Mortgage Advice in Hull for Applicants Who Are Struggling
We are all unique and all have our own different problems that could potentially affect us getting a mortgage in our lives. Here at Hullmoneyman, your loyal and experienced Mortgage Broker in Hull, there are not many situations that we encountered in our time of providing first time buyer mortgage advice in Hull.
It would be our pleasure, if we can, to help you through these complex situations. Below we’ve created a short look at some factors that you could encounter whilst trying to getting a mortgage.
Childcare costs
The likelihood that you will be turned down a mortgage due to childcare costs is not very high. However, childcare is often a very large outgoing, so you will be granted a lower mortgage amount than competitors who maybe have the same income but do not have children of their own.
Every so often, lenders will take things like child benefit and other state benefits into account and not hold it against customers, allowing for a little more leeway when it comes to the maximum allowance.
Mortgages following divorce/separation
No one plans for a separation or divorce from a partner when buying a home together. Unfortunately this happens more than you might expect, causing a need for reorganisation of finances.
We often get asked the same or similar questions regarding divorce and separation mortgage advice in Hull:
- Can I remove my name from my ex’s mortgage?
- Am I allowed to have 2 mortgages?
- How do I remove my ex’s name from my mortgage?
All of these are possible, but it can be difficult without the help of a trusted and knowledgeable mortgage advisors in Hull. We also know that times like these can be rather difficult, so we always aim to make the process run as smooth as possible, relieving you from as much stress as we can.
Starting a new job – getting a Mortgage in Hull?
This problem seems to come up regularly, but it usually isn’t too much of a problem. Some Lenders require you to have been in work continuously for a certain period of time, but others are a little more relaxed on this rule.
You can often even get a mortgage if this is your first job, though this is purely dependant on the lender. If you are due to start a new job soon then you may still be able to get a mortgage, providing that you have a signed contract and job offer letter.
Gaps in employment can be a problem with the occasional lender, though probationary periods tend to be okay.
Proving your deposit
Anti-money laundering precautions are incredibly strict these days and within good reason. All lenders will still require you to evidence where your deposit came from and will have to prove where you have earnt your money from or been gifted from. Your solicitor and the estate agent you are buying from may also ask you to provide this information.
Speaking of a deposit by way of a gift, commonly known as a gifted deposit, the person who has gifted you the money will need to confirm in writing that it is a gift and not a loan that needs to be paid back at any point in time.
Depositing a large sum of cash into your bank will be questioned by the lender and this could lead to your application being rejected if you cannot provide any proof as to where this money came from, so always be vigilant.
Date Last Edited: 11/13/2024
