Thank you for this. Your pace is so steady and slow. We are just embarking on the journey to get in a position to apply for a mortgage loan and I’ll be watching all your stuff 👍🏽👍🏽 They slow pace really helps me to follow
I was very annoyed with the "do not spend on your credit card" rule before applying to my mortgage. I use credit cards because I get literally 30 days free credit on all my purchases since I pay the balances on time so I avoid spending any penny on interest. It's also very easy to manage your cash flow since you only pay your credit card once a month and helps put aside the right amount to invest an ISA or something else. That should be added as a plus, not a minus but lenders do look at you as an average individual based on your profile, not at your specific case.
Alex you are a blessing!! My partner and i are about to start the whole process of buying our first home and it's so overwhelming Alex. Thankfully our credit is excellent for both of us and we are now living "vanilla" for the next 3 months making sure any loose ends are cleaned up and finances are good while we get all our documents together. Thank you Alex for this video it's a huge help. I look forward to returning to your channel and letting you know that we have achieved our dream!! I've taken so much notes down from your videos. I can't thank you enough 🙏🏼
Hey Alex, another great vid! Your voice is incredibly relaxing . Anyway, do mortgage lenders look at how much money you have left over at the end of the month? I am a primary teacher and pay £850 and £220 for council tax. This is easily paid with my wage, but typically I don’t have loads left over at the end of the month. Last three months probs had 170 left over in august, 430 in September and 180 in October. I’m just getting so paranoid over everything going wrong and getting rejected! Any soothing words for me …. Hahaha
Thank you for your kind words! The lender would go through a budget planner with you during a mortgage application, as long as affordability fits when looking at the amount you can borrow you would normally find there’s enough surplus left in your income, as lenders stress test when calculating affordability. It’s always good to use the lenders affordability calculators to get a feel for how much you can borrow and your affordability.
Hi, Thanks for a nice video with tips. I live in rented accommodation where all bills and council tax are included. I don't have any utility bill. What shall I do?
Hi Alex ! Thank you for your useful videos ! Me and my partner are thinking to buy our first property here in Uk but we still don't have the money for full deposit. Would it be an issue if we apply for a credit to pay the deposit ? Would this affect our situation or decrease our chances of getting the mortgage? Thank you !
Hi Denisa, here is a video on no deposit mortgage... ! It is possible, but due to covid its on hold... It will likely come back. ruclips.net/video/5XI097qxg1M/видео.html
Hi Alex! Such an informative video thanks. re Utility bills - What about if you and your partner have moved back in with your partner's parents to save additional money for a deposit? We won't be on any utility bills but of course have updated addresses on credit card, bank statement, registered to the local doctors etc. Thanks in advance!
With the 2 years for self employed, do they average the 2 incomes and then X 4.5 to get the affordability? Or will some look at 2 years, but favour the most recent year for a growing business?
I’ve had a CCJ on a utility bill for a small amount. It’s now 4 years old. Can lenders be put off by this? We have most of items you’ve listed. Everything else you’ve explained is very helpful as we’re trying to put all these things together plus continue saving 😩Your tips are very useful thank you for sharing in a calm clear manner 🙌🏾
Hi Alex can you please let me know how to save deposit? I have money comes and goes very quickly at the end no real savings so please let me update how to save at least 24k within year. Thank you
Wow thanks so much Alex.. Wanted to find out on the proof of deposit issue, what if the deposit is accumulated as a result of small scale trading (not registered, the kind of Facebook market or ebay thingy) wondering if this will be acceptable.
hy there sir can you explain the simple calculation steps to reach the final mortgage amount that the bank will lend you based on you incomes? thank you very much cheers
I didn’t have two years of accounts that would help me get a house so my broke said if I present as a contractor I only needed 6 months and no tax returns
@@elizeebz A sole trader is not a contractor. But if you get 6-12 month contracts at a time then you would be… a sole trader normally doesn’t have contracts but you can have a combination of the two.
Probably a stupid question but I have been working part time for a long time now and only started a full time job. would I have a good chance to apply after 3 months, or would they ask for more pay slips etc?! Thank you for your great videos.
