Mortgage Advice

[mccp]

+1 for seeing a mortgage broker.

Assuming that you own/control the company that you get your income from, the building society will want to see the company accounts as well as your own SA302 tax calculations.

Also, try the bank that you keep your company account with.

 

[steviec_lj]

Far from having a mortgage, however, we have just been offered a Mortgage in Principle from two outlets.

To be fair we didn’t think it would work out as quick as that, but yeh, the ball is effectively rolling and we’re one step further to our “forever” home - unless something spectacular comes along.

Picture to follow, if and when we have an offer accepted.

 

[Robotstar5]

I used a mortgage adviser who didn't charge anything as they get paid by the lender and as a bonus I got £250 from the lender for using them

 

[8ob]

I applied for a joint mortgage at the beginning of last year, joint offer was 217.5k, just enough for what we needed. That sale was postponed for unrelated reasons and we should be going ahead with it 1st/2nd quarter 2019, in that time I have been liquidising things I can live without to reduce my credit utilization and its been making a reasonable difference to my credit score and the the online calculators suggest when I re apply we should comfortably be able to be offered what we need again.

Do the children approve of the "we" bit Bruce

Bob

 

[roofman]

Far from having a mortgage, however, we have just been offered a Mortgage in Principle from two outlets.

To be fair we didn’t think it would work out as quick as that, but yeh, the ball is effectively rolling and we’re one step further to our “forever” home - unless something spectacular comes along.

Picture to follow, if and when we have an offer accepted.

Dont want to pee on your bonfire but an offer in principle is a far way off from a "formal offer"...Ive not long guided my daughter through the same thing and her having a secure well paid job in the city and good credit she still had to jump through hoops to get her mortgage and even got the knock back from a couple after not reaching there current criteria...tread wisely and goodluck

 

[Barlidge]

Do the children approve of the "we" bit Bruce

Bob

Haha, one of them does, I wouldn't have been able to get enough on my own and the eldest has no intention of leaving home but would like to get on the ladder so the 'we' is me and him.

 

[Morrisman]

Dont want to pee on your bonfire but an offer in principle is a far way off from a "formal offer"...Ive not long guided my daughter through the same thing and her having a secure well paid job in the city and good credit she still had to jump through hoops to get her mortgage and even got the knock back from a couple after not reaching there current criteria...tread wisely and goodluck

It took five visits to my bank before I actually made the ‘official’ application for remortgage!

I first had to go in and make an appointment to ask someone in the know about my particular financial problem: my income is foreign currency.

Turned up for that first appointment, to find the woman I was speaking to had no idea why I was there, or knew anything about foreign currency income.

Another appointment was booked, gave all my details...... guy would have to ask his boss.

Yet another appointment, and told yes, I can apply. (They seemed to miss the part where I get my income in US$ so I legally aren’t meant to avail of a mortgage in the UK)*

Final appointment to do the application, which was pretty simple eventually.

The guy even steered me onto a better deal than I had planned on, cheaper rate, no arrangement fee.

Banks are so amateurish sometimes, considering the responsibility they hold.


*My existing lender, Lloyds, would not remortgage me because I am paid in $

 

[snowcat]

+1 for seeing a mortgage broker.

Assuming that you own/control the company that you get your income from, the building society will want to see the company accounts as well as your own SA302 tax calculations.

Also, try the bank that you keep your company account with.

It seams that most are not that interested in accounts, as figures are massaged to show what they want, Generally with self employed there want 3 years of SA302 they will average the profit over the 3, deduct commitments and dependents and base there offer around that, If you go straight to a bank or BS the rule still is around 3 times annual earnings.

They will also want your tax statements to prove you've paid your tax as if you go bust the tax man is one of the few creditors that will pull rank over the bank.

When I re-mortgaged to build this place it was a far cry from my original Mortgage which was self-cert.....

If your a first time borrower without a shadow of a doubt go through a broker, also make sure they know everything financially about you it enables them to head any problems off before they start.

 

[julianf]

Allegedly, one of the advantages of a broker is that you can be entirely open with them, whilst similar behaviour toward the actual lender may cause them not to entertain you further.

They know the market better than you ever will (assuming they're half competent) and should be able to find a product to suite your particular circstances.

 

[Burdekin]

Consider a offset mortgage, especially if you’re a good saver as you can cut years off your mortgage.

 

[angellonewolf]

a mate said to me the other day as we where chating about mortages

he said whos the silly person the person the person that owes money on his mortage when hes dies or the person that pays it off year he died he said if you die oweing money your life insurance will have to pay any moneys owed

where as instead you can spend the money you dont over pay to the mortage on a better life when your alive

 

[Burdekin]

a mate said to me the other day as we where chating about mortages

he said whos the silly person the person the person that owes money on his mortage when hes dies or the person that pays it off year he died he said if you die oweing money your life insurance will have to pay any moneys owed

where as instead you can spend the money you dont over pay to the mortage on a better life when your alive

The person who owed the money I reckon as they’ll be kicking the bucket before they’re 65.

 

[Morrisman]

a mate said to me the other day as we where chating about mortages

he said whos the silly person the person the person that owes money on his mortage when hes dies or the person that pays it off year he died.....

The only way to profit from life is to die in debt. (Confucius... maybe...)

 

[addjunkie]

But when you become debt free, stress levels reduce, monthly outgoings reduce, often about the same time you may want your income to reduce as you retire!

 

[Robotstar5]

But when you become debt free, stress levels reduce, monthly outgoings reduce, often about the same time you may want your income to reduce as you retire!

Close, when we paid off our mortgage mrs Robo just increased the spending on her beloved horses to compensate

 

[slim_boy_fat]

Close, when we paid off our mortgage mrs Robo just increased the spending on her beloved horses to compensate

Back when I studied economics as part of my banking qualifications, that was known as ''the propensity to consume'

 

[angellonewolf]

But when you become debt free, stress levels reduce, monthly outgoings reduce, often about the same time you may want your income to reduce as you retire!

i agree in some way i dont use credit cards unless im stuck in a rut (have not been this way for 10 years)only use cards for internet buying payoff end of month any thing else pay out of my bank or cash out pocket the only money i owe it to a mortage and only got that beacuse i dont have thousnds to pay it off

me and otherhalf went round bristol center not been for months went round the xmas stalls in the center then round cabbt stores came out droped in to poundland and bought back with us i bag of fudge (xmas market) 1 cans of coke 3 packet of paracetamol bottle water and 1 detaol cleaner cost £9 on the way back to the car if this was 10 years ago we would have bought bags of stuff but as we got older (not that old)we have thrown so much stuff out that we no longer want or need we know now the best way is not to buy it in the first place