For first time buyers in Sunderland hurdles in mortgage, acquisition is something often faced by lots of customers, and they are not impossible to deal with either. Here is a list of 5 common problems people may encounter when looking to obtain a mortgage in Sunderland.
Childcare fees are not a reason per se for a mortgage to be turned down, rather they tend to reduce the amount a mortgage can offer.
One thing that needs to be noticed is that when parents or guardians return to work and pay for childcare, they have to monthly dedicate hundreds of pounds. Lenders take them as a liability similar to car loans.
If childcare fees are not to be paid, and still the income is low, the guardian or parents might still not get as much amount as other applicants. However, this benefits by being considered as tax credits.
If you seek mortgage advice in Sunderland, you will come to know that such lenders exist who don’t count childcare fees as outgoing funds, resulting in higher chances of mortgage acquisition.
If things don’t work out in a relationship and you decide to go for separation or divorce, things tend to get tough when it comes to your monthly mortgage repayments.
Normally we get these three questions when people seek mortgage advice in Sunderland:
The answer to all of the above can be yes, but you will need expert Mortgage Advice in Sunderland. If you end up receiving maintenance, this can sometimes get used as part of the assessable income for a mortgage.
You would be happy to know that almost all types of benefit incomes are considered as incomes and include pension or eligibility for pension, disability benefits, working tax credits, and child tax credit.
To take advantage of such opportunities, all you need is to seek out mortgage advice in Sunderland and you will be good to go.
This one comes up a lot, but it is usually easy enough. Some Lenders need you to have been in work continuously for a certain period, but others don’t. You can even get a mortgage if this is your first job. If you are due to start a new career soon, then you may be able to get a mortgage if you have a signed contract and job offer letter.
Gaps in employment can be a problem with some Lenders. Probationary periods tend to be ok, in any case.
Anit-Money Laundering precautions are pretty strict these days. All Lenders will need you to evidence your deposit, and you will get asked to prove where the money came from. Your Solicitor and the Estate Agent you are buying from may ask you for this too.
Cash is a big no-no. Any significant cash deposits into your Bank will question, and your application may get rejected.
It is possible, in fact, regular, for some or all of the deposit to come from a gift. The person gifting you the money will need to confirm in writing that it is a gift, not a loan.
All the content provided above is for reference purposes only, and does not constitute mortgage advice.
Date Last Edited: 20/01/2023