kz
Member
Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
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She says we...
a) Need to have life insurance to get a mortgage.
b) Both people need to be in a full time job for 6 months before you can apply. She's just been made permanent from a temporary contract...
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Cavey
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Registered: 11th Nov 02
Location: Derby
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Dont think either are true. Although we were told to get life insurance after by our advisor. But I think that was for commission more than anything
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AndyKent
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Registered: 3rd Sep 05
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a). Not always. Mortgage lenders can stipulate whatever they like but in general you don't.
b). No. You need to prove to the lender you are a good security. We've just been asked for 3 months bank statements to prove whats coming in.
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ed
Member
Registered: 10th Sep 03
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a) It's not a requirement for the mortgage I've just got through Halifax. I'm going to get a policy to cover the remainder of what I owe on the property though; it costs £5 a month so is probably worth having.
b) My application was approved and I've only had my current job for two months.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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a) Not at all. Its merely to cover it so it doesn't become someone else's problem. Entirely optional, I don't have it, no dependants and there's sufficient equity in it that it'll clear the debt when its sold.
Different if you had kids or you're borrowing high percentages such that a repossession sale wouldn't clear your balance.
b) Depends on the lender, there's no such blanket policy but obviously most will want to see some sort of history. For the purposes of her income, I would think the fact the previous n months have been temporary will be treated no differently to if they were perm, given that she's perm now. Its not worth any less just because it might have finished in the past. The money has hit the bank already. By my reckoning that has equivalent weight in the calculations.
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Marc
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Registered: 11th Aug 02
Location: York
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Life insurance was not even mentioned when I got my mortgage.
I was asked to provide several months payslips and was asked if I was in full time employment.
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1986
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Registered: 19th Jun 13
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im with Santander and we took life ins out as it was advised and wasn't that expensive, as for the second question 3 months was all that were needed in our case
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kz
Member
Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
User status: Offline
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Thanks guys.
Another question whilst I'm at it... how much in total, will it cost in fees to actually get into your first property? I'm sure stamp duty is wavered or something.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Not just because its your first.
You might find stamp duty exemptions for particular areas, and you don't pay any under £125k.
http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm
[Edited on 10-12-2013 by Ian]
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flybikeslee
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Registered: 2nd Jan 07
Location: Liverpool
User status: Offline
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life insurance is not mandatory but house insurance is with my lender
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Aleex
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Registered: 21st Jul 09
Location: Plymouth
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She says we...
a) Need to have life insurance to get a mortgage.
no
b) Both people need to be in a full time job for 6 months before you can apply. She's just been made permanent from a temporary contract...
no - i was asked for last 3 months wages & whichever P60's I had :/
also gave them proof of a future payrise and they added that onto my annual wage.
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Aleex
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Registered: 21st Jul 09
Location: Plymouth
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book an appointment with a mortage advsior ! definitly would be a great help and be able to answer all of your questions.
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Marc
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Registered: 11th Aug 02
Location: York
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Same as Alex, gave them P60's and pay rise notice.
Have you shown your gf the replies in here?
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John
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Registered: 30th Jun 03
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Last time I was told that future payrise didn't matter. Probably depends who you are going with and how tight it all is.
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flybikeslee
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Registered: 2nd Jan 07
Location: Liverpool
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i didnt have to show any payslips or anything
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kz
Member
Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
User status: Offline
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quote:
Originally posted by Marc
Same as Alex, gave them P60's and pay rise notice.
Have you shown your gf the replies in here?
Yes I have and as I said thanks for the replies, I guess this has been answered now 
So on to the second question I posted... how much did it cost you to actually move in to your first place in fees etc.
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Toby
Premium Member
Registered: 29th Nov 05
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Nationwide stipulated I needed insurance for their products.
I got my mortgage less than 2 months after obtaining a full time contract.
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Toby
Premium Member
Registered: 29th Nov 05
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Didn't have any moving costs as did it myself.
Conveyancing costs were just under 550 as I got 20% off for using the builders solicitors.
Also paid a basic survey fee for my mortgage at the time. All other fees were added to the mortgage.
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kz
Member
Registered: 9th Aug 02
Location: Southend, Essex Drives: Mini Cooper S
User status: Offline
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That's not too bad then, my mate told me it costs around £10k for a full move! Although that was moving from one place to another...
Also, my girlfriend's been advised by friends who looked into it, not to go for a scheme like Help to Buy. I know you end up paying interest after 5 years but I would pay that gladly if it got us a nicer place to start with. At first I thought it was for new properties only but there seems to be something similar for used properties now too? Although the terms seem to be different i.e. you'll only get 15% help instead of 20% etc.
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flybikeslee
Member
Registered: 2nd Jan 07
Location: Liverpool
User status: Offline
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10k! maybe including stamp duty but where's he moving to? Mars? 
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ed
Member
Registered: 10th Sep 03
User status: Offline
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It's expensive, but not £10k expensive (unless he has loads of stamp duty to pay and wants to use the best solicitors).
I paid around £450 for conveyancing, £250 for a home buyer report (didn't need a structural survey as I've bought a flat) and £250 in broker fees for the mortgage. I'm going to have to pay around £1400 in stamp duty too.
I tried http://www.reallymoving.com and ended up using http://www.econveyancer.com to find the services I needed. I just went for the cheapest solicitors as I'm in no rush to move and the vendors didn't seem to be either. More expensive solicitors will generally do the conveyancing quicker as the cheap ones do this sort of thing in bulk.
Help To Buy seemed like a bit of a joke to me. They're very strict over who they'll give the mortgages to and they seemed to end up with pretty high monthly payments.
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Marc
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Registered: 11th Aug 02
Location: York
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Mine was about £1k give or take a few hundred. That was for fees and surveys.
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AndyCorsaSport
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Registered: 12th Feb 06
Location: Horsforth, West Yorkshire
User status: Offline
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A - May depend on provider. Just done my mortgage with Natwest last couple months and had to have it.
B - same again, depends on provider. Been in my job 3.5 years so didn't matter for me, GF started her job in March (applied for mortgage in sept) and she had to get a letter from head office to say she was no longer in a probationary period.
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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I got a mortgage 10 month in to a 12 month fixed term contract which I found slightly odd. Missus is included I that but she wasnt on a great wage.
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