First Mortgage

[Bikesalot]

The time has finally come to try step on to the property ladder.

Me, i'm in full time employment and have been for the last 8 years, salary is approx £30k, I have a deposit similar to me annual income.

I will most likely formally approach a broker/lender in December to see what I can get, before then I have a few questions;

I will be purchasing with my partner who has recently qualified in the dental industry and will effectively be self employed. Whilst the wages are good she will only have 3 months earnings by December, will this have a negative impact?

I understand lenders will look in depth at my last 3 months of accounts, is there a benefit to providing a spreadsheet showing every penny of expenditure and detailing what it's been spent on?

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

[thebraketester]

Presuming you are looking to buy in Hertfordshire, I should imagine that you'll need a fair wedge more than 30K deposit.

[mangos]

I am currently buying in Hertfordshire with a £31k deposit + £5500 stamp duty, so can be done.

Not too sure on the accounts though.

[Sarnie]

Bikesalot said:

The time has finally come to try step on to the property ladder.

Me, i'm in full time employment and have been for the last 8 years, salary is approx £30k, I have a deposit similar to me annual income.

I will most likely formally approach a broker/lender in December to see what I can get, before then I have a few questions;

I will be purchasing with my partner who has recently qualified in the dental industry and will effectively be self employed. Whilst the wages are good she will only have 3 months earnings by December, will this have a negative impact?

I understand lenders will look in depth at my last 3 months of accounts, is there a benefit to providing a spreadsheet showing every penny of expenditure and detailing what it's been spent on?

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

- You won't be able to use your girlfriends income until she has two years worth of tax returns.
- No.
- Save hard, deposit is king.

[Jockman]

Bikesalot said:

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

Use a decent Broker if your circumstances are not straight forward.

[XMT]

Bikesalot said:

The time has finally come to try step on to the property ladder.

Me, i'm in full time employment and have been for the last 8 years, salary is approx £30k, I have a deposit similar to me annual income.

I will most likely formally approach a broker/lender in December to see what I can get, before then I have a few questions;

I will be purchasing with my partner who has recently qualified in the dental industry and will effectively be self employed. Whilst the wages are good she will only have 3 months earnings by December, will this have a negative impact?

I understand lenders will look in depth at my last 3 months of accounts, is there a benefit to providing a spreadsheet showing every penny of expenditure and detailing what it's been spent on?

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

If you say you have 3 months they will laugh. You need at least 2 years to even get looked at seriously.
So as Sarnie said (who by the way is an excellent broker) you cant use her income (for now)

[GT03ROB]

Jockman said:

Bikesalot said:

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

Use a decent Broker if your circumstances are not straight forward.

Anyone you could think of?

[Jockman]

GT03ROB said:

Jockman said:

Bikesalot said:

Anything else I can do to prepare/ increase my chances of being accepted?

Thanks

Use a decent Broker if your circumstances are not straight forward.

Anyone you could think of?

[Moominho]

GT03ROB said:

Anyone you could think of?

Sarnie is a brilliant broker. He has now sorted me out with two mortgages, both for properties in Hertfordshire funnily enough.

You don't have to be too specific if you don't want to, but roughly what part of Herts are you looking at? Prices can vary massively depending on which part of the county, even within the same towns.

[Bikesalot]

If I'm realistic, most of Hertfordshire is out of my price range, a mortgage calculator with little information suggests I could mortgage 150k...I don't fancy a studio flat, I have no experience if that estimate could fluctuate by 30k or more each way.

With her work at the moment I'm prepared to commute Upto 45 minutes each way, so somewhere further up the A1M, Sandy / Upper Caldecott is an option prices aren't outrageous at the minute, or somewhere east of my location towards Essex.

Saving is key! I'm hearing that a lot and trying my hardest.