Contractor mortgage bank statements

[eek]

Been to Liverpool twice on both occasions I got my car nicked (both top notch cars) one was recovered with human poo forced into every conceivable seat/roof/floor space the other never to be seen again

Its almost as if the thieves knew you....

[d000hg]

You could easily find a decent house for £150k around Liverpool, my brother lives in a nice place that cost less than that IIRC outside the city. With decent LTV (40%?) that sounds about right.

[turbowoowoo]

Liverpool being so close to Wales is safest to visit during screenings of the Jeremy Kyle show, after this time you takes your chances..

PS I am visiting on business this Friday and have borrowed my sisters mace spray...

[FatLazyContractor]

You could easily find a decent house for £150k around Liverpool, my brother lives in a nice place that cost less than that IIRC outside the city. With decent LTV (40%?) that sounds about right.

When was the last time you spoke to your brother? Just asking ...

[NickyBoy]

Council house right to buy can also reduce the cost of a house significantly.

Thanks to my transition from skivvy to IT contractor over a period of 10 years while living in a council house (who can say no to £200 a month rent?) I got a 40% discount when I purchased it outright. It's 40 minutes commute from central London and cost a lot less than 150k.

Pity about the neighbours....

[vetran]

Council house right to buy can also reduce the cost of a house significantly.

Thanks to my transition from skivvy to IT contractor over a period of 10 years while living in a council house (who can say no to £200 a month rent?) I got a 40% discount when I purchased it outright. It's 40 minutes commute from central London and cost a lot less than 150k.

Pity about the neighbours....

now this is where we should stop right to buy.

why should you get cheap rent and a guaranteed £150K+ profit paid for by people on £20k a year?

lets have council rents set at 120% of private rents then discounted according to need.

I councils want to get rid of uneconomic to maintain council houses or to change the class mix in an area to reduce crime then I support it, otherwise its a stupid policy.

[SueEllen]

now this is where we should stop right to buy.

why should you get cheap rent and a guaranteed £150K+ profit paid for by people on £20k a year?

lets have council rents set at 120% of private rents then discounted according to need.

I councils want to get rid of uneconomic to maintain council houses or to change the class mix in an area to reduce crime then I support it, otherwise its a stupid policy.

Socialist!

[d000hg]

When was the last time you spoke to your brother? Just asking ...

I doubt any of the nice old pensioners on the street have done him in.

[Power Mortgages Ltd]

Hello,

I have an offer accepted on a house and i'm going in alone but will have my girlfriend living with me, what do the lenders look at when they ask for bank statements ? i know they look at last 3 months i as i've been here 2 years my expenses are no more and i get £339-£369 a week i pay £79 rent a week from this + £75 fuel and some shopping as well as car insurance and pet insurance a month and don't get left much till the week after say £120-150 my mrs will be putting up the deposit we can afford the mortgage no problem as i already pay £320 a month for rent and £300 odd for fuel.

will they look at my balance and think GET LOST.

your advice appreciated.

thanks.

Hi Pippin,

It will depend upon a number of factors really as well as which lender you are going through. Be careful about your girlfriend gifting you the deposit though if she is not to be named on the mortgage as I assume she would be living in the property and if so, to a few lenders that would be a big no, no as in the majority of those instances she would also be named on the mortgage, especially if she is gifting you the deposit otherwise you could simply kick her out after the completion has gone through and legally there may not be a lot she can do about it. If you can get a lender to ok the deposit coming from your girlfriend she will most certainly have to provide a 'gifted deposit' letter confirming it is a gift, non refundable and she will not repay it to you nor hold any interest in the property.

Regarding the bank statements this will depend upon a number of factors. Just because you can support a rent doesn't mean you will pass a lender's affordability. In fact a lot of people rent because they cannot pass a lenders affordability to get a mortgage (amongst other reasons obviously). The lender will need to assess the application on an affordability basis factoring in any commitments you may have but most lenders will also use a standardised 'cost of living' calculation to ensure you would be able to cover things like council tax, gas, electric, water, food and clothing. So long as the amount you are looking to borrow is sufficient to cover all of those plus the mortgage on a stress tested basis (see below) then you'll be fine.

Regarding the stress test as mentioned above, lenders have implemented this since the Mortgage Market Review came in last year on the basis that with rates being as low as they are, lenders shouldn't be assessing whether a client can afford a mortgage now alone but they must also look to see if the mortgage would be affordable if interest rates increased by 2-3% because if it is not affordable then it would be irresponsible for the lender to lend those funds now, rates will not remain as low as they are now for a long duration of time.

Hope that helps?

[TheFaQQer]

my mrs will be putting up the deposit

I know it's off topic, but given that you've been contracting for a few years, including two years with the current client, why haven't you got a better bank balance?