Mortgages: Got a deposit, still can't get approved?!?

[TroubledTribble28]

Hello! I'm looking for advice on my current situation as the mortgage advisor (with awards and all sorts, he came highly recommended) told us in December that we were certain to be approved for a mortgage has now told us to come back in a few months when he has more time We earn 20,000 combined, some of this is disability benefits but majority is husbands wage, we both have 'fair' credit scores and 7 grand in cash for deposit. We're looking at borrowing 80k maximum but mortgage bloke says not a chance in hell? No debts, nothing owed, no ccjs, we were told we would certainly get a mortgage but now the advisor is saying don't even bother going to banks directly as we'd be wasting our time. Can anyone shed some light? :/

TroubledTribble28
Santander accept 100% of CB. CTC & WTC, they did announce last week they are modifying their Affordability Calculator on Monday, so cannot say if you would fit with them due to this.

There is a Mutual Building Society that takes all of those benefits also & lend upto 4.75 X income upto 90% loan to value. (Skipton build Soc).
KizzyKat91
4.5 X income is a common backstop for First time Buyers. But with a 15% deposit or more 4.75 to 5X income can be possible. But the Affordability calculation does not stop there, is reduced for Dependants, credit Commitments (credit commitments ending in 6 to 12months time can be ignored in some circumstances).
SUBPRIME @ 95% is possible where Defaults are registered over 3 years ago - eg Historic Issues - no recent episodes of issues.

We struggled to get a mortgage and got a 95 % deal with Aldermore . They are a sub prime lender with higher rates maybe worth looking into them xxx

Again some excellent advice and knowledge here, now just to tell H to stop dragging his heels. I told him we'd go to the bank and pay off his overdraft and he said 'Weeeeelll it won't make a difference, there's no point'. Eejit

Just to add - I'm a doggy person through and through but I'd consider re homing them. There's no point in every spare penny going on them and definitely no point in you, your disabled partner and 5 year old son being evicted by the LL because of them.

Holly I will do whatever I can and then some to avoid eviction, (I'm viewing a house to let on Wednesday) but my late father was just 54, he had a heart attack at home while he slept and we didn't find him for a few days, it has been awful and I cannot and will not rehome the dogs as they are elderly and they're mine, I just cannot do it.

OP Halifax is definitely a good choice to try. I got a mortgage of 78k, and I was earning just over £18k at the time, this was this tike last year.
According to various mortgage calculators, they were the ones who offered the most for my salary.

Their application was also really straightforward, they didn’t ask too many questions about spending etc.

Re the 5% deposits, I qualified for it for the first application. The first house I made an offer on fell through, then my AIP expired by the time I had found the second house.

The new application wasn’t approved for 5% deposit. The Halifax advisor told me it was something to do with my credit score, so whilst I was still fine for a normal mortgage, I wasn’t in the threshold for 5% (which at the time was considered a help to buy).

If you have houses for sale at 50k where you are, then definitely consider only getting a mortgage for 70k max, plus your 7k deposit.

Remember though, that you will need the fees, normally 1k and survey fees. Good luck.