There are common problems that our Mortgage Advisors in Nottingham see quite frequently with our customers when they start their Mortgage Applications especially with first time buyers in Nottingham. We thought we would share them with you just in case you may be going through the same thing and seeking Mortgage Advice in Nottingham.
Childcare costs do not necessarily mean you will be turned down for a mortgage. However, childcare itself can be very expensive so it’s more than likely you will be granted a lower mortgage amount than other applicants who hold the same income but don’t have kids.
These costs are seen on the same wavelength as a loan or credit commitment. Even without childcare costs, parents will often be granted a lower mortgage than applicants without children. The reason for this is that a lenders’ affordability calculators automatically factor in some of the extra expense that children bring.
On the bright side, lenders take such things as child benefit and other state benefits into account. This sometimes allows the lender to increase the maximum mortgage allowable by a slight amount.
It goes without question that no couple buys a home together with the expectations that they will be divorced or separated later on down the line and end up moving home in Nottingham. But it is a situation which does happen and when it does it can come with complications.
The most popular questions that are attached with this scenario include:
The answer the all of the above is yes but it will need guidance and a considerable amount of Mortgage Advice in Nottingham – if you end up receiving maintenance this can sometimes be used as part of the assessable income for a mortgage.
This is another frequent scenario that we see a lot but is quite an easy one to solve. Some lenders need an applicant to have stayed in work for a continuous amount of time, others do not. It is even possible for an applicant to get a mortgage if this is your first job. If you are starting a new job seen then it is also possible to obtain a mortgage if you have a signed contract and job offer letter.
With some lenders, gaps in employment can sometimes be a problem but probationary periods tend to be okay.
Anti-money laundering precautions have become quite strict in contemporary times so lenders will need you to be able to evidence your deposit which means you will need to prove where the money has come from. It’s also possible that your Solicitor or Estate Agent may also ask for this too.
Cash deters lenders and any big cash deposits into your bank will be questioned and could lead to your application being rejected. Though it is possible for parts of, or all of the deposit to come from a gift. The person gifting the money will need to provide confirmation in writing that it is a gift and not a loan.