Applying for first mortgage

becca2_2

Hi would just like some advice.
have just applied for my first mortgage from Britannia.
It has been accepted in principle but all the final checks have to be done etc. What are the chances that it will fall through at this stage?
Have an offer of 153,000 accepted on a property.
need a 90% mortgage- 137700
salary- 46000
outstanding dept- loan 19100 monthly payments of 279/month
good credit rating- 956 on experian

Just a bit worried about the loan.
Any advice from previous experience??
Thanks

Mrs_Bumble

Well according to their site they will lend 4.25 times salary. So if your basic salary is 46000 less 3348 per year for loan repayments leaves £42652 X 4.25 = £181271 max borrowing (which is high!)

So I guess as long as there aren't any gremlins and they are happy with the property, as I have read in other threads that they can be picky, looks on the face of it that it will be ok.

It's not a new build is it?

becca2_2

nope not a new build. was also having a look at other posts and they do seem very picky about things!! guess i'll just have to keep my fingers crossed...

Mrs_Bumble

Fingers crossed and try not to worry about what hasn't happened yet:) Good luck:)