Me and my girlfriend are looking at buying a house. I work full time and my girlfriend is doing a paid PhD. How realistic is it for us to get a mortgage for a house worth around £200000? And how can we put ourself in the best place possible to be able to get a reasonable mortgage?
Hi Darrel, I would need to do a full analysis to be able to answer this question accurately. However, this video may help you answer that question: ruclips.net/video/U68_Jr7WzLo/видео.html
Hi mate, great video. Im saving for a deposit, all my money is in my current account. Is that ok or does it have to be in my saving account? Cheers Alex, looking forward to hearing from you.
Hi Hussain, what I would do is put it into your savings account, and then transfer from your current account to your savings each time you want to save more. What the lenders want to understand is where has the deposit come from. If its obvious you have a trail starting from with a balance of zero, then its clear the savings are from you.
Hi Alex you have great videos. I have a question. If i sell a flat outside the uk to use the money for deposit how its that work i still qualify as a first time buyer,how i explain those money? Thank you very much.
Hey Deniz, a mortgage agreement in principle can be obtained quickley within an hour or so - However prior to this, we would need to be sure that everything fits into place, such as affordability. We conduct a "Strategy call" with our clients to go through this part before an agreement in principle. Run past me what you had in mind ? Feel free to email me as well on alex@mortgagechain.co.uk - Thank you!
justin akinade awesome, we have a few going through at the minute. Definitely possible with a few lenders. What council ? If you can email me the market value and discount purchase price I can let you know if there is an option for you now. When is deadline ? email: alex@mortgagechain.co.uk
Thanks for doing this video, my gas and electricity are pay us you go, is the council tax bill alone will be accepted ? For prove of address Thanks again
I have a question regarding deposit. For some years me and my wife have been saving some cash on side, we managed to save few tousends so far but it is all in cash. How does lenders treat savings like this ?
Hi and thanks! Ok so if your repossessed the lender will likely make a quick sale below market value to obtain their funds back... any remaining equity will go back to the owner. (if there is any)
alexkerrmortgage great thanks but what I meant was what about all the money that has been paid by the homeowner? Are all previous mortgage payments towards to property lost?
I'm looking into buying my first property. How important is it to have a vanilla bank statement for the last 3 months? I currently have a lot of disposable income, around £2-300 per week disposable but my statements are... well.... as wild as you'd expect with that much disposable income. Should I just spend 3 months being good? Or is it something that can be overlooked? A house is coming up for sale very soon and I wanted to buy before it's listed for sale. It's a recent inheritance. Any help would be appreciated
Lee AF hi Lee, thanks for the question. I would not adapt that as a tactic myself as lenders could ask for for statements going further back. Email me at alex@mortgagechain.co.uk your statements and I can provide a free check and advice accordingly 👍🏻
@@alexkerrmortgage no not yet as i still have to do one aspect of your checklist.. budget planner. For that aspect do you mean when i will obtain a property and calculate all the amenities?
Sorry that’s a really difficult question to answer. This video may help though - How Much Can I Borrow for Mortgage UK as a First Time Buyer ruclips.net/video/U68_Jr7WzLo/видео.html
Me and my partner are looking become first time buyers sometime next year *fingers crossed* However, we live at two separate address currently. And I don’t have any utility bills in my name as I’m living with my parents. How do I go about this? Is my drivers license okay ? I know you mentioned phone bill will not be accountable. I hope you can answer my question, thank you
Hi Tasnim, thanks for the question! if you have a driving license and a bank statement with your address then that will be all good... One of them will probably be ok but always good to have both if possible ? Alex
Yes indeed, just check with your mortgage lender the percentage you can overpay (this is usually 10% of the mortgage balance without penalty). This means you can pay your mortgage payment plus an additional 10% of the balance year, assuming that your overpayment allowed was 10% of the balance per year. Just double check with the mortgage lender!
Does lenders make their decision based on income from last three months, or do they look at the up to date earnings on these 3 months payslips? In other words, if I started working today, would they calculate the amount they are willing to lend me on the three month statement basis?
Most lenders would require you to be in your new job for longer than one day… It may be okay if you are in the same line of work, and the lender was willing to accept a contract of work. However this is one which wouldn’t require quite a lot of research on Lenders criteria to understand properly.
