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Mortgage Hurdles you Could Face in Newcastle

Mortgage Hurdles and Specialist Advice

Mortgage hurdles are more common than you think. As a Mortgage Broker in Newcastle, we frequently see applicants facing all different kinds of mortgage hurdles. Some of them will be more common than others, therefore we can advise how to solve these quickly, whereas others can be more complicated and require an in-depth look to solve the problem.

Our team loves a challenge. We’re offering you a helping hand to get you over your mortgage hurdles in Newcastle. Your mortgage hurdles may not be the same as someone else’s, however, we do regularly see some of the situations:

Childcare costs

From 20+ years of industry experience, we can say that it’s extremely rare to be declined a mortgage due to childcare costs. Although expensive, lenders will usually give you some leeway when it comes to childcare costs and mortgage affordability. You have to remember that they have a duty to make sure that you can afford a mortgage and raise a child; to combat this, they may offer you a lower mortgage amount.

Someone in the same financial situation as you but does not have children may be offered a higher mortgage amount. Don’t see this is as unfair; lenders should still lend to you, it’s likely that they’re just factoring in child benefits and state benefits into account.

Mortgages following a divorce or a separation

Unfortunately, one of the most common mortgage hurdles that we come across in Newcastle, is a mortgage following a divorce or separation. In most cases, finances are the first thing that you need to sort out following a divorce or separation.

There are three questions we’re frequently asked about this mortgage hurdle:

  • How do I remove my ex’s name from my mortgage?
  • Can I remove my name from my ex’s mortgage?
  • Can I have more than one mortgage?

The answer to all of these questions is yes, you can do all of these, however, you may need assistance from a mortgage expert to do so. These subject areas are very specialist and it may take a professional to help you get by them.

We know that these situations are hard and you want it to be over as quickly as possible, however, it’s also important that we get it right and you get over the hurdles with no repercussions and a new mortgage deal that you’re happy with.

Starting a new job & getting a mortgage in Newcastle?

It’s not unusual for someone to want to take out a mortgage upon starting a new job. The deposit is not the problem. Usually, the applicant has either built up savings or are moving home in Newcastle and will have the funds from the sale to put towards the deposit. It’s the recurring monthly payments that the lender will be wary about.

If you are due to start a new job soon, you may be able to get a mortgage pre-hand if you have already signed a contract and had a job offer. Typically, lenders are okay with probationary periods, although, they will be cautious.

Gaps in employment can often be a worry. You want to show your lender that you’re reliable and will be able to meet your monthly payments. Regularly being unemployed with no income is a warning sign for them.

Proving your deposit

Proving your mortgage deposit can sometimes be the hardest yet simplest part of the process. This is mostly down to strict anti-money laundering measures. You will always be asked to evidence where you got your deposit from, it’s an essential part of your mortgage process.

Depositing large amounts of cash into your bank will be questioned by your lender. If you cannot prove how you received this money, your application may be rejected.

If your deposit or a portion of it has been gifted to you, it’s advised that the money is kept inside the gifter’s account. This allows your lender to easily monitor the money see exactly where the money is coming from.

Specialist Mortgage Broker in Newcastle

Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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Newcastlemoneyman – Clavering House, 1 Clavering Place, Newcastle Upon Tyne, NE1 3NG.

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