Very anxious and confused about mortgage application
Lc23
Posts: 19 Forumite
Hi,
I am an anxious person as it is, and this mortgage business is not helping! Can anyone offer me advice or help me understand a bit better?
Some info - my girlfriend and i are buying a place. She owns a property which she has sold now stc. I am putting the deposit down and she is using the profit from her house sale for furnishing etc.
New house price £305,000
Deposit £35,000
Help to buy loan for 20% of deposit £61,000
The total deposit is £96,000 meaning we have applied for a mortgage of £209,000.
Went to a mortgage broker who got us an AIP with Halifax for that amount amd submitted full application on the 14th for 35 years. At time of submitting we paid the valuation fee.
On the 15th Halifax called our MB and said they did not think it was financially viable at 35 years but after discussion they agreed to 37 years and scheduled a valuation for the 23rd.
Does this mean they have looked at all the documents and done all the neccessary checks and that providing all is ok with valuation they will offer the mortgage? My MB and girlfriend are very positive that will be the case but i am not sure! I have a few searches on credit file including a hard search from Halifax...
I personally worry i will be declined... i have not been earning for past 5 months as been doing my teacher training. Therefore i have been in my overdraft. Not consistently as i have used savings but part of each month. I also have 2 late payments on a credit card 12 months and 15 months ago from when i was abroad and forgot to make a payment till the day after (stupid i know). Lastly i have a job for september as a qualified teacher but as yet no contract as it will be issued by county in september... the headmaster has written a letter confirming salary staft date job title etc.
My partner earns £6000 more than what my salary will be as of september.
Anyone any thoughts on this?
I am an anxious person as it is, and this mortgage business is not helping! Can anyone offer me advice or help me understand a bit better?
Some info - my girlfriend and i are buying a place. She owns a property which she has sold now stc. I am putting the deposit down and she is using the profit from her house sale for furnishing etc.
New house price £305,000
Deposit £35,000
Help to buy loan for 20% of deposit £61,000
The total deposit is £96,000 meaning we have applied for a mortgage of £209,000.
Went to a mortgage broker who got us an AIP with Halifax for that amount amd submitted full application on the 14th for 35 years. At time of submitting we paid the valuation fee.
On the 15th Halifax called our MB and said they did not think it was financially viable at 35 years but after discussion they agreed to 37 years and scheduled a valuation for the 23rd.
Does this mean they have looked at all the documents and done all the neccessary checks and that providing all is ok with valuation they will offer the mortgage? My MB and girlfriend are very positive that will be the case but i am not sure! I have a few searches on credit file including a hard search from Halifax...
I personally worry i will be declined... i have not been earning for past 5 months as been doing my teacher training. Therefore i have been in my overdraft. Not consistently as i have used savings but part of each month. I also have 2 late payments on a credit card 12 months and 15 months ago from when i was abroad and forgot to make a payment till the day after (stupid i know). Lastly i have a job for september as a qualified teacher but as yet no contract as it will be issued by county in september... the headmaster has written a letter confirming salary staft date job title etc.
My partner earns £6000 more than what my salary will be as of september.
Anyone any thoughts on this?
0
Comments
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Halifax will check everything on receipt and instruct valuation.
That end sounds fine.
I assume you have the offer for your Equity Loan from the Housing Association? (called Form of Authority to Proceed)I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
normally a mortgage lender will do the valuation even if all documents on income have not yet been checked as they normally make you aware that the valuation is none refundable once undertaken. and they will need the confirmation on equity loan etc also before a final decision on lending may be given. did you check the process stages with your mortgage advisor as this may help your planning.0
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