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First Time Mortgage

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  • First Time Mortgage

    Hi All,

    I am new to the forum and would appreciate all your comments and opinions.

    I tried to apply for a mortgage about a year ago through a broker and was turned down for several mortgages. I think the reason being was I had student debt of £1800 on my student account and also some debt left on credit card

    I am now 26 and currently employed on £23k a year (stable income and been with company for 10 months). I have paid off all debt and paying my credit card in full every month. I have checked my experian report and my score is 891 which puts me in the 'good' category. However I have one default from Vodafone for £100, this was 5 years ago. I think this also had an impact on the decision a year ago.

    I think my credit report was very poor before as I could only get a LloydsTSB basic account which I still have now.

    My parents will be selling our current house that we live in now, worth around £170k with no mortgage and I will use that as a deposit and I want to borrow £100k more so we can move into a bigger house as my parents are no longer working.

    Therefore LTV ratio is not a problem.

    I was just wondering what are the chances of being accepted for a mortgage now in my current position? I am thinking of applying in a couple of weeks time. Also are there any suggestions for you guys and opinions.

    I am so worried that I will be rejected again, I am based in Birmingham and also want to find a good Mortgage Broker who could help me - any reccomendations?

    Many Thanks in advance for all your time and help!!

  • #2
    Re: First Time Mortgage

    get your credit report and score from equifax and experian first to make sure your credit file is up to date and correct - then speak to your bank and a broker
    Large mortgages and High Net Worth Mortgages from enness private clients

    Comment


    • #3
      Re: First Time Mortgage

      Hi Guys thanks for your replies.

      @ AK123 - are you based in Birmingham?

      @ Enness - I have already checked my report from Experian I check it every month, like I mentioned I have a 'good' credit score at 891.

      I am just worried I will get rejected, also what does the underwriters look at when looking at my statements

      Comment


      • #4
        Re: First Time Mortgage

        Hi 888boo

        You mention you've been in your current job for 10 months and earn 23k, but you applied for your mortgages a year ago. What was your employment status back then? As others have rightly said, there's no reason you shouldn't get approved with such a large mortgage deposit under your belt.

        Dan
        Free Guides For First Time Buyers!

        www.FirstTimeBuyerGuru.com

        Comment


        • #5
          Re: First Time Mortgage

          On paper it sounds like you will not have too many problems, some lenders have a soft-footprint, which simply means you can apply and if they do say no it does not affect your credit score. The other advantage to this is that you will find other lenders will not be able to see the search.

          I would speak with a local adviser and go from there.

          Regards,

          Chris

          Comment


          • #6
            Re: First Time Mortgage

            A mortgage broker would be able to tell you the best way of going about this but from what you have said already there should be no reason why you cannot get a mortgage given the sizable deposit you have.
            Anthony
            Compare the Mortgage Market
            http://www.comparethemortgagemarket.com

            Comment


            • #7
              Re: First Time Mortgage

              Try a mortgage broker. They should definitely help.
              Free Guides For First Time Buyers!

              www.FirstTimeBuyerGuru.com

              Comment


              • #8
                Re: First Time Mortgage

                8888boo have you managed to speak with an adviser yet and got this sorted out?
                Anthony
                Compare the Mortgage Market
                http://www.comparethemortgagemarket.com

                Comment


                • #9
                  Re: First Time Mortgage

                  I know how difficult it is to find a good Mortagage broker..few months before i too needed loan for my business, It was very difficult to find the right broker. Finally i found a broker...Butler Mortgage in ontario (butlermortgage.ca )and i took a loan at a fixed rate of 3.78%..I am happy with my broker for providing me with a comfortable rate.

                  Comment


                  • #10
                    Re: First Time Mortgage

                    shaxi - why dont you just find a broker that does not charge a fee for advice? A lot of advisers will work just on the commission they receive from the lender.
                    Anthony
                    Compare the Mortgage Market
                    http://www.comparethemortgagemarket.com

                    Comment


                    • #11
                      Re: First Time Mortgage

                      Looks good to me. You should get around 3.5 time salary.

                      Comment


                      • #12
                        Re: First Time Mortgage

                        builder66 - what information are you going on from 3.5 times salary? Maybe 10 years or so ago it was that but nowadays you are looking at 4-5 times annual income.
                        Anthony
                        Compare the Mortgage Market
                        http://www.comparethemortgagemarket.com

                        Comment


                        • #13
                          Re: First Time Mortgage

                          I agree with CompareTheMortgageMarket. 3.5 x your salary is a fairly old notion now.
                          Free Guides For First Time Buyers!

                          www.FirstTimeBuyerGuru.com

                          Comment


                          • #14
                            Re: First Time Mortgage

                            i guess you should meet the professionals to get it done right in your favor. If your job status is still the same then i guess you are not qualifying for this mortgage. A mortgage broker will definitely help you.

                            Comment

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