Hi Alex! First of all thanks for all the information; very effective personally. I’m looking for a property as a first buyer, and I wanna ask does it help on getting good deal mortgage; as partner have a account on the same bank ? And does it affect if I switch bank before 5 months, and provide clear 3 month statements, specially for mortgage ?
Thank you for watching. It’s no advantage to go to the bank that you have your bank account with the mortgage lender will make a decision based on your overall situation, but they will initially ask for three months, payslips and salary credited bank statements. I’m not sure what you mean about switching bank before five months.
Hi! I am in a bit of a complex situation. Would love your advice. I’m a first time buyer who has a limited company. I have had one for 5 years but was also employed for 3 of those years (up until nov 2019) and still worked for my limited company on the side. My employed income was my main source of income (for 3 years) and a lot of lenders don’t look at this. Also covid hasn’t helped! Any advice would be awesome!
Hi Kam, we have lenders that will look at both forms of income... The best thing to do is to book a free chat with me (analysis call) so we can discuss... This is quite complex and cant answer in a comment. link here! outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hi I have a question regarding savings , most of my money is investment isa and other investment, , I get statement via email each month us that Ok for proof of savings for deposits?
You need to be able to prove every single transaction from 0 to your current savings balance. If these statements do this, and show a trail of funds, you should be okay. If any of your deposit money does not show a trail, this may not satisfy money-laundering requirements.
Great information Alex I'm currently saving up to buy a house. However, 2 years ago I had a DMP on my credit cards whilst in university. I have paid these off but its still showing on my report will this affects my mortgage application?
It will likely effect the lender we can use... you may need a bigger deposit or to use a scheme (help to buy) for example. When you are ready get in touch for a free chat and we can look at the options. Alex
Good day, I and my wife have a joint account and we credit it weekly from our individual salary accounts. Also we built up our savings from abroad and have been transferring it to the same joint account through foreign exchange. We intend to use that joint account as the source of deposit whenever we are going to apply for a mortgage loan. What issues do you foresee and how do you suggest we can resolve them?
I have a question with credit cards and credit score. So use credit cards to build up my credit score. But 3 months before applying for mortgage don't use them at all is that correct?
@@alexkerrmortgage thank you so much for your help! I'm one of those people who had no credit score at all 1 year ago(never borrowed money in my life,I'm 22) used my credit card every month and now I've got a score of 458 on clearscore. I will be applying for mortgage at the end of the year 😊
Hi Alex, thank you for all the tips & insights provided. Just one question regarding the proof of deposit. . In the video, you are saying that if part of the deposit is coming overseas it is not seen as a reliable source for deposit purposes. What if my parents would like to help me with the deposit to buy a property in the UK. The money is coming from selling a property in Bulgaria and we have a legal document showing clearly that the money is coming from the sale. Are there any specific documents ( papers) that can be used to prove the source of the money from the sale of the property overseas which can be issued and be seen more favorably by the lenders? Thank you!
Bulgaria is okay and as long as you can prove the deposit likely say then you should be good… Just be aware that a minority of mortgage lenders would want the deposit in a UK bank account for a certain amount of time.
Hi Alex, Thank you for doing these videos' they're extremely helpful :) My husband and I are in the process of buying our first home but we are having an issue with one of the things on the list. I guess it would fall under the 3 years of address' category. Our mortgage broker is telling us that most lenders won't lend to anyone who's been in the country less than 2 years. We moved back to the uk after spending 7 years in Canada 21 months ago. Normally we would just wait the extra few months but we already have a winning bid on a house we love. Do you have any suggestions on how to get around this so we can complete the mortgage?
Thank you for watching! I am afraid to the best of my knowledge It’s 2 years and then I would be recommending Barclays… I don’t know of any other lenders who will allow it quicker…
Book a free chat with Alex: link.coursecreator360.com/widget/appointment/mortgage-chain
Just bought my first house, just had to come back to say thank you for this video it helped massively
Glad it helped! Thank you for your kind words! Alex
I love how calm you are it’s a breath of fresh air watching your videos x
Thank you very much!
