Would my husband changing employer due to it being a big jump in pay affect us getting a mortgage? The house is not predicted to be ready till November/December?
Hi I am currently separated from my husband and he is still paying for council tax and water bill. So I did apply for a mortgage on my own as a self employed. Do they fawn on me if they find I don't pay for those.
Can I use my credit card or not, I am looking for a property but in the meantime am I ok to use my credit card or shall I just cancel it, I use about £200 every month and pay it back on time,
Great advice! So if my mortgage application was declined due to the Property being downvalued (with no compromise being made), for instance. Would i then need to start the whole process again? And pay a second fee?
Yes that’s correct Rachel, you’d need to find an alternative property - unless you negotiate the price down or bridge the shortfall between the lower value and originally agreed price. Although we offer many mortgage products that come with free valuations as an incentive. Even where it doesn’t, we also point you in the right direction for a type of insurance to cover losses on valuation fees in this situation.
I had this happen to me initially, and had to go to another bank (who accepted it and now I have an actual mortgage offer). Rachel, I’d suggest you get a homebuyers report to give you some peace of mind that you’re not paying more than the house is worth. Mine came back fine, but just made me relax as I was worried (even though I offered and got accepted under the asking price) that I’d offered too much EDIT: I know the basic valuation is adequate, but the home buyers report gave me piece of mind the property was sound inside, but a lot of the home buyers reports come with a valuation from an independent person… as someone who was worried as one bank down valued the property, and the other didn’t, not knowing how either of the banks actually valued it (e.g. did they both visit the property or just Google and make sure it was there), having someone independent go in and give another valuation just gave me that bit of peace of mind.
A basic valuation is adequate to determine what a house is worth. Whilst a homebuyer report is useful, it’s purpose is to highlight issues to do with the condition of the property - the purpose of a homebuyers report is not for a valuation (this is what the valuation is for).
@@dm.mortgage If one is interested in the property then would this homebuyer report helps them to decide to buy or not before proceeding further to mortgage step?
My partner had quite a few payday loans back in 2017 due to unfortunate circumstances and have explained this to our broker. We have been clean with our credit history for the last 2 years as we have both really good payed earning jobs. Will this really affect us with Agreement in principle and getting a mortgage?
Hi There! Which of our brokers are you using and I can check the details with them? If you mean your broker is not DM Mortgages then you would need to your broker the the question as this would depend on the circumstances around the loans (i.e - when they were, how many of them and who the lender is etc). Should you want further advice from us then please get in touch.
The same initials for the credit file part actually happened to me too, me and my dad have the same initials and there was a ccj on my account in his name. If I hadn’t got checkmyfile I would of never known.
Great video! If your self employed and you have good accounts for for the last 2 years but due to covid 19 your profits dropped by 80% would this be a problem for the lenders or will they look at your best 2 years before covid?
Thanks! They usually look at the most recent years and that will vary amongst lenders how many they’ll look at - some lenders will also ask to see recent bank statements due to Covid to look at how income has dipped. I would suggest you book in for a free of charge appointment so that we can help you to navigate through the lender options. www.DM.mortgage
Hi A S there are a small handful of lenders participating in 5% deposits without government help so this is the minimum you need although the more deposit you have the more options and better rates you’re eligible for
My application is declined yesterday. I don't know why. My application is with Barclays. I am a nurse and working in nhs and care home. My main job is with nhs but I am working there as a part time two days a week but I also working in care home and working three days in week. I am contract with those two. As the Barclays say they can't varify second job income. My mortgage advisor says that my application may rejected because my second job income is higher than first job because I am sponsorship with my first job employer. So , please help what I need to do now.
I am sorry to hear you have had your application rejected. We would need to source a lender that is more familiar and comfortable with your secondary income. For us to help, you would need to book an appointment with us. We do not charge fees for initial advice - you can book directly via the website using the link below; dm.mortgage
Hi Useful video thank you. If you are due to get a promotion which will end up improving your chances of getting a better more suitable mortgage, what are the likely requirements in terms of how long you have to be paid that salary for/how many payslips or employment contract terms etc. Thanks
Hi Nicole! It depends on the lender they all vary, some will even take a future contract if your start date is within the next few months. If it’s a promotion with the same lender than many lenders won’t have an issue to take the higher salary once you are receiving it. My advice would be to get in touch and book a free of charge appointment for us to look at the details and let you know exactly what your options are. Www.DM.mortgage
Hi, if i purchase a property at current market value but then after 1 year the value goes down which means im paying a mortgage for a property which has gone down in value, is there anything out there to protect me regarding this?
Hi Sayed, this is what we call negative equity and I have a video on this but there is nothing to protect against it - a bigger deposit, buying at the right price and buying property as a long term investment should help to avoid.
@@dm.mortgage whats your opinion on the housing market right now? Im in the middle of purchasing a property in london but i just feel like prices are inflated due to stamp duty holiday and property prices will drop
No one knows what house prices will do - although if long term investment you have to bear in mind house prices go up and go down. If you are buying as a long term investment then your investment should (if you look at historical house prices) go up Over time. Being on the property ladder in many cases is better than paying rent which is not giving you any investment at all. If you are flipping houses then you need to pay much more attention to house cries rising and falling otherwise it shouldn’t be a dealbreaker IMO
As stated I don’t think it matters if it is a long term investment - if you see your dream home now what’s to say it would be there in six months. Perhaps you could continue viewing but not put pressure on yourself if you don’t find and see what happens. If you buy and are not looking to sell, then what your house price says on paper isn’t going to affect you. That said, house prices may continue to rise for some time - we are coming out of the pandemic and resuming normality so assuming this goes to plan I don’t see an issue. Also don’t forget to book in for your free of charge assessment before viewing if you have already - www.DM.mortgage
I have a satisfied CCJ in 2016. It comes off in June. I have been declined. I have no loans or cards and earn £47k. Why am I being held back for something that happened years ago 😢. The house I want will not be ready until Jan 23 and have lost it now
In a situation like this I would say book in for an appointment as you need specialists advice. Ever bank has different eligibility criteria, some are fine with CCJs, some not at all - you just need the help of a specialist to guide you to a lender that will accept your situation. Mortgages are not a one size fits all and are very much based on individual circumstances. I hope this helps. Don’t lose hope / we can likely help you get a mortgage. www.DM.Mortgage
We told them we had 5k on credit card. Despite the fact that we have 25k savings, they have put on the offer that they want us to pay the 5k off by completion.! Do we need to bother? Will they even check? We have the money. Why can't we just pay it monthly. Easily affordable giving that the savings are right there to instantly pay it off at any time. But why do this? We would rather keep the liquid cash. They did not tell us they were doing this when they asked us the amount. They only asked us... not checked.... so here is us being punished for being honest. They say to change it now means a re offer etc that is a re application.
Hi Fine, depends on the lender as to how they will go about ensuring you have paid it off. You may be able to pay it off monthly but it depends on how the lender assessed your affordability. It’s difficult to really shed more light without knowing the facts, however it’s always best to be honest with these things to ensure your mortgage goes through smoothly.
Having had section 21 given to me ( no fault eviction due to landlord selling) and no property to go to .... renting for life seems ridiculous where theres the chance of buying
