I'm panicking!

sparkle_SC

First of all I'm a bit of a control freak and this whole mortgage thing is taking me out of my comfort zone alot!

We got a DIP from nationwide a week and a half ago and have had an offer accepted on a property. At the time the DIP was given we proceeded with the full application.

The property is valued at £109k and we have a £50k deposit and therefore only need a mortgage of £59k.

Affordability isn't a problem for us, but in the past we have had some debt (totalling approx £12k which has been satisfied now) there have been no ccjs for either my husband or I.

I'm paranoid that the mortgae will be knocked backed due to past debts at the underwriting stage (or whatever happens next). The financial advisor has assured us that there will be no problem due to the LTV (54%) we need. I do trust the financial advisor but I guess I'm just looking for a bit of reassurance.

Do you think we should be okay considering the LTV and the fact we got the DIP? The valuation was fine and we have provided suitable proof of income etc. Also any advice of where to go from here if we are knocked back?

Thanks for listening

J

_Andy_

Debts aren't usually any issue. In terms of mortgage underwriting, a history of paying debts on time goes in your favour as it provides a credit history for you.
Assuming that affordability isn't a problem for the lender (which it shouldn't be as a DIP has been done, assuming all existing debts have been declared) and that you have no missed payments or defaults, there's no reason to worry.

Optimisticpair

What is a DIP? Decision in principle? It sounds similar to our recent experience so yes you should be ok for the new mortgage. Mortgage advisers have seen it all before so try to relax.

I do know how you feel I like to be organised and in control too. We are waiting for green lights. Deep breaths and keep busy while you wait.

I hate house selling more than anything .

sparkle_SC

Should probably have made it a bit clearer on the affordability part - shouldn't I?

Also we are first time buyers!

We have a joint annual income of £50K and no loan payments etc just your usual household bills. We currently pay rent of £410 per month and pay our own utilities etc and still have approx £2200 left to play with each month. Nationwide have quoted a monthly payment of £358 so we would actually be slightly better off.

Thanks