[cornwallwindows]

Just about to venture into the world of trying to get a mortgage with the future wife, albeit apprehensively! Would be great to know how other windies have got on, being self employed and all that, does it really make it hard? Also do they need lots of evidence of earnings and savings. 

[Mick Kent]

3 years of Good accounts and a good credit score. A nice deposit a obove 10% helps too. moneysupermarket has good advice for self employed mortgages.
Best of luck im sure you will be fine gaining 1.

[deeege]

New MMR mortgage rules came into force over the last few months meaning banks/building societies want to know EVERYTHING about your finances. This is all to ensure responsible lending unlike before the last property boom when lenders were happy to give 110% mortgages. Basically expect them to check all of your recent bank accounts and want explanations for every outgoing.

Some lenders will still be ok with low deposit, adverse credit, only one years accounts etc but you'll be looking at a higher interest rate.

Good luck with it, I wanted to upsize this year but have decided to stay put and overpay my current mortgage to have a bigger deposit for next year.

Edit: the moneysaving expert forums are a good place to search for tips/advice.

[cornwallwindows]

Cheers, I'm a bit worried about past history, credit score and my current financial situation isn't the best, although I'm working hard to put it right.
Luckily have got enough for a decent deposit (£15,000) thanks to a closely departed, but no savings although we are just about to set up a joint savings account.
I only set up this year so have records going back to April and before that I was employed in the care sector.

[cornwallwindows]

Is having a guarantor mortgage a possible way to go?

[deeege]

Cheers, I'm a bit worried about past history, credit score and my current financial situation isn't the best, although I'm working hard to put it right.
Luckily have got enough for a decent deposit (£15,000) thanks to a closely departed, but no savings although we are just about to set up a joint savings account.
I only set up this year so have records going back to April and before that I was employed in the care sector.

Credit rating is everything. Sign up free for Noddle and you can review your credit history. Going forward make sure every bill is paid on time. Apply for a credit card, use it for a couple of things you would normally pay by cash for and PAY IT OFF ON TIME, EVERY MONTH. This will help build your credit rating and show responsible use of credit lines.

[cornwallwindows]

Credit rating is everything. Sign up free for Noddle and you can review your credit history. Going forward make sure every bill is paid on time. Apply for a credit card, use it for a couple of things you would normally pay by cash for and PAY IT OFF ON TIME, EVERY MONTH. This will help build your credit rating and show responsible use of credit lines.


[/quote]

Nice one, who knew Shane Macgowan was a mortgage adviser!

[Mike #1]

They do want to know everything , We have been with the same bank for years and simply switching to a new mortgage deal was pretty simple and straight froward .

Oh no not now despite been self employed for over 14 years and my wife been with the local authority for 10 years they wanted proof of earnings from both of us and  asked how often we went out for meals and how often  if we spent much money on alcohol each week .

[cornwallwindows]

They do want to know everything , We have been with the same bank for years and simply switching to a new mortgage deal was pretty simple and straight froward .

Oh no not now despite been self employed for over 14 years and my wife been with the local authority for 10 years they wanted proof of earnings from both of us and  asked how often we went out for meals and how often  if we spent much money on alcohol each week .

I hear that they ask if you even pay for hair cuts!

[Mike #1]

They want to know it all , I would speak to a an independent mortgage advisor before going to a bank to see whether you will be able to obtain a mortgage .

I was only self employed for about 4 months when we got our first mortgage but that was when you could get a house for less than £25,000 that was over 14 years ago and things were a lot cheaper .

[Ian101]

call me victor meldrew but I wouldn't bother ........... when your old they will take it fund your care home fees.

pea everything against the wall all your life and they will still have to care for you but you will pay nowt towards it (well a small amount of your state pension if they're still paying it out when your 67+

 

[deeege]

call me victor meldrew but I wouldn't bother ........... when your old they will take it fund your care home fees.

pea everything against the wall all your life and they will still have to care for you but you will pay nowt towards it (well a small amount of your state pension if they're still paying it out when your 67+

 

Rent costs are higher than mortgages for equivalent houses so it's a no brainer imo. Add to that you can be mortgage free by age 50-55 so that's 12-17 years of working age where you won't have the expense of paying rent / mortgage.

[Mick Kent]

Plus its something to leave the kids so when your older you can sleep better at night knowing they will be secure! No i line someone elses pocket by renting
Rent in my area fir a 3 bed is over a grand a month! Stuff that!!.

[Ian101]

lol I was saying it tounge in cheek 

but as you get older u do need to think about these things .... ffs im only 46 !!!!

[dazmond]

lol I was saying it tounge in cheek 

but as you get older u do need to think about these things .... ffs im only 46 !!!!

46 really?you look a lot older in the pic on your website!are you sure your not 56?

[cornwallwindows]

lol I was saying it tounge in cheek 

but as you get older u do need to think about these things .... ffs im only 46 !!!!

Only!! 

[8weekly]

call me victor meldrew but I wouldn't bother ........... when your old they will take it fund your care home fees.

pea everything against the wall all your life and they will still have to care for you but you will pay nowt towards it (well a small amount of your state pension if they're still paying it out when your 67+

 

Rent costs are higher than mortgages for equivalent houses so it's a no brainer imo. Add to that you can be mortgage free by age 50-55 so that's 12-17 years of working age where you won't have the expense of paying rent / mortgage.

Not round here. When I look at some of the houses to rent for what I am paying on my mortgage I am often bemused.

[Tom-01]

Rent costs are higher than mortgages for equivalent houses so it's a no brainer imo. Add to that you can be mortgage free by age 50-55 so that's 12-17 years of working age where you won't have the expense of paying rent / mortgage.
[/quote]

Thats what I don't understand, I pay a lot for renting a 1 bed flat, which if I had a mortgage would be a lot less, and having a reasonable deposit its still difficult to get a mortgage..

I guess like someone said earlier anyone could get a mortgage a few years ago.

[deeege]

call me victor meldrew but I wouldn't bother ........... when your old they will take it fund your care home fees.

pea everything against the wall all your life and they will still have to care for you but you will pay nowt towards it (well a small amount of your state pension if they're still paying it out when your 67+

 

Rent costs are higher than mortgages for equivalent houses so it's a no brainer imo. Add to that you can be mortgage free by age 50-55 so that's 12-17 years of working age where you won't have the expense of paying rent / mortgage.

Not round here. When I look at some of the houses to rent for what I am paying on my mortgage I am often bemused.

I wouldn't be. Your mortgage payment each month will be mainly equity which is as good as you banking the money, the same can't be said if you were renting.

[PoleKing]

Don't borrow your absolute maximum.
£100k@10%. Put down £11k etc...
And when alls done and dusted-make sure you've got 3 months bills in front in the bank.
All the best.