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+--- Thread: Mortgage Advice? (/showthread.php?tid=7735)
Mortgage Advice? - Saraj - 30-04-2019
Stoney I knew it was expensive down here, but the prices you guys are talking about sound crazy low, I might have to move up there!
The FLAT I rent off a mate is valued at £240k, and costs me £750 a month plus (a lot of) bills. Rent is high here, but I could not even consider a mortgage to buy a house in Exeter, they would laugh me out of the bank!
Yh houses round here are pretty cheap, but the pay kind matches, im on 7.29 per hour, and it took me 3 years to get this job at a hospital.
you either got to work as a taxi or in a factory otherwise here in Nelson....
Mortgage Advice? - DaveEdin - 30-04-2019
I used to work for a bank dealing with mortgage applications - the bank will look more favourably on a joint application (even if there's only one of you contributing/paying) as it spreads their risk over two people rather than one..
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
Mortgage Advice? - Saraj - 30-04-2019
Anees I am self-employed and before the bank would give me a mortgage I needed 20% deposit.
Good Luck in your search Saraj.
I have heard that Burney and Nelson have low property prices. What kind of areas are these cheaper properties in? Is there much of a rental market?
the areas are not bad, one house for 25k just sold, and that was round the corner from where i live at the moment
DaveEdin I used to work for a bank dealing with mortgage applications - the bank will look more favourably on a joint application (even if there's only one of you contributing/paying) as it spreads their risk over two people rather than one..
So long as your wife doesn't have a poor credit history, add her onto the application. I've seen that make a difference to underwriters...
so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
Mortgage Advice? - Anees - 01-05-2019
Saraj so you saying even my wife doesnt work or earn money put her name down anyhow? hmm.....
That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
Mortgage Advice? - Saraj - 01-05-2019
Anees That is true. When I applied for mine, the mortgage advisor at the bank said to put my wife down. Even though she does not work at the moment due to taking care of our baby (a much harder job!) because the child benefit was in her name it counted as extra income so did help the application. :thumbup1:
nice one, ive managed to change my application with the post office online as its gone to the underwriter, added my wifes name and declared the child tax credits and benefit on her name as those payments go to her account anywhere.
Mortgage Advice? - Demon - 01-05-2019
We recently bought a house, all be it for alot more money but house prices here are quite high.
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
Mortgage Advice? - Saraj - 01-05-2019
Demon We recently bought a house, all be it for alot more money but house prices here are quite high.
Our Credit raiting is very good. I have no credit cards or loans and Sarah has 1 credit card that she pays off in full each month. Our house was bought for £155k and we put a 20% deposit down (£31k). We where really lucky and only had a 20% deposit as we saved for 3 years solid and Sarah's parents gave us £10k.
We saw a few banks about mortgages but only got a idea of what they would lend us. We went to a broker as well but they don't charge for there advice. Instead they get a finders fee from the provider so we don't get charged. In the end they couldn't offer us a rate as good as Natwest so we went directly to them. As we had a good deposit our rates are 4.19% fixed for 2 years which is the best we could get at the moment.
When you looked at the other mortgagaes did you actually apply for them? Reason i ask is that we where told if you apply for over 3 mortgages and don't take them out or get declined it actually goes against your credit rating!
I think if you had a 15% deposit then you should be ok.
Good luck with getting it sorted.
Jason
I currently only have a 10% but if i wait a few more months then i will have a 20% deposit.
the post office is my third application and my last one, if i dont get this with the underwriters reviewing it, then im going to hold off till end of this year, where some searches on my credit file will go plus ill have a better deposit.
Mortgage Advice? - Lexusboy - 01-05-2019
What Banks will also do is look at any other loans that you may have.
So its important to make sure these are cleared first.
Do not apply to too many companies as other have said or this will work against you.
Also the banks will look at the time your been working with your present employees.
Good luck with the post office.
Mortgage Advice? - FirebirdPhil - 01-05-2019
As others have said and I said earlier get at least 15%. I am selling my house and turned 5 buyers away because they had less then 15% at the advice of the estate agent.
I hope my current buyer don't mess me about as much as the previous one.
Mortgage Advice? - Sparkystav - 01-05-2019
Marsdendean ^^ I only had 10% and had the solicitor change the paperwork so it worked out as a 10% + 5% vendor paid . . .
similar to what im doing, but its my parents old house so its a "family gift"