Thank you for this. Your pace is so steady and slow. We are just embarking on the journey to get in a position to apply for a mortgage loan and I’ll be watching all your stuff 👍🏽👍🏽 They slow pace really helps me to follow
Glad you are getting value! :-)
I love how calming your voice is well done 👍 Alex.
Awesome. Speed up to 1.75 and you are golden!
Thank you!
ok I will practice on getting quicker :-)
@@alexkerrmortgage no shade meant at all!! You still did a really good job at helping me learn!!!
@@lucaschristian135 Its ok I know exactly what you mean! A video flows better when its quicker!
I've just applied for a mortgage and everything is going through at the moment. I wish I found your channel sooner
Thank you for your kind words! And good luck with your purchase. Alex
You have provided extremely useful advice. I have already implemented some of them.
Glad it was helpful!
Good video. No background music noise. Speak slowly & clearly you 👍
Thanks for the kind words!
Great video and good advice. Looking at buying my first property and this really helps! Thanks!
Hey James, thanks for the comment! That sounds awesome, good luck! if you need any help with that, just let me know. Alex
this video was extremely useful. thank you for posting these tips!!!
I was very annoyed with the "do not spend on your credit card" rule before applying to my mortgage. I use credit cards because I get literally 30 days free credit on all my purchases since I pay the balances on time so I avoid spending any penny on interest. It's also very easy to manage your cash flow since you only pay your credit card once a month and helps put aside the right amount to invest an ISA or something else. That should be added as a plus, not a minus but lenders do look at you as an average individual based on your profile, not at your specific case.
I understand your frustration but this process would be too difficult to manage on every single application.
Alex you are a blessing!! My partner and i are about to start the whole process of buying our first home and it's so overwhelming Alex. Thankfully our credit is excellent for both of us and we are now living "vanilla" for the next 3 months making sure any loose ends are cleaned up and finances are good while we get all our documents together. Thank you Alex for this video it's a huge help. I look forward to returning to your channel and letting you know that we have achieved our dream!! I've taken so much notes down from your videos. I can't thank you enough 🙏🏼
Hi Bella, thanks for watching and I would love to know when you achieve your dream. Please drop in and let us know!
Thank You, Alex. This video helped me a lot to understand how to do a plan before buying a property. Hopefully to get it mine soon.
Thanks for your comments, really glad it has helped you!
Thank you Alex I've watched all your video took your advice I've been offered a proper mortgage during this pandemic I'm buzzing thank you
Thanks Danny! And good luck with your nee home :-)
Thanks man😁
No problem 👍
Buy a tent instead that’s how I feel when I checked how much I can borrow versus how much I need
Sorry to hear that, have you considered shared ownership?
Amazing and useful infos given step by step.
very informative, video explained everything in easy and comprehensive way. Thank you for making the video.
Really its an informative content
Thanks Alex really useful stuff here.
Thank you so much for the drilling I needed it
You literally explain perfectly well! Thanks very much for you time that you share for us.
Thanks for info....waiting for your next video...
Hi Limbuhang1, no worries! Alex
Very clear advice
Hey Alex, another great vid! Your voice is incredibly relaxing . Anyway, do mortgage lenders look at how much money you have left over at the end of the month? I am a primary teacher and pay £850 and £220 for council tax. This is easily paid with my wage, but typically I don’t have loads left over at the end of the month. Last three months probs had 170 left over in august, 430 in September and 180 in October. I’m just getting so paranoid over everything going wrong and getting rejected! Any soothing words for me …. Hahaha
Thank you for your kind words! The lender would go through a budget planner with you during a mortgage application, as long as affordability fits when looking at the amount you can borrow you would normally find there’s enough surplus left in your income, as lenders stress test when calculating affordability. It’s always good to use the lenders affordability calculators to get a feel for how much you can borrow and your affordability.
Thanks for sharing your knowledge with us.
No problem, any time, and thank you very much for watching!
Good advice. This is amazing alex ! keep posting
Thank you! Will do!
This is a fantastic video, thank you for the tips, your page is amazing and extremely informative.
Glad it was helpful!
Hi, Thanks for a nice video with tips. I live in rented accommodation where all bills and council tax are included. I don't have any utility bill. What shall I do?
