Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • prtraxa
    • By prtraxa 8th Oct 17, 2:23 AM
    • 2Posts
    • 0Thanks
    prtraxa
    Mortgage Application Concern
    • #1
    • 8th Oct 17, 2:23 AM
    Mortgage Application Concern 8th Oct 17 at 2:23 AM
    Hello,

    My partner and I have a mortgage accepted in principle for £190,000. We are looking at a property worth £330,000. We will be putting down a deposit of £150,000.

    My partner will be the main applicant on the mortgage and has squeaky clean finances but is the lowest earner (£28k). I however, have outstanding debts but have the highest earnings (£48k).

    I currently owe £8,700 on my credit card and have been in my overdraft for £1,800 for the past 3 months. We both have 2 cars on finance that cost £520 a month for both. I have never missed a payment for anything and pay well over the minimum payments each month on my credit card and have very little other outgoings at all.

    My main concern is that my situation is likely to mean we won't get the mortgage accepted after I have a credit check (currently 820 or 'Fair' on Experian). I have been completely honest with my mortgage advisor and wanted to know how much knowledge they have before proceeding with the full application? Would they still try and progress a full application even if the risk is higher? They suggested we could borrow up to £320k which seems too high given my circumstances. Given that amount and the fact that I am only asking for 60% of that. Is there any glaringly obvious reason my application would fail? I am unnecessarily getting stressed about what I can do if it does fail?
Page 1
    • kingstreet
    • By kingstreet 8th Oct 17, 8:43 AM
    • 32,390 Posts
    • 17,392 Thanks
    kingstreet
    • #2
    • 8th Oct 17, 8:43 AM
    • #2
    • 8th Oct 17, 8:43 AM
    Is there any glaringly obvious reason my application would fail?
    Originally posted by prtraxa
    No.
    I am unnecessarily getting stressed about what I can do if it does fail?
    You are. Your broker will find another lender.

    It's always helpful in such threads to name the lender concerned.
    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.
    • prtraxa
    • By prtraxa 8th Oct 17, 10:02 AM
    • 2 Posts
    • 0 Thanks
    prtraxa
    • #3
    • 8th Oct 17, 10:02 AM
    • #3
    • 8th Oct 17, 10:02 AM
    No.

    You are. Your broker will find another lender.

    It's always helpful in such threads to name the lender concerned.
    Originally posted by kingstreet
    Thanks. My partner and I have gone directly to Yorkshire Builder Society to discuss the mortgage. It will be our first mortgage hence the added worry about getting the mortgage.

    Is it advisable to go elsewhere as well? We only went to Yorkshire as they had the rates we were looking for online.
    • YHM
    • By YHM 8th Oct 17, 11:20 AM
    • 303 Posts
    • 99 Thanks
    YHM
    • #4
    • 8th Oct 17, 11:20 AM
    • #4
    • 8th Oct 17, 11:20 AM
    It would make sense to sit down with a mortgage broker as they would review the market for you to ensure you are getting the best rate available to you.

    YBS have some attractive rates at the moment, but don't have an intermediary (broker) service, as they have a separate business (Accord) for this.

    On the face of it, your finances all seem in order, so I wouldn't see a reason why your application would fail, unless you have some other skeletons in the closet....
    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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

253Posts Today

1,262Users online

Martin's Twitter
  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • RT @thismorning: With his last deals of the year, @MartinSLewis wishes us all a 'very merry Christmas, a happy Hanukkah and a wonderful and?

  • RT @stoneygran: @MartinSLewis I furtively used a pub toilet last night before getting on the bus and felt really guilty!

  • Follow Martin