Advice needed. Will we get a mortgage?

[something2say]

Hi. Im after advice on whether you think we will get a mortgage in our present circumstances please.

I owned a flat for 13yrs which I sold with my fiance and we have moved area.
The mortgage was paid properly, it was with my bank, I've got good credit and no issues.
I have £90k to put down. That will go a long way where we live.
I am 46 now however so I think that will be a factor.
We are both in full time new employment in our new area. My probation period finishes at the end of May.
We aren't sure my fiance has one but he's been with the co over a yr already, but his promotion is to management but they are off and furloughed...
So in June ish we will be applying.

I lived in my flat for 11yrs before coming to this area to try it out. I rented flat. I then moved back in with fiance to sell it, it sold, and we moved back to new area and lodge with same lady as I did before.

We pay rent for a room but no utility bills. How much of a problem do you think this will be?

Otherwise, we have current accounts, savings, no debts, all other documentary evidence.

We will check we are on the electoral roll, but not sure if she is paying ccl tax for 3 adults. Will that matter?

We will also seek advice from brokers etc but I think the ladies of mumsnet will know whether these two issues will prevent us from being able to get a mortgage.

Thank you

If you are both in employment with a good credit rating and 90k deposit, you'll be fine. Your age won't stop you getting a mortgage offer but most lenders will only lend until a certain age, so if that age is 70 you'd only be able to borrow over a 24 year term for example. They go on the age of the oldest borrower, so if finance is older than you that would reduce the term. Different lenders have different rules though so a broker is your best bet to find a deal that fits your circumstances.

Ah thank you.
You dont think the lack of utility bills is an issue then?
My fiance is 6 yrs younger. He wants to overpay each month too. He's a very hard worker.
Thanks for your reassurance.

We moved back from overseas a year ago, where we had been for over a decade so we have zero credit history here and still don't until we get going on this mortgage. I was 10 months into a temp contract and my DP was 5 months into his 6 month probation when we applied (and were approved) for our mortgage in November.

We went through a mortgage broker, and are first time buyers but we have less than half of your deposit. Also I'm 35 & partner 38. I think we were limited in terms of which bank were willing deal with me being on a temp contract so we ended up with Halifax who apparently are the least risk averse.

I think you should be fine, it will probably be more likely you might not get the very best deal but I'm sure you'd get a lot better than we did!

Also, all we had for utilities was the electricity bill in my name but I don't think anyone asked to see those and I can't see them on my credit report? We don't even have current accounts, just Monzo bank accounts as we couldn't apply for a current account / credit cards, etc without 3 year address history!

Oh that's a really positive story, thanks.
Have you moved in yet?
Especially surprised about you being accepted on a temp contract. I deliberately got a perm contract thinking a temp would be automatic no go.

@something2say

Oh that's a really positive story, thanks. Have you moved in yet? Especially surprised about you being accepted on a temp contract. I deliberately got a perm contract thinking a temp would be automatic no go.

I was surprised too, apparently there are lots of banks for whom that would be a definite no but Halifax are more forgiving! I think it helped that we weren't stretching to our maximum approval in principle amount and we could just about meet the affordability with my DPs salary and had 20% for deposit. We just signed contracts and are due to complete in a couple of weeks, so excited after renting for so so long!

Oh fabulous!!!
Not stretching to limit is good as well, gives you room in case of for example a pandemic!!
I wish you all the best in your new home and thanks for the experience.

The two potential issues I can see are whether you’re on the electoral roll and your partner’s furlough. Some banks aren’t keen to lend to people who’ve been on furlough.