Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Talula1993
    • By Talula1993 10th Nov 18, 11:16 AM
    • 4Posts
    • 2Thanks
    Talula1993
    Chances of a mortgage. Only have job offers, questionable credit?
    • #1
    • 10th Nov 18, 11:16 AM
    Chances of a mortgage. Only have job offers, questionable credit? 10th Nov 18 at 11:16 AM
    We are a couple in our mid 20's, we have been renting for 4 years. We have been browsing the housing market where we are looking to move for about 18 months. And have only now seen a house we love so are desperate to make a move on it. However my partner thinks we are are lost cause right now and no one will accept us. However I feel there may be some mortgage providers who will. Here's our situation.

    We have both gone from self employed to permanent in the same month, therefore both have job offers (I have started and one month in, but not yet received full payslip), he only has his offer but he does not have a probation period, he starts in couple of weeks.

    My job is part time 3 days, paying 20,000, however has excellent over time rates. (Potential to double my salary). I also work on the nhs bank so do shifts with them a couple times a month. So I have potential to bump by salary up quite considerably.

    Partners job is paying 43,000, he is also going to work an extra 2 Saturday's a week bringing in 400 per month.

    But I'm not sure if anyone will consider the extra money we can bring in. So our basic will be joint income of 63,000

    Another issue is my credit. I don't have any CCJs or defaults that i know off, but a couple of late payments here and there, nothing that I haven't caught up on within same month. I have occasionally dipped into my over draft but very minimally and not often. Last time I looked at my score it was fair. I am at my max credit limit of 2000 but never miss a monthly payment. I have also purchased something on credit 0% interest for value of 1000 which I pay 100 a month towards.

    His credit score is perfect.

    Another issue is how my affordability looks, and of each month I'm left with very little, but this is due to spending about 700/800 on travel a month, with a permanent job and mortgage I'm obviously not going to be doing this anymore, but it's whether or not they'll see that? I make all bills and rent dispite paying that towards travel. He earned enough that he could spend this much and have quite a bit left over end of month.

    The house we are looking at is 220,000, we have 10% deposit....We have actually been offered quite a considerable amount to help with a purchase from family but would rather do it on our own. We might consider if we don't get accepted for a full 200k mortgage we might ask for help with shortfall, but it's more a worry that we won't get accepted for anything.

    So based on the fact we have;

    Only job offers to provide
    My affordability might look questionable and my credit score might not be good enough.

    What do you think our chances are?

    We have a meeting with a mortgage broker next week but worried we are wasting our time.

    Thank you in advance
Page 1
    • ACG
    • By ACG 10th Nov 18, 11:53 AM
    • 17,820 Posts
    • 9,605 Thanks
    ACG
    • #2
    • 10th Nov 18, 11:53 AM
    • #2
    • 10th Nov 18, 11:53 AM
    There is enough there to give it a go.
    Its probably a little hit and miss depending on how your credit reports look with the late payments but I would not rule out getting a mortgage.
    I am a Mortgage Adviser
    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.
    • LRmortgage
    • By LRmortgage 10th Nov 18, 5:23 PM
    • 76 Posts
    • 20 Thanks
    LRmortgage
    • #3
    • 10th Nov 18, 5:23 PM
    • #3
    • 10th Nov 18, 5:23 PM
    Overtime, extra hours, etc won’t be taken into account until proven by several months pay slips.
    However I agree with ACG.
    See a decent Broker and with your basic salaries and the amount you want to borrow it could be doable. The devil will be in the detail of your credit files.
    • Talula1993
    • By Talula1993 11th Nov 18, 10:43 AM
    • 4 Posts
    • 2 Thanks
    Talula1993
    • #4
    • 11th Nov 18, 10:43 AM
    • #4
    • 11th Nov 18, 10:43 AM
    Thanks

    I thought including extra earnings was a bit of a long shot.

    I could run another credit check on myself but part of me doesn't see the point if there's not much i can change about it right now. May aswell let the broker make his judgement.
    • mrginge
    • By mrginge 11th Nov 18, 11:16 AM
    • 4,684 Posts
    • 8,916 Thanks
    mrginge
    • #5
    • 11th Nov 18, 11:16 AM
    • #5
    • 11th Nov 18, 11:16 AM
    He’s going to be knackered working an extra two Saturdays a week.
    • Talula1993
    • By Talula1993 11th Nov 18, 12:34 PM
    • 4 Posts
    • 2 Thanks
    Talula1993
    • #6
    • 11th Nov 18, 12:34 PM
    • #6
    • 11th Nov 18, 12:34 PM
    Haha, Oops *month
    • Talula1993
    • By Talula1993 12th Nov 18, 2:27 PM
    • 4 Posts
    • 2 Thanks
    Talula1993
    • #7
    • 12th Nov 18, 2:27 PM
    • #7
    • 12th Nov 18, 2:27 PM
    Got a mortgage in principle from Halifax for 280. Wooo. (Very surprised)

    I know a mortgage in principle isn't set in stone but it's a positive step
    • FTBuyerGlasgow
    • By FTBuyerGlasgow 12th Nov 18, 8:24 PM
    • 46 Posts
    • 31 Thanks
    FTBuyerGlasgow
    • #8
    • 12th Nov 18, 8:24 PM
    • #8
    • 12th Nov 18, 8:24 PM
    Congratulations.

    On your basic salary 220k should be possible at high street banks.
    Started out with nothing, still got most of it left.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,505Posts Today

6,182Users online

Martin's Twitter
  • Watching Theresa May... seriously would anyone in their right mind truly want her job right now!

  • RT @thecheekypostie: @MartinSLewis Thanks to this, I have just skim read it. To those in Scotland - on page 548, Dounreay is mentioned by n?

  • Today's twitter poll: The 585 page draft agreement of the withdrawal of the UK from the EU has been published. A? https://t.co/8YLkPyzqYM

  • Follow Martin