Hey! So in this instance, a bank statement can double up proof of address as well. Lovely!
It's amazing how fucked up the system actually is so basically live how they want you to live 😂👌
Tomorrow I apply fro my mortgage. Fingers crossed. 🤞
Good luck!
Hi Alex ! Thank you for your useful videos ! Me and my partner are thinking to buy our first property here in Uk but we still don't have the money for full deposit. Would it be an issue if we apply for a credit to pay the deposit ? Would this affect our situation or decrease our chances of getting the mortgage?
Thank you !
Hi Denisa, here is a video on no deposit mortgage... ! It is possible, but due to covid its on hold... It will likely come back. ruclips.net/video/5XI097qxg1M/видео.html
It is like the whole information for getting the mortgage done. thank you
Glad it was helpful!
Hi Alex,
I am wondering is this pointers for when the solicitor gets involved or does this occur before seeking a solicitor?
Hi Nufa, sorry I haven't completely understood your question, can you expand on that a bit please ? Thank you, Alex
Great video. Very helpful. Thank you
Vicky Harrison thanks Vicky!
5:03 Payslips now days are all send by emails. No paper payslips anymore.
Can downloadable emailed payslips used for proof of income?
Yes downloading them as a PDF would be absolutely fine.
Thank you soo much
This is good guidance and advice. Thanks!
Hi Alex! Such an informative video thanks. re Utility bills - What about if you and your partner have moved back in with your partner's parents to save additional money for a deposit? We won't be on any utility bills but of course have updated addresses on credit card, bank statement, registered to the local doctors etc. Thanks in advance!
Hi Jessica, thanks for watching! You can use a bank statement for proof of address :-)
Thank you very much for the informative video.
No worries, thanks for watching. Please subscribe, we have an updated version of this coming in a few weeks!
Thank you for your help. 😊
With the 2 years for self employed, do they average the 2 incomes and then X 4.5 to get the affordability?
Or will some look at 2 years, but favour the most recent year for a growing business?
Most high st lenders will average 2 years... some specialist self employed lenders will take latest years, but rate higher when compared to high st.
@@alexkerrmortgage Thanks Alex!
@@JakeM218 any time!
Great video very informative thanks Alex
Very helpful, thanks so much. Just subscribed.
Thanks for the sub!
Thanks for the info Alex. Definitely helped!
I was wondering what bearings a high credit limit would do to my application?
Do you mean from a credit card ?
@@alexkerrmortgage that's right
@@alexkerrmortgage Is £2k too much on a cc?
@@sephrah_precious is that total debt ? What is annual income (approximately) ?
@@alexkerrmortgage no this is cc limit. I spend little on it then pay it back. Wondering if I should reduce it before applying?
Will my online shopping on my bank statements affect us getting a mortgage? What kind of spending so I need to avoid (what is a vanilla statement) ?
Spending is ok for most things, just as long as you don't have excessive spending patterns, the lender will not be concerned.
I’ve had a CCJ on a utility bill for a small amount. It’s now 4 years old. Can lenders be put off by this? We have most of items you’ve listed. Everything else you’ve explained is very helpful as we’re trying to put all these things together plus continue saving 😩Your tips are very useful thank you for sharing in a calm clear manner 🙌🏾
There will likely be lenders that will have criteria, that would ignore this.
you're in the same boat as me, me and my partner have been refused ☹️ have you had any luck?
Excellent stuff, thank you
Glad you enjoyed it. Come on the gunners!
Hi Alex can you please let me know how to save deposit? I have money comes and goes very quickly at the end no real savings so please let me update how to save at least 24k within year.
Thank you
Hiya, you need to reduce your outgoings. Can you live at home for example ?
I was gifted a deposit and wanted to buy a property though a ltd company but I have no history of income, or credit history.
Sounds like a buy to let... might be possible... please call us a book a free consultation with myself or Andrew on 03333446869
Very informative, very helpful, thank you.
My only criticism is ... the hand clapping and sudden strange noises are a bit distracting.
Thank you for that, and yes I agree with you! I did not repeat this in future videos!
Wow thanks so much Alex.. Wanted to find out on the proof of deposit issue, what if the deposit is accumulated as a result of small scale trading (not registered, the kind of Facebook market or ebay thingy) wondering if this will be acceptable.
