What do you need to get a morgage

[MagicMarkers]

Just trying to get a bit organised

Hopefully Ohs agency job will become permenant soon ( hes been there 6 months and theres 2 full time permenant jobs becoming avaliable in the next few weeks hes been told ) so its all depedant on that but if he does, hopefully this time next year we'll be looking for a morgage, pretty sure it will have all changed by then but i was wondering.........

How much of a deposit you had to put down
How long your Oh had been employed
What else you need to provide etc
How long its for

Bit clueless you see

 

[Bee]

Deposit depends on the value of the house as its normally a deposit of so much percent I think. Not sure what though

I think you may need to have 6 months pay slips to prove you can pay the mortgage. I had to when I went to release some equity.

Not sure what else you need. I had to get life insurance before they would give me the policy and house/contents insurance too.

 

[daftscotslass]

We put down a 10% deposit. The higher the deposit you have the easier it is to get a mortgage.
OH had been employed (in this country) for 4 years when we got our mortgage.
We both needed to provide proof we were employed permanently (I was on a temporary contract at the time but had it in writing I'd be employed one way or another afterwards) as well as details like current accounts, savings and any debts on the application. Our application was based on our combined incomes so we needed to put details for us both. We weren't asked to show payslips.
I think (can't remember for certain) that ours is a 25 year one.

Hope that's of some help!

 

[Tangerinedream]

My OH is a contractor (thru an agency) and he had no probs getting a mortgage (jointly with me). He had no previous credit history either

We put a 5% deposit down

 

[*pud01*]

well just went through all the rigmarole myself,

at least a 10% deposit
your oh needs to be in employment for at least 6 months... dont know wether their ridgid on that but if your on mat leave they'll need a letter from your employer to say your going back, and on the same salary.
you need id, passport, driving licence (with paper counterpart), proof of address (bills but not mobile phone bill) oh an last 3 payslips
as far as the length of the mortgage goes its up to yourself on how much you want t pay it off for... longer period the cheaper p/m it is.
erm think thats about it.

 

[MagicMarkers]

Ok so looks like were starting saving gurlies lol Theres a house i want, want want near here its only 50,000 because its all ramshackle and someones started to replaster in n stopped n has no kitchen or bathroom but i love it lol big garden, cute exterior good area, but hes only temporary where he is at the min and weve probably oly got 5-10% saved so thatll be long gone before we can do anything about it, plus we'd need to borrow to do it up so Nemind

Good to know what well be looking at needing for the future, hopefully by the time hes been permenant for 6 months we will have saved up a gd deposit
I was at uni when i fell preg also so does it matter that i have a student loan, and arent working ?

 

[Bee]

I was a student when I got my mortgage on my own. My mum and dad are guarentaurs (or were) but if you are buying with your OH then I don't see a problem. Would obvisouly benefit you both if you are both work as you will get a bigger mortgage.

 

[Geordie&Bairn]

Jump through fiery hoops and walk through a bed of hot coal and jump out of a plane with no parachute
sorry dont watn to scare you but its hard work

The credit crunch has changed things
Most lenders are asking for 25% we were lucky to find one that excepted 15% we had 3 pull out on us as they suddenly said we had to give them between 20 to 25% we didnt have the money. The only reason we got the 15% is because we had to lower our offer on the house to pay more towards the deposit.

You need to provide a full past credit check from both of you info on any debits loans. payslips from both of you proof of address and passport

My expreiance so far
If you have finised paying for a loan you have to show evidence that the loan is 0 my bank had to write a letter confiming my loan was 0 and that i didnt have any other loans
If your not on the electrol this can make it 10 times harder to get a mortgage as your credit history will be as old as the last electrol you were on. Meaning more evidence needed of those years ie bank statements your bank writing to say no you dont owe money ect.
And if you have never had a loan /debt paid of then your credit score it bad Ie you have not shown you can borrow money and pay it back so this also makes it harder and you have go through more checks to demonstrate that yes you can afford it.
James found that now a days they dont look into just your net pay they see what you pay out for bills from your account details to calculate if you would have enough left over to pay for the mortgage
They sent out a letter to my employer asking how much i earnt and if my job was guareented ie was i going back

Where paying over 35 years

sorry if that dosnt make sense

 

[MagicMarkers]

Me and oh dont have any loans or creditcards other than our student loans, and i dont think either of us are on the elctoral roll, keep gettin the letter through the door but thought as i wasnt voting why bother, shall send that back immediately !
So do you think start a credit card each and just make a few purchases and whack the money straight onto the card for them to up or rating ?
What other ways can you improve your credit rating without having to spend money on interest for loans etc ???

Thanks for the info, its brill to have the advise from someone whos done it recently, it changes so frequently !!!