Hi
My partner and I have inherited £100,00 and want to use it to purchase our first home together. We found a house for £167,500 and began searching for a mortgage for the remaining £67,500.
My partner is in full time employment with a basic yearly salary of £19,000 plus bonuses which vary throughout the year. For example, his bonus in May was £126 yet in June it was £900. He has no debt and a good credit report. He makes monthly CSA payments of £218 to his ex partner.
I am a stay at home mum to our two young children and therefore have no income, apart from monthly child benefit and child tax credits. I will not be named on the mortgage as I have a financial association (loan) with my ex partner that I can not terminate.
After speaking to Natwest, my partner was informed they would lend him up to £69,750 and was sent a letter to confirm their calculation. Following this conversation we put an offer in on the house and had it accepted.
My partner rang Natwest tonight to apply for the mortgage and was told by the advisor that he could not afford a mortgage and they could not lend him anything?! Our financial situation has not changed in the week since we initially spoke to Natwest, so we are confused as to why they can no longer offer us a mortgage.
My partner is looking into other mortgages as I type this but I would be grateful if somebody could explain why this has happened and if it is a normal occurrence? We are so anxious that we may lose the house as result of this :(
Thanks in advance...
My partner and I have inherited £100,00 and want to use it to purchase our first home together. We found a house for £167,500 and began searching for a mortgage for the remaining £67,500.
My partner is in full time employment with a basic yearly salary of £19,000 plus bonuses which vary throughout the year. For example, his bonus in May was £126 yet in June it was £900. He has no debt and a good credit report. He makes monthly CSA payments of £218 to his ex partner.
I am a stay at home mum to our two young children and therefore have no income, apart from monthly child benefit and child tax credits. I will not be named on the mortgage as I have a financial association (loan) with my ex partner that I can not terminate.
After speaking to Natwest, my partner was informed they would lend him up to £69,750 and was sent a letter to confirm their calculation. Following this conversation we put an offer in on the house and had it accepted.
My partner rang Natwest tonight to apply for the mortgage and was told by the advisor that he could not afford a mortgage and they could not lend him anything?! Our financial situation has not changed in the week since we initially spoke to Natwest, so we are confused as to why they can no longer offer us a mortgage.
My partner is looking into other mortgages as I type this but I would be grateful if somebody could explain why this has happened and if it is a normal occurrence? We are so anxious that we may lose the house as result of this :(
Thanks in advance...