Advice regarding mortgage application

ianbrown

We have currently a mortgage with the Woolwich and have sold our property. We have a AiP with them but have found a better deal with principality - no fees as opposed to £1500 with the Woolwich.

We have sent everything in and its gone to the underwriters to be looked at, which takes around 3 weeks.

However, I'm panincing that we'll be turned down. The house is a new build marketed at £175, we've paid £146 and want a mortgage for £124, so 15%. Our joint income is 33000.

Mortgage details £124 over 22 years at 5.29% = £798

The valuation has already been done but I'm worried that because we are borrowing at a high ltv it will get declined.

I also missed three payments on a loan in 2007, which when I realised was settled in full. The chap said he 99.99% sure we'll pass the credit check. My other half's is blemish free.


So what I want to know is has anyone dealt with principality before, and are the quick and ok? Havs anyone recently got a mortgage in a similar sitaution.

We are moving in with the inlaws until the house is build so if we can't get a mortgage its not a case of just staying put:eek:

Thanks