Hello all. I wonder if any of you have same experience as I do. Partner and I are trying to start settling in one place after moving from one place to another due to contracting status. We had been looking for a property and after 3 months we successfully found a property we both like and location wise is good for us too. Good access to motorway and and train station. We are both contracting at the moment just 10 minutes away from the property we found.
After several negotiations, offer has been accepted which is £5000 below the asking price. So, we proceed with the mortgage application, of course through a broker. Partner just started a new company so is not qualified for the mortgage. It is only my sole income is considered. At first everyhting went so well...Provided everything the broker requested: personal bank statements,business bank statements, council tax, SA302s, company tax return for 2 years, cv , current contract. Mortgaging for 70%LTV with my sole income average of 38k hourly rate of 40.
Expecting to move in to the property at the end of the month, however, yesterday the broker just informed that underwriter is not confident of our affrdability of the loan. They try to convince underwriter and asked us additional documents, including partner's accounts & SA302s.
We just realise, that one factor maybe affectingunderwriter's decision is that, they haven't seen the money on our joint account savings and fixed deposits. I asked broker about this but haven't got a reply. It might not possible to consider partner's income income.
Total savings is more than 50% of the property value but decided to have 30% deposit only beacuse FTB and need to buy furnitures etc...
ANyone has an idea/experience if sending all our accounts, showing all the money we got would raise our possibilty getting the mortgage?
Thank you.
After several negotiations, offer has been accepted which is £5000 below the asking price. So, we proceed with the mortgage application, of course through a broker. Partner just started a new company so is not qualified for the mortgage. It is only my sole income is considered. At first everyhting went so well...Provided everything the broker requested: personal bank statements,business bank statements, council tax, SA302s, company tax return for 2 years, cv , current contract. Mortgaging for 70%LTV with my sole income average of 38k hourly rate of 40.
Expecting to move in to the property at the end of the month, however, yesterday the broker just informed that underwriter is not confident of our affrdability of the loan. They try to convince underwriter and asked us additional documents, including partner's accounts & SA302s.
We just realise, that one factor maybe affectingunderwriter's decision is that, they haven't seen the money on our joint account savings and fixed deposits. I asked broker about this but haven't got a reply. It might not possible to consider partner's income income.
Total savings is more than 50% of the property value but decided to have 30% deposit only beacuse FTB and need to buy furnitures etc...
ANyone has an idea/experience if sending all our accounts, showing all the money we got would raise our possibilty getting the mortgage?
Thank you.
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