As long as you submit a self assessment return, you will be fine as that is evidence of your income 👍🏻
I’ve only been self employed for 6 months is that a problem? Beforehand I was fully employed for 5 years
Jason Williams Hi Jason, we need 12 months trading minimum. Not too long to go!!
Thanks really helpful
hy there sir can you explain the simple calculation steps to reach the final mortgage amount that the bank will lend you based on you incomes? thank you very much cheers
Are you employed or self employed ? Alex
Does “being on the voter roll” mean you have to be “open register”? Or can you opt out of it?
You can opt out of the open register…
Very helpful. Thank you
Great stuff
I didn’t have two years of accounts that would help me get a house so my broke said if I present as a contractor I only needed 6 months and no tax returns
That’s bad advice… In my opinion. If you’re self-employed your self-employed and shouldn’t dress yourself up as anything else.
@@alexkerrmortgage but as a contractor you are self employed?
@@elizeebz A sole trader is not a contractor. But if you get 6-12 month contracts at a time then you would be… a sole trader normally doesn’t have contracts but you can have a combination of the two.
How can i get a proof of utility bill if I've always rented a room with all bills included?
Bank statement!
This is really helpful😊
Probably a stupid question but I have been working part time for a long time now and only started a full time job. would I have a good chance to apply after 3 months, or would they ask for more pay slips etc?! Thank you for your great videos.
You only need 3 months mate
Is this in the same line of work ? Going from part-time to full-time, or are they different industries ?
Living in shared accommodation. bill is included in rent i pay so how am i supposed to get utility bill ?
k driving license or bank statement will be ok
Me and my girlfriend are looking at buying a house. I work full time and my girlfriend is doing a paid PhD. How realistic is it for us to get a mortgage for a house worth around £200000? And how can we put ourself in the best place possible to be able to get a reasonable mortgage?
Hi Darrel, I would need to do a full analysis to be able to answer this question accurately. However, this video may help you answer that question:
ruclips.net/video/U68_Jr7WzLo/видео.html
Hi mate, great video.
Im saving for a deposit, all my money is in my current account. Is that ok or does it have to be in my saving account?
Cheers Alex, looking forward to hearing from you.
Hi Hussain, what I would do is put it into your savings account, and then transfer from your current account to your savings each time you want to save more. What the lenders want to understand is where has the deposit come from. If its obvious you have a trail starting from with a balance of zero, then its clear the savings are from you.
If the money for the deposit comes from the finance student, because at that time I also worked and I was able to save money.
Just to clarify are you saying the deposit would come from a student loan ?
Hi Alex you have great videos.
I have a question.
If i sell a flat outside the uk to use the money for deposit how its that work i still qualify as a first time buyer,how i explain those money?
Thank you very much.
Hi Cornel, thanks for watching! You would not be classed as a first time buyer if you own a property in another country. Alex
Mai degraba nu intrebai, coaie. 😂😂😂. Zi și tu ca ți i a dat o Mătușa. 😈😂
Love watching your videos, learn something every time.
Awesome, thank you!
Hi great video just wanted to ask how long it will take to get a mortgage in principle?
Hey Deniz, a mortgage agreement in principle can be obtained quickley within an hour or so - However prior to this, we would need to be sure that everything fits into place, such as affordability. We conduct a "Strategy call" with our clients to go through this part before an agreement in principle.
Run past me what you had in mind ?
Feel free to email me as well on alex@mortgagechain.co.uk - Thank you!
Looking to buy council property via right to buy with max discount. Also want to use discount as deposit. How possible is this?
justin akinade awesome, we have a few going through at the minute. Definitely
possible with a few lenders. What council ? If you can email me the market value and discount purchase price I can let you know if there is an option for you now. When is deadline ? email: alex@mortgagechain.co.uk
Thanks for doing this video, my gas and electricity are pay us you go, is the council tax bill alone will be accepted ? For prove of address Thanks again
As long as the council tax is in the current year, then that will be fine or a bank statement with your address on it.
Hi alex, i dont have a utility bill as moved in with my dad to save money, can i use a drivers licence or bank statement? Great vid as always 👍
Bank statement is the one!
