My wife and I recently got married. 3 months later, a house we had our eyes on for some time has become available. We met a mortgage advisor to obtain the mortgage. We passed the 3.5 times earnings test, however we failed on the ability to repay test. This was solely due to having the expense of a wedding within the last 6 months. The advisor stated that non-income credits (in this case cash gifts which were subsequently deposited to our bank account) are excluded from the assessment, which I can agree with. However, the connected expenses (for example hotel cost etc) are still included in the assessment, which I don’t understand.
We can ill afford to wait a further 2 months until the expense of the wedding falls outside of the assessment period, by which time the house will likely be snapped up, as the demand is high. The property agent is looking for an AIP from us to lock in the house.
Has anyone got advice on where to go from here?
We can ill afford to wait a further 2 months until the expense of the wedding falls outside of the assessment period, by which time the house will likely be snapped up, as the demand is high. The property agent is looking for an AIP from us to lock in the house.
Has anyone got advice on where to go from here?