Agree In Principal - Now Waiting!!!

northernmonkey09

Hi,
Im hoping some of the knowledgeable people on here can offer us some advice.

The property we have had an offer accepted on is £122,000, With us putting down £19,000 means we have had a mortgage agreed in principle with the Abbey for £104,000.

My partner earns £21,000 of which £6000 is tax credits as we have 2 young children.
I am self employed and earn £11,500 but after deductions my accounts show £5700.

We have no credit cards, My partner has a loan through work (Police) for which we pay £380 a month on.

We have been agreed in principal and our now waiting on the concrete offer, However the waiting is killing us, Our broker says we should hear something by wednesday at latest as the Abbey are bogged down with applications.

Looking at our position what are our chances,

Any advice would be much appreciated......

herbiesjp

I'm sorry to say that based on the £21k income (assuming Abbey will take all the tax credits into account) and the £5700 with 2 young children - Abbey's affordability calculator comes up well short of the mortgage amount you are looking at

I could be wrong, as I dont have any of your details, but I think your adviser should have discussed this with Abbey first before leaving a foot print on your credit file.

mumof2girls_2

we were able to borrow 133k on our income with abbey- OH earns 23500k and Im part time on 11500k but ha it something to do with our ltv is 55%?

Good luck anyway, and surely your Adviser should of said during the application process if he had any doubts regarding affordability etc?

northernmonkey09

I havent included the childcare element of the child tax credit which is nearly an extra £6000 per annum as i wasnt sure if they accepted it.....Not sure if that makes any difference.....

Cozworth806

I have got a mortgage with C&G for £120,000 with figures not much different to yours, but without the loan, which is a sizeable chunk of affordability

northernmonkey09

Is that after your deposit?

sarah77

Hi,
We have just had a mortgage offer from Abbey but it was a long process...got there in the end though! I am employed and OH is self employed. We applied through a broker as we are FTB and wanted expert advise due to OH being self employed. Took time to get the info together for OH as Abbey kept asking for more documents...3 years full accounts when originally they had asked for an accountant certificate, then had to provide a breakdown of OH/partner net income. Abbey were bogged down with applications so it did take about 8 weeks to get a mortgage offer. We have borrowed around 3x our joint income. Dont get too stressed with the waiting like i did Good luck

Conrad

Be aware Abbey this week are closing down many regional processing centres, and replacing with 2 big centres to cover the nation. There could be some service issues as a result.

Impossible for me to say whether your case will be accepted. For example, is it interest only or repayment and if interest only what is the cost of the repayment vehicle. These are but 2 of many many factors the underwriters need to consider.

northernmonkey09

Hi Conrad, Its a repayment mortgage we have applied for, 5 years fixed rate 5.8%, According to our advisor he worked out that we could borrow up to a maximum of £115,000 based on a deposit of £19,000.

The waiting is the worst part as we have fell in love with the house that we have had a offer accepted on and we are aware that there are a number of interested partys in the property so need to move as quick as we can.

This will be our second property we sold our house in the middle of December and have been renting since!....Dead money!!!!.