mortgage hurdles

Mortgage Hurdles in Durham | Mortgage Advice in Durham

Mortgage Broker in Durham

Mortgage Hurdles

Everyone goes through a complex mortgage case in their life. You may be faced with mortgage hurdles as a First-Time Buyer in Durham or as a home mover. You may be faced with something completely different but they always come about and they can be hard to take down if you are going through it on your own.

This is where your Mortgage Advisor in Durham can help you through the whole mortgage process. We want to take the stress off of your back and offer you help and guidance to give you that boost you need to get you back on track with your mortgage. It doesn’t need to be as complicated as it’s made out to be. Here are some of the mortgage hurdles that you could come across whilst trying to get a mortgage in Durham:

Childcare costs

It’s rare that an applicant is turned away by a lender because they have children. The lender will consider your childcare costs by reducing your first mortgage offer. This offer will be lower than what they offer to your competitors who will have the same amount of income to you but don’t have children.

Although, you must know that lenders could take factors like child benefits as a negative which could affect the maximum that you can borrow.

Getting a mortgage after divorce or separation

Following a divorce or separation, things can get complex very quickly with your mortgage. This is why we hate seeing you doing everything by yourself. We want to help you, as your Mortgage Advisor in Durham will give you Specialist Mortgage Advice and help you through these hard times. We get asked these questions frequently regarding divorce and separation:

  • How can I remove my ex-partners name from my mortgage?
  • Can I remove my name from my ex-partners mortgage?
  • Can I have two mortgages?

You can do all of these but it will be hard to go about it all by yourself. This is why we would advise that you speak to a specialist Mortgage Advisor in Durham, like us. We will sort everything out for you to make the whole process less stressful and run smoothly. All we want is for you to be at ease and feel comfortable during this difficult time, we would love to help you!

Starting a new job in Durham?

We always get people asking us whether they can get a mortgage at the same time of starting a new job. Most of the time you can, however, lenders prefer you to be a stable job rather than just starting one. If you have signed a contract with your new employer and a job offer letter, you are more likely to be able to get one as you can prove to your lender that you have the job secured and they can see the start date etc.

When it comes to probationary periods, lenders are often quite relaxed. They are more concerned about gaps in employment.

Evidencing your deposit

For anti-money laundering purposes, lenders need to confirm exactly where you have got all of your money from. They will begin with your deposit and until you can provide evidence in where the money has come from, you can’t get any further through the mortgage process. You will also find that your solicitor and the estate agent will ask for you to evidence whereabouts the money has come from.

Be careful when depositing large sums of cash as lenders don’t like this. So be careful, you will always need to prove where everything has come from. We recommend obtaining a receipt for every transaction just to be safe. This especially applies to cash transactions.

We get lots of customers asking: ” I have a gifted deposit, can I use it?”. Yes, you can apply it to your mortgage as a portion of or all of the 5% deposit. The family member or friend, who has gifted the deposit, will need to prove where the money has come from. They will also have to provide the lender with ID and confirm in writing that is a gift and not a loan. You can find out more about gifted deposits here and how much you need to put down a deposit here.

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Mortgage Advice Durham Open & Honest Mortgage Advice in Durham & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

Durhammoneyman – Portland House, Belmont Business Park, Durham, DH1 1TW

The Financial Conduct Authority does not regulate most buy to let mortgages.

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