As a mortgage broker in Derby, we find that some customers are faced with hurdles that regularly crop up. Furthermore, it’s rare there is a situation our expert mortgage advisors haven’t been faced with before. Therefore, we are here to help with any situation with our Specialist Mortgage Advice in Derby. Below are some factors you may come across when getting a mortgage:
Getting turned down for a mortgage due to childcare rarely happens. The only impact it may have is that you might get granted a lower mortgage amount compared to an applicant with the same income but no children. They still get taken into account as childcare costs are assessed as a loan or credit commitment. Additional expenses that children bring are automatically taken into account with the lender’s affordability calculators.
You may find a number of lenders will factor in state benefits including child benefit, however, this may impact the maximum mortgage allowable further.
You don’t buy a home with your partner with the expectation of divorce or separation. Unfortunately, this can be common and when it does, you need to alter the family finances.
The most common question we get asked include:
The answer to all of the above can be yes, however, you will need expert mortgage advice. In the case where you do end up receiving maintenance, this can be included as part of the assessable income for a mortgage.
We find this question crops up a lot, it is usually straightforward. In some cases, you will need to have been working consistently for a certain period, however, this all depends on the lender’s criteria. Even if you are in your first job, you can get a mortgage. If you are starting a new career soon, as long as you have a signed contract and job offer letter, you may be able to get a mortgage.
A factor that can be a problem with some lenders is gaps in employment. Usually, probationary periods are acceptable in any case.
These days, Anti-Money Laundering precautions are fairly stringent. To abide by these precautions, all lenders will need you to not only evidence your deposit but, where the money originated. As well as the lender, your solicitor and the estate agent you are buying from may ask you for this too.
Cash is not acceptable. The bank will question any significant cash deposit, which could lead to a rejection of your application.
All of your deposit coming from a gift can be a regular occurrence and is possible. There needs to be written evidence from the person gifting you the money that it is a gift, not a loan.