Was it hard to get a mortgage?

[Isabellamae]

Hiya, my husband and I are currently saving away to drag a deposit together, but we don't know how much of my money will be calculated!!

My husband earns a very good salary but some of it is commission so we have just taken his basic into account, but I am the 2nd earner and self employed will they acknowledge my salary at all?

Thank you in advance!! Xx

 

[JoyVR]

You need to have been self employed for three years for them to take it into account! It's so stressful me and my husband are trying to do the same x

 

[Isabellamae]

Ahhh ok....we haven't started looking into it too much as we are not ready with a deposit yet but I'm dreading it...it all goes over my head!! By the time we are ready I will only have 2years accounts will the consider it at all or is it instantly dismissed as it's under 3years? Xx

 

[missljw]

Ahhh ok....we haven't started looking into it too much as we are not ready with a deposit yet but I'm dreading it...it all goes over my head!! By the time we are ready I will only have 2years accounts will the consider it at all or is it instantly dismissed as it's under 3years? Xx

Me and my partner have the same problem. We spoke to a mortgage advisor and he said only one bank would give us a mortgage with less then three years books, and that would be at a high rate. So we are now waiting till he has 3 years worth x

 

[Isabellamae]

Aww rubbish...we will just have to do it on my husbands wage then...luckily it's enough I was just Being greedy trying to get mine accepted too!!

I hope both of your house adventures work out well for you! Thank you for replying!! Xx

 

[missljw]

Aww rubbish...we will just have to do it on my husbands wage then...luckily it's enough I was just Being greedy trying to get mine accepted too!!

I hope both of your house adventures work out well for you! Thank you for replying!! Xx

I'd see a mortgage advisor If I was you. My partner has the main income so they would be relying on his and then mine would top it up abit. If he's the main income they might be slightly more lenient as yours is the second income.

As for the mortgage advisor a lot charge hundreds just for advice - we saw one on a new housing development who just got commission from the site and banks if we got a house. He was really good so it's worth having a look at any new builds near you for advice!

 

[Isabellamae]

Aww ok thank you!!! Yes maybe getting advise even though we are not ready is the best idea!! Xx

 

[sanilulu]

Hi,
I'd Go and see a mortgage advisor,
We had at the time going for our mortgage - 2 yrs accounts and my boyfriend was on a temporary contract but had got 12 months payslips with the agency and we got a mortgage with Nationwide ...
Some are very picky but the mortgage advisors usually know which are the best mortgage companies to go with for you. Halifax didn't want to know at all as he was temporary but all accepted my 2yrs accounts ....

Xxxxx


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[Gemster]

Our mortgage is with Nationwide too, can't recommend them enough. The application process was so quick and simple and they offered us the best rates. Plus, when you move in they send you a little box of household goodies which won me right over lol!

 

[BeautyBee]

Hiya

Im in the same situatuon as you.

I found martins money tips forums very useful on mortgages etc.

If you have 30% plus deposit i think its a much easier process. Of course thats rare these days.

Def see a adviser. Its amazing what some can do to help an application.

Good luck

Z

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[EmJ]

I'm interested in this! We are hoping to buy this year, I'll have 3 years of books in April! My partner earns a good salary so hopefully with both of us we will be ok!

 

[mm29]

I was just going to say that the bigger the deposit the easier it is,

It's worth saving for a few extra yrs to bring the deposit up

Ours is based on my hubby's income but we had a huge deposit, ours is with rbs

See an independent mortgage advisor then speak with your bank

Good luck

 

[Isabellamae]

Aww thank you for all your replies ladies!!! I'm definitely going to get some advise! I felt like i'd be wasting their time as we don't have a deposit yet, but I'm going to go now!!

Thank you all, and good luck for those of you going for yours!! Xx

 

[sanilulu]

Aww thank you for all your replies ladies!!! I'm definitely going to get some advise! I felt like i'd be wasting their time as we don't have a deposit yet, but I'm going to go now!!

Thank you all, and good luck for those of you going for yours!! Xx

Def Get some advise as you'd know what deposit you'd need, but we had very little debt (less than £1k) and over 20k deposit ... Which is what prob swayed it in our case ... Xxx




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[Pinkbunny28]

Def Get some advise as you'd know what deposit you'd need, but we had very little debt (less than £1k) and over 20k deposit ... Which is what prob swayed it in our case ...

A 20k deposit is great but round where I live it's not even 10% for a 3 bed semi...

Do you mind me asking how much you got in relation to your earnings? I.e. 2x or 4x or whatever x

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[sanilulu]

X4 ... With our wages combined...

We didn't go to our maximum tbh as we want to be in a position that if anything happened we could survive on one wage ... X


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[J33XSS]

I've just got a mortgage on my own with two years of accounts with Nationwide, four times your yearly net profit (average of both years). Natwest also take two years but of tax returns rather than accounts - I needed them to base it on accounts as my last year has been excellent and obviously I can't submit my tax return until April! x

 

[Pinkbunny28]

Hmm very interesting. Thank you x

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[Isabellamae]

I've just got a mortgage on my own with two years of accounts with Nationwide, four times your yearly net profit (average of both years). Natwest also take two years but of tax returns rather than accounts - I needed them to base it on accounts as my last year has been excellent and obviously I can't submit my tax return until April! x

Ahhh ok thank you xx