posted by sammyjammy

    That makes no sense to me. No wonder this country is in a mess.
    • muhandis
    • By muhandis 15th Aug 19, 4:03 PM
    • 928 Posts
    • 666 Thanks
    muhandis
    That it makes no sense to you makes no sense to me. Would you rather he didn't work at all and was then eligible for full-blown benefits rather than the top-up? No wonder this country is in a mess.

    "PIP is a welfare benefit that is intended to help adults with the extra costs of living with a long-term health condition or a disability."

    That makes no sense to me. No wonder this country is in a mess.
    Originally posted by Crumble2018
    • milliemonster
    • By milliemonster 15th Aug 19, 4:46 PM
    • 3,624 Posts
    • 6,278 Thanks
    milliemonster
    That it makes no sense to you makes no sense to me. Would you rather he didn't work at all and was then eligible for full-blown benefits rather than the top-up? No wonder this country is in a mess.

    "PIP is a welfare benefit that is intended to help adults with the extra costs of living with a long-term health condition or a disability."
    Originally posted by muhandis
    Thatís fine but the op clearly doesnít need PIP to help with the extra costs of living with bipolar if heís saving the entire lot every month
    • Crumble2018
    • By Crumble2018 15th Aug 19, 5:17 PM
    • 100 Posts
    • 97 Thanks
    Crumble2018
    As a Bipolar sufferer myself, I fail to see how the OP needs £800 a month in benefits to live independently if he is already earning £19,000. There are families struggling to afford food out there, so no, it still makes no sense to me.
    • millwalls
    • By millwalls 15th Aug 19, 6:54 PM
    • 18 Posts
    • 66 Thanks
    millwalls
    As a Bipolar sufferer myself, we should know better than anyone else that there is a spectrum for Bipolar and the impact on one person suffering from the condition can be completely different from the next.

    And also that 19k in one part of the country is completely different from the same amount in another part.

    As a Bipolar sufferer myself, I fail to see how the OP needs £800 a month in benefits to live independently if he is already earning £19,000. There are families struggling to afford food out there, so no, it still makes no sense to me.
    Originally posted by Crumble2018
    • BelowTheLine
    • By BelowTheLine 15th Aug 19, 7:01 PM
    • 52 Posts
    • 36 Thanks
    BelowTheLine
    That's just how it works. Plenty of non-means tested benefits like Attendance allowance (for pensioners who have care needs because of a disability), Carer's allowance, child benefit, guardian's allowance, older person's bus pass, winter fuel payments, etc etc etc don't check whether the claimant can do without them or whether they spend the extra money.

    The admin required to check whether everyone eligible for benefits were spending every penny they were entitled to would be enormous and impractical.

    Thatís fine but the op clearly doesnít need PIP to help with the extra costs of living with bipolar if heís saving the entire lot every month
    Originally posted by milliemonster
    • Crumble2018
    • By Crumble2018 15th Aug 19, 7:22 PM
    • 100 Posts
    • 97 Thanks
    Crumble2018
    I’m fully aware that there is a spectrum, but the fact that the OP is holding down a job says to me that he shouldn’t be getting benefits. Especially when he says he’s spending £30 a week on takeaways and has a gambling habit. And all his benefits go into savings!! So basically the taxpayer is paying the OP’s deposit for a property, whilst others in genuine need are living in poverty!! I can’t actually believe anyone could think this is ok!!
    Last edited by Crumble2018; 15-08-2019 at 7:24 PM.
    • comedyseeker123
    • By comedyseeker123 15th Aug 19, 7:54 PM
    • 48 Posts
    • 24 Thanks
    comedyseeker123
    https://www.gov.uk/pip/what-youll-get

    Only £140 max!
    • RedFraggle
    • By RedFraggle 16th Aug 19, 7:15 AM
    • 824 Posts
    • 2,284 Thanks
    RedFraggle
    Originally posted by comedyseeker123
    Weekly, plus other benefits. They didn't say the £800 was PIP.
    Nor did they ask for opinions on their entitlements.
    Good luck OP.
    Officially in a clique of idiots
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