My boyfriend and I have been together over 4 years now and feel it is time for us to spread our wings and flee the nest! Haha I am 22 and he is 26 years old so it’s definitely the right time.
I want to share with you our journey of moving house as it is pretty complicated. Some people might not even know what a mortgage is and I hope to help to enlighten you, so please do keep up with these blogs 🙂
Today we had an appointment booked with Halifax to speak to a mortgage adviser, we took our passports and all our paperwork along just as they asked for. Our situation is a little more complicated than other people’s may be, because Karl is employed and has had a steady job for the past 3 and a half years. I am self employed and have been for only 1 year. Most banks want to see at least 3 years! Not a great start…
There is something called a credit check, where the bank basically checks to see if you have any loans outstanding that you haven’t paid back and to see if they think it might be risky lending you the money. Banks don’t want to lend money to people they don’t think can pay it back.
We decided between us, that with just one year of self employment it might be better to wait until April (the new tax year), so as I can have 2 years to show and that way they will hopefully offer us a bigger mortgage which will help a lot. We didn’t get the credit check done today because if you do too many it can go against you and limit the amount they are willing to lend you. Even if they do a ‘soft’ credit check it will leave a footprint… it’s all very complex!
For now Karl and I, just need to save save save, to try and get the biggest deposit we can, that way even if the bank can’t lend as much as we hoped, the deposit will make up for it.
We are going to continuously look for houses within budget online for the time being, so keep in touch to see our next move.
Thanks for reading 🙂 x
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