Should I have any problems?

head_ed

Hi Guys,

Newbie poster here - been reading the threads for months, but now feel the need to post.

I am currently in the process of buying a house & have my mortgage offer with the Abbey National. I am technically a first time buyer (as it's been over 6 years since I last owned a house) and I am buying a new build.

The house was on the market 6 months ago for 250K, it is now valued at 170K - but the builders need cashflow & I have managed to secure a deal for 113K.

I have a 25% deposit, so am only looking for an 85K mortgage which the Abbey is fixing for me at 4.1% for 2 years, a monthly repayment of £485.

I am the MD of a small Ltd company that has been trading for 6 years with healthy enough accounts that always show us make a decent profit of around 50K a year & my take home salary is always at least £2500 a month. I have debts of a few hundred pounds on a credit card & about £500 outstanding on a car loan which has 2 more payments to run.

According to Experian my credit score was 999/1000 in November, but is now 946/1000 (which I am assuming is down to the Abbey running a credit search on me).

HOWEVER:

When I first applied for the mortgage through an IFA I got a straight approval & was told that I could complete within 4 weeks (stipulated by the builders to give me such an amazing deal).

The Abbey have since asked for more and more information, all of which has been supplied by return of post. Proof of last 4 wage slips, proof of deposit, an accountants reference..

Today they have come back and said that they still don't have enough information & that they need one of their templated forms filled in! Why they didn't send that out 2 weeks ago is beyond me!

They still have not had the valuation done, which obviously means I haven't been put on the queue for approval, which means I am edging closer to not being able to complete by the 13th March.

My IFA spoke to a manager at Abbey today who said that they would try and fast-track me once the information gets through to them, which will hopefully be on Friday.

I am not trying to seem smug - as I know that there are people here with money worries & face losing their homes etc, but on paper I must seem like a dream candidate for a mortgage - don't I?

I just don't want to get to this time next week & face not having a house which I have worked so damn hard to get..

Apologies for such a rambling first post.


Martin.

Rednoseranter

Problem is mate that your a self-employed "1st time buyer" - their just being overly careful. Although you need to keep onto your broker to keep the pressure on. Good luck.