It looks like we will be able to get a mortgage after all....

I have had some recent news, specifically that it looks like my application to open an account with barclays will be accepted, and this is who my wife banks with, so it looks like there is a good chance that we can get a mortgage with them, if this goes through. Santander offered us a mortgage of £75000 purely on my wife's income alone, but if we both have credit accounts with Barclays, surely this will put us in a very strong position for going for a mortgage with this bank?

Not necessarily, it depends on who can offer the best rates. We just got a fee reduction in ours because the BoE dropped the base rates (before we exchanged contracts)

Just go with which ever bank is offering you all the mont you need for the cheapest rate



Posted from TSR Mobile

We don't need to move out until April, but last night i applied for a platinum rate barclaycard, after passing the eligibility test, and it didn't reject me straight away, instead said i have to wait five days for a decision, which to all accounts is most likely a positive result, or so people have been telling me with experience with barclays?

Huh? Sorry slightly confused, you're getting a Barclays account in hope it gives you a better mortgage in April next year?

If so, as long as everything checks out Barclays will approve your account. Although in my experience it won't have much affect on your mortgage as you'll just go with the cheapest provider anyway


Posted from TSR Mobile

Probably the clincher will be the fact that my wife already has a credit card with them, and i live at the same address as her, so they can see that straight away. Thanks again!

I have had some recent news, specifically that it looks like my application to open an account with barclays will be accepted, and this is who my wife banks with, so it looks like there is a good chance that we can get a mortgage with them, if this goes through. Santander offered us a mortgage of £75000 purely on my wife's income alone, but if we both have credit accounts with Barclays, surely this will put us in a very strong position for going for a mortgage with this bank?

That doesn't always clinch it, lloyds refused me a credit card even though my partner at the same address had used one for over a year.

How often are you paying off your credit card bills?

Hmmm i'd say it is probably 50/50 atm. I will have to wait and see what they say.

I pay at least the minimum every month, if i can. I have never missed a payment, thanks.

When the mortgage providers look at your history and realise you are already borrowing more than you can afford they are most likely going to reject you for a mortgage.

Really, Millie. And what are your financial credentials?

Haha.

First of all you do not need any financial credentials to know what I've stated above, any idiot would know that.

Secondly, if you must know, I studied finance, have worked within finance since I left uni (this at one point has included working on leases/contracts/mortgages) and I own 2 properties, both of which were acquired with mortgages. Also I'm not an idiot therefore know that a bank is not going to lend money to someone who can obviously not afford to repay it (based on their high spending on credit cards and low income).

have you ever checked your credit score?

Only on experian, it's 999. Credit score isn't the only decider of a mortgage, it is no indication of whether you can actually afford a mortgage.

You do love your credit cards.
Will 75,000 be enough?

You should check your other credit scores as well. with equifax and call credit, they each give different interpretations of the same meta data. you could have 999 with experian, but only 200 with the other ones, so clearly it is not a level playing field.

I could pay the rest from my portfolio, but that means dipping in to my capital, and this is something i wanted to avoid. Even my wife says the same. However if i get accepted for a card with barclays, which still remains to be seen, then we are much more likely to be accepted for with a mortgage with barclays, hopefullly anyway. Seeing as my wife already has a credit account with them! thanks

I have never defaulted on a payment, have been granted mortgages, I only use credit cards for insurance purposes and for generic regular items to keep the card active, these are always paid off on time, and all my accounts and finances are managed by an accountant and finance manager, my score will be just fine. I am responsible with my money, the same can't be said for you based on many of your posts.

Just because i have a big gob, doesn't mean you can say that i'm not responsible with money. The fact that my credit scores with the three uk providers have been consistently average, or above average, for the past two or three years, just goes to show that i am, if not good, then at least not bad with money,

It is true that i like spending money, and i am not the only one who does this. However i always pay back the minimum, normally more, and am careful never to go over the limit, so much so that i have never done this.

As for the question of working, whilst i would like to get a job, my wife works and earns enough for both of us. Today i looked after my daughter, and took her for a frappe and then a subway. I am what is known as the homemaker.

I understand that you may have trouble understanding this role reversal, because traditionally it is the woman who stays at home. But as look as i am contributing positively to my daughter's life, and i am not getting on too badly with my spouse, i really don't see what your problem is??

First of all a good credit rating does not equal responsible with money. You can still be wasting money on stupid things and have a good credit rating.

Secondly I have in no way said anything about the role reversal, I am female and am going after a big career, I'd say it was quite obvious I wouldn't have a problem with this. I was merely pointing out that as you have stated your total household income on here and considering that has to cover 2 adults and a child it isn't a lot for you to be spending large amounts on unnecessary items.