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Approved in principal, will it happen ??
Monkeybutt
Posts: 41 Forumite
Hi all,
I applied for a mortgage at the beginning of the week, spent an hour going through the application and doing the credit checks, 1 minor issue from way back but nothing else, a small loan ( £4K ) and 1 credit card ( £2.8K ).
The application form was despatched and sent back with the requisite proof of address and payslip.
Money has been paid for valuation of new property.
As the credit check has now been done and the application progressed to the underwriters what is the likelihood of the application being declined ? I am naturally pessimistic and the fact I have had to start paying solicitors etc is a bit of a worry.
Mortgage required was £328K against a £375K house, joint income £78K, we have been with the existing lender for the last 10 years and have an unblemished payment record with them.
Any thoughts you have on this would be gratefully received as I'm tearing my hair out with the uncertainty of it all.
:mad: :mad: :mad:
Thanks in advance
I applied for a mortgage at the beginning of the week, spent an hour going through the application and doing the credit checks, 1 minor issue from way back but nothing else, a small loan ( £4K ) and 1 credit card ( £2.8K ).
The application form was despatched and sent back with the requisite proof of address and payslip.
Money has been paid for valuation of new property.
As the credit check has now been done and the application progressed to the underwriters what is the likelihood of the application being declined ? I am naturally pessimistic and the fact I have had to start paying solicitors etc is a bit of a worry.
Mortgage required was £328K against a £375K house, joint income £78K, we have been with the existing lender for the last 10 years and have an unblemished payment record with them.
Any thoughts you have on this would be gratefully received as I'm tearing my hair out with the uncertainty of it all.
:mad: :mad: :mad:
Thanks in advance
0
Comments
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I know the feeling as I'm waiting to hear as well!
I think you should be fine - who did you apply to? It depends a lot on the lending criteria of the individual firm.0 -
Hi Margaret :wave:I am a Senior Forum Ambassador and I support the Forum Team on the Wales, Small Biz MoneySaving, In My Home (includes DIY) MoneySaving, and Old style MoneySaving boards. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0
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If the credit check has been done you should get the mortgage. However if you have problems with your credit rating, there is a good chance that you will be turned down.
You should press for an answer as this is a very stressful time.0 -
Got the phone call today, offer is in the post. Now just need to worry about paying for it all
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