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  • FIRST POST
    • ncrawley
    • By ncrawley 11th Jan 18, 6:50 PM
    • 225Posts
    • 845Thanks
    ncrawley
    Chances of mortgage?
    • #1
    • 11th Jan 18, 6:50 PM
    Chances of mortgage? 11th Jan 18 at 6:50 PM
    Long story short, have mortgage in current house, in position by end of month to pay off entire mortgage plus credit card, loan and store card debts in full. We are looking to upsize asap and have seen a house that has been in the market for a while that is the !!!8216;perfect!!!8217; house.

    Slight problem in the fact partner was signed off from work in August 17 due to a traffic accident. Since the start of September we have been in overdraft in the main account (we have an agreed 2k overdraft, have been roughly 900-1,500 in the overdraft since, have only come out of it briefly). We had just had quite a bit of work done on the house so had no savings to cover the 4 months of my partner only receiving sick pay. She has now returned to her job (in fact has now been promoted which was due to take place prior to the accident) and will start getting full pay again at He end of January.

    As I say we will be completely out of overdraft, mortgage and debt free by the end of January.

    With this in mind, and the fact we really want the house we have seen (obviously subject to selling our current house).

    So the question is, where would we stand with producing g 3 months statements to a mortgage company, is there any point? Obviously we could wait 3 months to have a set of clear statements but we really want that house, would we be laughed out of the building?

Page 1
    • kingstreet
    • By kingstreet 11th Jan 18, 6:54 PM
    • 33,532 Posts
    • 18,170 Thanks
    kingstreet
    • #2
    • 11th Jan 18, 6:54 PM
    • #2
    • 11th Jan 18, 6:54 PM
    Can't see any problems, myself.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 11th Jan 18, 7:10 PM
    • 58,876 Posts
    • 52,198 Thanks
    Thrugelmir
    • #3
    • 11th Jan 18, 7:10 PM
    • #3
    • 11th Jan 18, 7:10 PM

    With this in mind, and the fact we really want the house we have seen (obviously subject to selling our current house).
    Originally posted by ncrawley
    This is probably your biggest challenge. Though hopefully you'll make yourselves financially securer following the windfall. An underwriters only potential concern would be that you are simply proposing to expose yourselves to an even greater financial risk.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • ncrawley
    • By ncrawley 11th Jan 18, 7:26 PM
    • 225 Posts
    • 845 Thanks
    ncrawley
    • #4
    • 11th Jan 18, 7:26 PM
    • #4
    • 11th Jan 18, 7:26 PM
    Can't see any problems, myself.
    Originally posted by kingstreet
    Thought it would look really bad, I know since 2014 it has got harder to get mortgages, we got our current one in 2012 when things were a bit easier!

    • ncrawley
    • By ncrawley 11th Jan 18, 7:27 PM
    • 225 Posts
    • 845 Thanks
    ncrawley
    • #5
    • 11th Jan 18, 7:27 PM
    • #5
    • 11th Jan 18, 7:27 PM
    This is probably your biggest challenge. Though hopefully you'll make yourselves financially securer following the windfall. An underwriters only potential concern would be that you are simply proposing to expose yourselves to an even greater financial risk.
    Originally posted by Thrugelmir
    Never had any finically problems prior to August, just a slight blip due to circumstances out of our control. Just bad timing that we had spent a lot of savings on improvements to the house ready for selling!

    • ncrawley
    • By ncrawley 11th Jan 18, 8:32 PM
    • 225 Posts
    • 845 Thanks
    ncrawley
    • #6
    • 11th Jan 18, 8:32 PM
    • #6
    • 11th Jan 18, 8:32 PM
    I realise anyway that by the time things are sorted in terms of house sales etc that we will probably be well more than 3 months down the line anyway so this won!!!8217;t matter but you never know how quick these things could happen!

    • amnblog
    • By amnblog 11th Jan 18, 9:25 PM
    • 10,544 Posts
    • 4,167 Thanks
    amnblog
    • #7
    • 11th Jan 18, 9:25 PM
    • #7
    • 11th Jan 18, 9:25 PM
    You are worrying about a problem that does not exist.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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