If we get turned down for our mortgage...

devilot

Is it game over? Or can we apply with someone else? We have accepted an offer on ours and had an offer accepted, but due to the price we took on ours we have had to go for a 90% LTV mortgage, the more I sit and think about it, the more worried I get myself that we will be turned down, especially when I read on here that only 1 in 40 people looking for a house are eligible for a mortgage!:eek:

So worst case scenario then - do we just apply with someone else?

i'm also worrying that the survey will pick up any problems with our place (not anticipated but you never know!).

Argh, anyone got any chill out tips?:o

QTPie

Sounds like you need an Independent Mortgage Advisor to do the leg work for you - i.e. find some mortgages that you are likely to get accepted for... take some of the stress out of it.

IDEALLY you want to have some form of mortgage promise/acceptance BFORE you make an offer on a property.

Good luck
QT

devilot

QTPie wrote: »

Sounds like you need an Independent Mortgage Advisor to do the leg work for you - i.e. find some mortgages that you are likely to get accepted for... take some of the stress out of it.

IDEALLY you want to have some form of mortgage promise/acceptance BFORE you make an offer on a property.

Good luck
QT

Oh we did! Well when we thought we'd have more equity BUT they promised us up to £133,000 based on around 20k equity, we'll now have 14k equity (well 17k minus various fees) but are only borrowing £94,500 (purchase price £105,000).

Also how can a mortgage advisor tell whether you'll be accepted or not, doesn't it come down to credit scoring in the end? As we can more than afford it based on our income and ouitgoings.)

penguine

The mortgage advisor should have a good idea, based on previous experience with other clients, as to whether your mortgage application is likely to be approved by the big lenders or not.