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  • FIRST POST
    • Irth
    • By Irth 7th Sep 17, 1:35 AM
    • 7Posts
    • 0Thanks
    Irth
    Will I get a mortgage approved
    • #1
    • 7th Sep 17, 1:35 AM
    Will I get a mortgage approved 7th Sep 17 at 1:35 AM
    I'm planning on moving home, to somewhere that we will live in for a long timeo. So it has to be perfect.
    I'm a bit worried I'll be declined a mortgage.
    We have a joint income of £102,000, both been employed with our employers for over 15 years. We have a current mortgage that we have been over paying each month to bring the balance down. With full asking price on our house for sale (which have had 2 full asking offers but have both fallen through very early on) we will have a £120k to use as a deposit on the new house. The mortgage amount we are looking for is a max of £220k.
    My concerns are that I have £10.5k on a credit card and a £330 a month car loan.
    As it's been a good 5 years since applying for my last mortgage which went through fine, I now know that the criteria is very strict.
    Any advice would be truely appreciated.
Page 1
    • Irth
    • By Irth 7th Sep 17, 1:58 AM
    • 7 Posts
    • 0 Thanks
    Irth
    • #2
    • 7th Sep 17, 1:58 AM
    • #2
    • 7th Sep 17, 1:58 AM
    In addition after checking my credit report, in 2013 I have a late payment on a credit card. After looking into it, it was for £36 and was due to my own mistake of being away and forgetting to pay it off. This adds to my concern of being declined a mortgage
    • kingstreet
    • By kingstreet 7th Sep 17, 6:41 AM
    • 31,941 Posts
    • 17,071 Thanks
    kingstreet
    • #3
    • 7th Sep 17, 6:41 AM
    • #3
    • 7th Sep 17, 6:41 AM
    You would need to use your chosen lender(s) affordability calculator(s) to establish if the amount you need to borrow is achievable with or without the debt.

    If it isn't, consider repaying some or all of it and reduce your deposit. Ensure your lender will ignore debt to be repair on or before completion first - a couple don't.

    A late payment four years ago shouldn't be a massive issue for most lenders.
    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.
    • Fiesto88
    • By Fiesto88 7th Sep 17, 6:44 AM
    • 61 Posts
    • 36 Thanks
    Fiesto88
    • #4
    • 7th Sep 17, 6:44 AM
    • #4
    • 7th Sep 17, 6:44 AM
    You're borrowing well below what your limit would be based on your income at a good LTV. Neither the credit card balance or the car loan are out of line with what you earn and i can't see an underwriter batting an eyelid at one credit card whoopsie.

    On the face of it, you'd be fine.
    • amnblog
    • By amnblog 7th Sep 17, 7:13 AM
    • 9,752 Posts
    • 3,768 Thanks
    amnblog
    • #5
    • 7th Sep 17, 7:13 AM
    • #5
    • 7th Sep 17, 7:13 AM
    Few borrowers looking for 2 times income with a 30% deposit will have anything to worry about.
    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.
    • csgohan4
    • By csgohan4 7th Sep 17, 7:48 AM
    • 3,775 Posts
    • 2,356 Thanks
    csgohan4
    • #6
    • 7th Sep 17, 7:48 AM
    • #6
    • 7th Sep 17, 7:48 AM
    good job on getting a great deposit and good jobs
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Irth
    • By Irth 12th Sep 17, 5:40 AM
    • 7 Posts
    • 0 Thanks
    Irth
    • #7
    • 12th Sep 17, 5:40 AM
    • #7
    • 12th Sep 17, 5:40 AM
    Thanks everyone for your replies. I have now sold my house so it's time to put it to the test and start the application for the mortgage. I'm sure I'm not alone, but I absolutely fear the mortgage application process. Anxiety about it is an understatement.
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