Posted on 2 June 2010 by anne giles
The house my partner and i want to buy is 216,500 we have a deposit of 63500. My partner is self employed and i am employed. He does have two years accounts but the first year was only half of what he earned this last year. I have an excellent credit score and he has a fair credit score. We have currently been living paying rent in the house that we want to buy. Previous to this my partner was living with his parents. We are using a broker but are still having trouble getting a mortgage.
It is difficult to ascertain exactly why your Broker is having difficulty finding you a mortgage as you haven't given any income figures for either you or your partner. Given that you have a good deposit and good credit scores I suspect that this is proving the stumbling block.
Lenders have to make sure that the loan you are applying for is affordable and they all have slightly different ways of doing that. For some it will be a simple assessment of your current income less outstanding credit commitments with no leeway for discretion and with others they will look not only at your income and credit, but also whether or not you have any dependents, how much rent you currently pay each month, how you have saved the deposit and also be able to apply discretion where you may not "tick all the boxes" but have demonstrated a willingness and ability to pay.
A good Mortgage Broker will know which Lenders can apply this discretion and what it is they like to see, before presenting your application in the most positive light possible.
However, it may be that even the best Mortgage Broker can not place the mortgage for you, in which case you will need to alter your aspirations.
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