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  • FIRST POST
    • Jones80
    • By Jones80 9th Oct 16, 6:33 PM
    • 11Posts
    • 1Thanks
    Jones80
    Mortgage Broker Has Me Worried
    • #1
    • 9th Oct 16, 6:33 PM
    Mortgage Broker Has Me Worried 9th Oct 16 at 6:33 PM
    Hi,

    I'll try keep this basic...

    My mortgage broker has sourced a mortgage and after some confusions around being able to use my partners wage towards it (we cant apparently), the lender has said they will very probably lend me 162k.

    I need 161k. Aside from this being freakishly close, I am now very worried.

    In my opinion this is too close and one slight thing, will mean I am rejected.

    But the mortgage broker is telling me it will be fine and to stop worrying

    I have said I can scrape a bit more and add another 4k on top of the 32k deposit. He said this will not be needed.... don't worry about it all.

    Am I missing something here, or is the broker missing my point of 162 is way too close to the 161 I need, and seems a huge risk??

    Thanks for any advice, i'm currently pulling my hair out.
Page 1
    • muhandis
    • By muhandis 9th Oct 16, 6:44 PM
    • 231 Posts
    • 87 Thanks
    muhandis
    • #2
    • 9th Oct 16, 6:44 PM
    • #2
    • 9th Oct 16, 6:44 PM
    The amount that lenders are willing to lend is adjusted downwards based on some of the following -

    1. Outstanding credit card debt.
    2. Outgoings that service other kinds of debt - car loans, personal loans, etc
    3. Dependants
    4. This isn't an exhaustive list, but you get the idea.

    So assuming that the broker is half decent and has considered all the details pertaining to your current financial situation accurately while calculating affordability and sourcing the mortgage, you *should* be fine.

    Hi,

    I'll try keep this basic...

    My mortgage broker has sourced a mortgage and after some confusions around being able to use my partners wage towards it (we cant apparently), the lender has said they will very probably lend me 162k.

    I need 161k. Aside from this being freakishly close, I am now very worried.

    In my opinion this is too close and one slight thing, will mean I am rejected.

    But the mortgage broker is telling me it will be fine and to stop worrying

    I have said I can scrape a bit more and add another 4k on top of the 32k deposit. He said this will not be needed.... don't worry about it all.

    Am I missing something here, or is the broker missing my point of 162 is way too close to the 161 I need, and seems a huge risk??

    Thanks for any advice, i'm currently pulling my hair out.
    Originally posted by Jones80
    • ACG
    • By ACG 9th Oct 16, 6:59 PM
    • 13,502 Posts
    • 6,648 Thanks
    ACG
    • #3
    • 9th Oct 16, 6:59 PM
    • #3
    • 9th Oct 16, 6:59 PM
    It is very rare that a loan would get reduced assuming everything has been covered off and declared correctly.

    It is close but I have 2 enquiries to research tomorrow where the clients want me to find the maximums they can get. I am like you, I do not like doing things so close to the knuckle but sometimes it is needed. Stop worrying, trust your broker and crack on. If it comes back lower than expected after underwriting, you are in the same position as not applying in the first place.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • Jones80
    • By Jones80 9th Oct 16, 7:18 PM
    • 11 Posts
    • 1 Thanks
    Jones80
    • #4
    • 9th Oct 16, 7:18 PM
    • #4
    • 9th Oct 16, 7:18 PM
    Thanks for the replies.

    If if goes though full application and fails. Will this then mean I cannot really apply elsewhere straight after? (due to check on credit report).
    • ACG
    • By ACG 9th Oct 16, 7:29 PM
    • 13,502 Posts
    • 6,648 Thanks
    ACG
    • #5
    • 9th Oct 16, 7:29 PM
    • #5
    • 9th Oct 16, 7:29 PM
    It depends on the finer details but one application declined should not be a deal breaker for a future application.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • copperjar
    • By copperjar 9th Oct 16, 9:21 PM
    • 822 Posts
    • 1,822 Thanks
    copperjar
    • #6
    • 9th Oct 16, 9:21 PM
    • #6
    • 9th Oct 16, 9:21 PM
    Surely they wouldn't reject you outright but might offer you a bit less (if something came up) and then you could just put the extra £4K towards it then. So long as offer wasn't more than £5k less than you've asked for of course!
    Total debt 1.11.10 £23,446
    Save £6k in 2015 #129 £6121.66/£6000
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