Hi Alex, I just wanted to know this quick question if you could help me out. i'm due to started a new job with a better salary, how long do i need to to be in the new job before i can get a mortgage?
Some lenders will be okay with one day, using your contractors as evidence… All lenders differ, some 3 months, some 6 and some 12. It’s all about finding, and choosing the right lender… we’ve just launched a new mentorship program, which helps first time buyers who want to apply direct to Lenders, but still have some mentorship. Feel free to check it out, it would definitely help you find the right lender and save lots of money in the process of sorting the best deal. firsttimebuyerexpert.co.uk - if interested, we are running a 40% discount over the Christmas period, let me know if you want the coupon code! But if not, it’s just about crawling through all of the individual mortgage lenders criteria and trying to find one who works for you, but ideally, you want the best rate as well of course! Any more questions let me know, Alex
Could anyone clarify. If child maintenance payments are due to end after the mortgage application is submitted but before the handover date of the house (aka CMS payments wont be paid once the mortgage payments start), do you still need to declare those payments and if so, will lenders be willing to ignore them whilst considering affordability?
It depends who the lender is, but if you are paying it now then yes, but it will ask for an end date during the application and some lenders may ignore it if it’s within the next six months.
Hello Alex, I'm a huge fan of your content; it's proven to be incredibly helpful. I do have a query regarding our current living situation. Over the past two months, our landlord has requested payment of rent in cash, and it seems this arrangement might persist until we secure our first property. I'm curious to know if these cash withdrawals, declared as rent in our mortgage application, could potentially influence the lender's decision on whether our mortgage application will be accepted.
Thanks for watching, really do appreciate that! Well I’ve not come across this before and it depends on the lender and many other multiples, but I would say if you needed to prove rent payments it would make it difficult, but most lenders probably won’t require it unless it’s 100% mortgage. You should be able to find out beforehand so just stay away from Mortgage lenders that may request evidence.
Will any kind of forethought be viewed positively? So will it look good if a couple have a joint bank account set up for bills. with money front loaded in each household bill pot E.g £1,500 in a pot that the direct debit will come from for council tax £1,500 in pot direct debit for mortgage will come out from. I know you'd still need to pass the credit & affordability checks But will preparedness for bills come off in a positive light?
Conductivity of bank accounts in a good way, will be looked at in a positive light, but the areas which carry the most weight are continuous employment history, low debt to income ratio and being able to prove your deposit properly.
Hi Alex, just been to look at a new build redrow, sales person said we need a 10% deposit and have to get our mortgage with there mortgage guy! Can I buy a new build with a 95% mortgage? Thanks Paul
Yes, you can obtain a 95% mortgage for New Builds, you just need to select the correct lender. Also, you don’t have to use their mortgage broker, they don’t have the power to say that, you can use whoever you want!