Settled status if you're foreign too.
I have a question regarding deposit. For some years me and my wife have been saving some cash on side, we managed to save few tousends so far but it is all in cash. How does lenders treat savings like this ?
You can’t use cash I am afraid. Here is a recent video on the subject - ruclips.net/video/35iTMSTCrEI/видео.html
Hi Alex! Great video! I had a question, what actually happens to all the payments you’ve made if your house gets repossessed?
Hi and thanks! Ok so if your repossessed the lender will likely make a quick sale below market value to obtain their funds back... any remaining equity will go back to the owner. (if there is any)
alexkerrmortgage great thanks but what I meant was what about all the money that has been paid by the homeowner? Are all previous mortgage payments towards to property lost?
@@MrGangaboba they're gone they don't go back to anyone
I'm looking into buying my first property. How important is it to have a vanilla bank statement for the last 3 months? I currently have a lot of disposable income, around £2-300 per week disposable but my statements are... well.... as wild as you'd expect with that much disposable income.
Should I just spend 3 months being good? Or is it something that can be overlooked?
A house is coming up for sale very soon and I wanted to buy before it's listed for sale. It's a recent inheritance. Any help would be appreciated
Lee AF hi Lee, thanks for the question. I would not adapt that as a tactic myself as lenders could ask for for statements going further back. Email me at alex@mortgagechain.co.uk your statements and I can provide a free check and advice accordingly 👍🏻
This is very helpful thank you 😊, i am looking to buy a new home
asha velani awesome, sounds exciting! Have you started looking for properties as yet ?
@@alexkerrmortgage no not yet as i still have to do one aspect of your checklist.. budget planner. For that aspect do you mean when i will obtain a property and calculate all the amenities?
Any videos now during coronavirus as lots have changed?
Here you go! ruclips.net/video/PGzF5-Jn_uQ/видео.html
Please how much must be my annual income before I can apply for a Mortgage.
Sorry that’s a really difficult question to answer. This video may help though - How Much Can I Borrow for Mortgage UK as a First Time Buyer
ruclips.net/video/U68_Jr7WzLo/видео.html
Me and my partner are looking become first time buyers sometime next year *fingers crossed* However, we live at two separate address currently. And I don’t have any utility bills in my name as I’m living with my parents. How do I go about this? Is my drivers license okay ? I know you mentioned phone bill will not be accountable. I hope you can answer my question, thank you
Hi Tasnim, thanks for the question! if you have a driving license and a bank statement with your address then that will be all good... One of them will probably be ok but always good to have both if possible ? Alex
Excellent
Is there any way to increase the mortgage payment to clear the mortgage early?
Yes indeed, just check with your mortgage lender the percentage you can overpay (this is usually 10% of the mortgage balance without penalty). This means you can pay your mortgage payment plus an additional 10% of the balance year, assuming that your overpayment allowed was 10% of the balance per year. Just double check with the mortgage lender!
Does lenders make their decision based on income from last three months, or do they look at the up to date earnings on these 3 months payslips? In other words, if I started working today, would they calculate the amount they are willing to lend me on the three month statement basis?
Most lenders would require you to be in your new job for longer than one day… It may be okay if you are in the same line of work, and the lender was willing to accept a contract of work. However this is one which wouldn’t require quite a lot of research on Lenders criteria to understand properly.
Hi Alex iv been transferring my savings to my partner account for the last few years will this look bad for proof of Deposit to the mortgage lender.
If she is not on the mortgage then this could be an issue. Will you do a joint mortgage ?
Great information
Glad it was helpful!
Hi Alex! First of all thanks for all the information; very effective personally. I’m looking for a property as a first buyer, and I wanna ask does it help on getting good deal mortgage; as partner have a account on the same bank ? And does it affect if I switch bank before 5 months, and provide clear 3 month statements, specially for mortgage ?
Thank you for watching. It’s no advantage to go to the bank that you have your bank account with the mortgage lender will make a decision based on your overall situation, but they will initially ask for three months, payslips and salary credited bank statements. I’m not sure what you mean about switching bank before five months.
