We all run our separate lives carrying different problems that could potentially affect us getting a mortgage. Here at Hullmoneyman, your expert Mortgage Broker in Hull, there is rarely a situation that we haven’t come across before. So, we would love to help you through these complex situations, here’s a look at some factors that you could encounter whilst trying to getting a mortgage:
It is extremely unlikely that you will be turned down a mortgage due to childcare costs. However, childcare is very expensive so you will be granted a lower mortgage amount than competitors who hold the same income but do not have children.
Occasionally, lenders will take things like child benefit and other state benefits into account. We find that this can sometimes squeeze up the maximum allowance.
No one expects to separate or divorce from a partner when buying a home together. All too often it does happen though and when it does, the family finances need to be re-organised.
We often get asked the same questions regarding divorce and separation mortgage advice:
1. How do I remove my ex’s name from my mortgage?
2. Can I remove my name from my ex’s mortgage?
3. Am I allowed to have 2 mortgages?
You can do all of these, but it can be difficult without help from an expert Mortgage Advisor in Hull, like us – Hullmoneyman. We also know how hard this time can be, so we aim to make the process run as smooth as possible, relieving you from all the stress.
This problem seems to crop up a lot, but it is usually easy to get by. Some Lenders need you to have been in work continuously for a certain period of time, but others do not. You can often even get a mortgage if this is your first job, it depends on the lender. If you are due to start a new job soon then you may be able to get a mortgage if you have a signed contract and job offer letter.
Gaps in employment can be a problem with some lenders. Probationary periods tend to be ok though.
Anti-money laundering precautions are pretty strict these days. All lenders will still require you to evidence your deposit and will have to prove where you have earnt your money from. Your solicitor and the estate agent you are buying from may ask you for this too.
Depositing a large sum of cash into your bank will be questioned and this could lead to your application being rejected if you cannot prove how you gained. So be careful with large cash deposits.
It is possible, in fact normal, for a portion or all the deposit to come from a gift, commonly known as a gifted deposit. The person gifting you the money will need to confirm in writing that it is a gift and not a loan.