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Hurdles Obtaining a Mortgage in Leeds

Specialist Mortgage Advice in Leeds

With the right help and guidance, your mortgage process should go smoothly. In some cases, it’s not always guaranteed to go so well. Speaking to customers some applicants had face various hurdles along there mortgage journey. As a Mortgage Broker in Leeds, below we listed some of the most frequent mortgage hurdles that we came across in the past.

Child Care Costs

You shouldn’t be declined a mortgage because of childcare costs. But depending on the amount, having child care costs can sometimes be a large outgoing and having these costs, may reduce the mortgage amount you can borrow.

Most lender class childcare costs as a loan or a credit commitment. Which means even if you didn’t have these costs, having children in general means you will have large outgoings going out each month.

Because of this, you are likely to borrow less than a mortgage applicant with the same income, that doesn’t have any kids of their own. There are some mortgage lenders out there who will take child care costs into account, which can increase this amount, though this isn’t always guaranteed.

Mortgages following Divorce/Separation

Nobody ever buys a home with a partner, only to result in divorce or separation. It’s does happen, and leaves the family finances in need of a drastic reorganisation. Some of the most frequently asked questions we receive include:

  1. How do I remove my ex’s name from my mortgage?
  2. Can I remove my name from my ex’s mortgage?
  3. Am I allowed to have a second mortgage?

All of the above can be done, though this will depend on a case by case basis. You will need to seek out expert mortgage advice and speak to a experienced Mortgage Advisor in Leeds. In some cases, if you rece any child maintenance, this can sometimes be used as assessable income for a future mortgage.

Starting a New Job – Can I get a Mortgage?

It all depends on the mortgage lender, some lenders will require you to have been in work continuously for a certain period of time, whereas there are others with different criteria.

You will also find that it is entirely possible to get a mortgage. If you are soon going to start a new career. A signed contract and written job offer communication will often be a good way of helping you achieve this.

There could potentially be some hurdles if you have had any gaps in employment, as some lenders will flag that up. In other cases any probationary periods should be okay.

Evidencing Your Deposit

Anti-Money Laundering precautions are very strict. All Lenders will require evidence of your deposit, and you will need to prove the origins of your savings. You may also be asked for this by an estate agent or solicitors, depending on who you go with.

Cash deposits are not ideal at all. Any red flags in your bank statement will be heavily questioned and it is entirely possible your mortgage application will be rejected.

You may be able to utilise a gifted deposit, with some of or all of the deposit being gifted by a family member or friend. That person needs to confirm in writing that it is not intended to be paid back as a loan, becasue as the name suggests it’s a gift.

Speak to an Experienced Mortgage Advisor in Leeds

If you’re facing hardships as a First Time Buyer in Leeds, stressed because of Moving Home in Leeds, book your free mortgage appointment to speak with one of our expert Mortgage Advisors in Leeds.

Even if we haven’t listed a situation your in, it’s possible we’ve helped another customer in a similar situation. Let our trusted expert Mortgage Advisor in Leeds help you with your mortgage application.


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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

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www.financial-ombudsman.org.uk

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