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Hi Bibek its not possible unless you like in the UK and are a citizen. Is that the case ?
Amazing thanks 🤗
Hi! I am in a bit of a complex situation. Would love your advice. I’m a first time buyer who has a limited company. I have had one for 5 years but was also employed for 3 of those years (up until nov 2019) and still worked for my limited company on the side. My employed income was my main source of income (for 3 years) and a lot of lenders don’t look at this. Also covid hasn’t helped! Any advice would be awesome!
Hi Kam, we have lenders that will look at both forms of income... The best thing to do is to book a free chat with me (analysis call) so we can discuss... This is quite complex and cant answer in a comment. link here! outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hi
I have a question regarding savings , most of my money is investment isa and other investment, , I get statement via email each month us that Ok for proof of savings for deposits?
You need to be able to prove every single transaction from 0 to your current savings balance. If these statements do this, and show a trail of funds, you should be okay. If any of your deposit money does not show a trail, this may not satisfy money-laundering requirements.
also with people gifting money is there a limit on how much and how many gifts ?
Hi, I am not aware of any limits, however it would all need to be provable, where the money came from to satisfy money-laundering regulations.
Great information Alex
I'm currently saving up to buy a house. However, 2 years ago I had a DMP on my credit cards whilst in university. I have paid these off but its still showing on my report will this affects my mortgage application?
It will likely effect the lender we can use... you may need a bigger deposit or to use a scheme (help to buy) for example. When you are ready get in touch for a free chat and we can look at the options. Alex
Good day, I and my wife have a joint account and we credit it weekly from our individual salary accounts. Also we built up our savings from abroad and have been transferring it to the same joint account through foreign exchange. We intend to use that joint account as the source of deposit whenever we are going to apply for a mortgage loan. What issues do you foresee and how do you suggest we can resolve them?
If you can prove all your savings from abroad was saved from your income then you shouldn’t have any issues…
Maybe a stupid question but what could taint a bank statement? Would takeaways, clothes orders etc put the bank off?
Hi Rachel, excessive gambling would be an example. As long as you don't spend £1000 per month on takeaway's you should be fine!
Great video thank you. Would a lender ever ask for more than 3 months bank statements to see outgoings?
Hi Nick, yes the lender could ask for more than three months bank statements at any time. Alex
Would they ask for information from another bank account i have?
I have a question with credit cards and credit score. So use credit cards to build up my credit score. But 3 months before applying for mortgage don't use them at all is that correct?
Correct! Its a nightmare using them before or during an application as the balances must match, and lenders systems can take a while to update.
@@alexkerrmortgage thank you so much for your help! I'm one of those people who had no credit score at all 1 year ago(never borrowed money in my life,I'm 22) used my credit card every month and now I've got a score of 458 on clearscore. I will be applying for mortgage at the end of the year 😊
slazenger98 happy days!!
Hi Alex, thank you for all the tips & insights provided. Just one question regarding the proof of deposit.
. In the video, you are saying that if part of the deposit is coming overseas it is not seen as a reliable source for deposit purposes. What if my parents would like to help me with the deposit to buy a property in the UK. The money is coming from selling a property in Bulgaria and we have a legal document showing clearly that the money is coming from the sale. Are there any specific documents ( papers) that can be used to prove the source of the money from the sale of the property overseas which can be issued and be seen more favorably by the lenders? Thank you!
Bulgaria is okay and as long as you can prove the deposit likely say then you should be good… Just be aware that a minority of mortgage lenders would want the deposit in a UK bank account for a certain amount of time.
Great video 👍
Hi Alex, Thank you for doing these videos' they're extremely helpful :) My husband and I are in the process of buying our first home but we are having an issue with one of the things on the list. I guess it would fall under the 3 years of address' category. Our mortgage broker is telling us that most lenders won't lend to anyone who's been in the country less than 2 years. We moved back to the uk after spending 7 years in Canada 21 months ago. Normally we would just wait the extra few months but we already have a winning bid on a house we love. Do you have any suggestions on how to get around this so we can complete the mortgage?
Thank you for watching! I am afraid to the best of my knowledge It’s 2 years and then I would be recommending Barclays… I don’t know of any other lenders who will allow it quicker…
Great video