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    • cashbackproblems
    • By cashbackproblems 15th Mar 17, 4:02 PM
    • 1,675Posts
    • 639Thanks
    cashbackproblems
    Chance of mortgage being accepted?
    • #1
    • 15th Mar 17, 4:02 PM
    Chance of mortgage being accepted? 15th Mar 17 at 4:02 PM
    Dear all


    I did post the other day for something else, but just wanted to see opinions on the above deal im applying for (approved in principle this week). As I am borrowing almost x5 my income, is there any risk of being rejected based on affordability? Even though the repayment is only £910pm and my take home is 3.2k. Accounting 1k for bills, travel and other expenses should still give me a small buffer.


    Property - 2 bed flat 335k.


    Virgin Money
    3 year fixed 1.84%
    Borrowing 251k.
    Arrangement fee £995.
    Monthly repayments £900 (30 years)
    LTV 75%. Deposit 85k

    Salary 54k. Single applicant. No financial commitments or debts. 2k interest free CC debt but advised this is ok.
Page 1
    • foxy-stoat
    • By foxy-stoat 15th Mar 17, 4:10 PM
    • 1,561 Posts
    • 861 Thanks
    foxy-stoat
    • #2
    • 15th Mar 17, 4:10 PM
    • #2
    • 15th Mar 17, 4:10 PM
    Your numbers are similar to mine, I can say that there is a chance that you will be declined on full application, as well as being accepted.


    I hope that helps, but I doubt it.


    Good lucks
    • kingstreet
    • By kingstreet 15th Mar 17, 4:12 PM
    • 31,560 Posts
    • 16,856 Thanks
    kingstreet
    • #3
    • 15th Mar 17, 4:12 PM
    • #3
    • 15th Mar 17, 4:12 PM
    Is the amount you requested within the amount indicated as affordable by the online affordability calculator and then by the decision in principle?

    If it is, you will be fine if the supporting evidence, latest two months payslips and P60 support what you have entered.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • cashbackproblems
    • By cashbackproblems 15th Mar 17, 4:30 PM
    • 1,675 Posts
    • 639 Thanks
    cashbackproblems
    • #4
    • 15th Mar 17, 4:30 PM
    • #4
    • 15th Mar 17, 4:30 PM
    Is the amount you requested within the amount indicated as affordable by the online affordability calculator and then by the decision in principle?

    If it is, you will be fine if the supporting evidence, latest two months payslips and P60 support what you have entered.
    Originally posted by kingstreet

    the online calculations say you can in theory borrow 270k (54k*5).


    Yes my AIP is based on me borrowing 252k. But what I understand this is mainly based on your credit score (Experian is 999). Also Virgin do not request bank statements according to my broker.


    I was more worried as I am borrowing such a large amount as a single person.
    • kingstreet
    • By kingstreet 15th Mar 17, 4:51 PM
    • 31,560 Posts
    • 16,856 Thanks
    kingstreet
    • #5
    • 15th Mar 17, 4:51 PM
    • #5
    • 15th Mar 17, 4:51 PM
    The result is based on a combination of your past credit history and your application data. That is your credit score as far as the lender is concerned. It isn't interested in your 999 from Experian or whatever it calculates its own.

    As I said, latest two months payslips and P60 are VM's income requirements for the employed and no, bank statements aren't requested.

    If it fits affordability it fits affordability, there is no "Yes, but what about...?" when the full application goes in if your documents back up the application data.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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