offer gone to underwriter what now

engleby

Just completed an application to extend mortgage to pay off several credit cards but application had to go to underwirter anyone else had this outcome and what are chances of getting approval got to wait a couple of days for reply with HSBC

opinions4u

There really is absolutely no way, from the information provided, that anybody could give you an answer.

Here's some suggested information to provide:

1) Value of property
2) Total amount being borrowed
3) Size of loans bein repaid
4) Annual salary
5) Any missed payments / adverse credit in the last 6 years
6) Size and monthly payments of loans and cards that will not be repaid by the remortgage

engleby

Property value £250.00
Existing mortgage £61.000
Loans to be repaid £47.000 making toatl lending 45% of value
Salary joint £52.000
No misssed payments or adverse credit
No loans or cards remaining unpaid

DVardysShadow

engleby wrote: »

Property value £250.00
Existing mortgage £61.000
Loans to be repaid £47.000 making toatl lending 45% of value
Salary joint £52.000
No misssed payments or adverse credit
No loans or cards remaining unpaid

and loan = 2 * income - Looks good.

£47000 on credit card - looks bad.

Any evidence of paying things down?

engleby

Not really only never missed any payments of mortgage or late payment or missed payment on cards

new_home_owner_3

you will be fine i wouldnt worry about it, its not even a large amount.

with your equity and you salary you will easily get the mortgage.

herbiesjp

You should have the pick of the market

Can't see any obvious reason why HSBC would say no.

engleby

Thanks you for your positive comments we are still awiting a decision it was mentioned that the underwriter may not be happy to take on unseccured debt fro other companies i.e. cc but can't understand why if it igoing to be secured against the house

opinions4u

engleby wrote: »

Thanks you for your positive comments we are still awiting a decision it was mentioned that the underwriter may not be happy to take on unseccured debt fro other companies i.e. cc but can't understand why if it igoing to be secured against the house

Because you might not pay, your debt would rise and the house price might fall and the lender might make a loss.

That's one of the risks the underwriters assess. Given that UK residential mortgages are likely to see around £4bn in losses across the industry this year it's a task they will rightly be careful with.

From the information posted I think you will get your mortgage. But just because the debts are secured on your house does not remove risk from the lender.

engleby

still waiting for the phone call re application was told that of 10 applications that go to underwriter 9 are usually approved has anyone else heard this still anxious won't get much needed relase of equity will they be put off as we have unsecured debt owing to various cc does it matter how many lenders we owe to will they consider this the extra funds are to pay them all off

Mrs_Bumble

I would honestly try to relax I agree with the above comments, so can't see why it would be rejected. Just wait to see what happens:)