When can I get a mortgage?

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CatherineJ said:

Most finance houses will want you to be over your probationary period. Even when I left University back in 1995, I couldn't get finance on a car until my Probationary peiod was over.

There are a couple who don't care, but most as you say will want applicants over their probationary period, especially first jobbers.

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HereBeMonsters said:

No, it won't. When we originally applied we had 10%, now got just over 15. Got turned down again today by Coventry though, who are apparently one of the more lenient lenders.

I'm not putting this car purchase on hold any longer though. I feel the need. The need for...well, a slower car than mine, but with the all important rear wheel drive!

What we'll probably do now is wait until after the wedding, by then we could even have about 25%, factoring in wedding gift money etc. Market might have picked up slightly by then as well...

1. Did you ever sort this out?
2. If not stop applying for mortgages, they adversely affect your credit score.
3. The advisors you've seen should be trying to find out why you don't fit.
I would suggest they haven't. I'd also in their defence say the lenders are very cagey about telling why they've turned you down, they hide behind the DPA.
4. Who the fk told you Coventry are lenient?

[HereBeMonsters]

scotal said:

HereBeMonsters said:

No, it won't. When we originally applied we had 10%, now got just over 15. Got turned down again today by Coventry though, who are apparently one of the more lenient lenders.

I'm not putting this car purchase on hold any longer though. I feel the need. The need for...well, a slower car than mine, but with the all important rear wheel drive!

What we'll probably do now is wait until after the wedding, by then we could even have about 25%, factoring in wedding gift money etc. Market might have picked up slightly by then as well...

1. Did you ever sort this out?
2. If not stop applying for mortgages, they adversely affect your credit score.
3. The advisors you've seen should be trying to find out why you don't fit.
I would suggest they haven't. I'd also in their defence say the lenders are very cagey about telling why they've turned you down, they hide behind the DPA.
4. Who the fk told you Coventry are lenient?

No, still no joy. Thinking about going to another advisor now as one has fked off never to be seen again, and one is about as useful as a chocolate teapot.

Problem seems to be that I have recently changed jobs (within the same company) so only have one payslip documenting my new salary, and an unpaid phone bill with Orange, which is now sorted, but still shows up on credit ratings as unpaid for 3 months, but settled. Most advice I'm getting seems to be to wait 3 months or so, then try again. With my new salary I should be able to get some more deposit together, although not quite the 25% that most seem to be asking for now.
Not sure where to save now though, as I've maxed out this year's ISA already. What will happen if I deposit more than the tax-free £3600? Will the amount above that get the same rate, but be taxed, or will the whole lot be taxed? Or is it not possible?

Who would you recommend as "lenient" lender at the moment? Rate is not important - we just want any mortgage to get on the ladder!

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HereBeMonsters said:

No, still no joy. Thinking about going to another advisor now as one has fked off never to be seen again, and one is about as useful as a chocolate teapot.

A lot of them are diappearing at the moment.
A lot as the ubiquitous teapot. (we all have our moments.)

HereBeMonsters said:

Problem seems to be that I have recently changed jobs (within the same company) so only have one payslip documenting my new salary,

That shouldn't be causing you a problem at all.

HereBeMonsters said:

and an unpaid phone bill with Orange, which is now sorted, but still shows up on credit ratings as unpaid for 3 months, but settled.

That could cause you a problem. Depends when the lenders update.

HereBeMonsters said:

Most advice I'm getting seems to be to wait 3 months or so, then try again. With my new salary I should be able to get some more deposit together, although not quite the 25% that most seem to be asking for now.
Not sure where to save now though, as I've maxed out this year's ISA already. What will happen if I deposit more than the tax-free £3600? Will the amount above that get the same rate, but be taxed, or will the whole lot be taxed? Or is it not possible?

Who would you recommend as "lenient" lender at the moment? Rate is not important - we just want any mortgage to get on the ladder!

You shouldn't need a 25% deposit, all lenders are different, so its a question of who you've spoken to, and what has been said to them. Drop me a line through my profile and I'll have a look at your stuff for you. (Be tomorrow though, our systems are down all day.)