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Mortgage Offer

MrsJT_2
MrsJT_2 Posts: 102 Forumite
Part of the Furniture 10 Posts Combo Breaker
in House buying, renting & selling
If you have already given all your income and outcome details, provided bank statements and ID and already been credit checked and passed, are you certain to get a mortgage offer?
«13

Comments

  • jebervic
    jebervic Posts: 861 Forumite
    MrsJT wrote: »
    If you have already given all your income and outcome details, provided bank statements and ID and already been credit checked and passed, are you certain to get a mortgage offer?

    No it doesn't, depends on the condition and value of the property
  • MrsJT_2
    MrsJT_2 Posts: 102 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hi

    It's a new build property, built June this year. What are the chances of a mortgage offer would anyone now?
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    House or flat?

    How much are you looking to borrow and what is purchase price?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MrsJT_2
    MrsJT_2 Posts: 102 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's a new build top floor apartment no neighbours only apartment on that floor, asking price was £115,000 getting it for £110,000 inc carpets and fitted kitchen but will only be paying £68,000 through a local new deal scheme (you buy 60% they pay 40% husband have already been accepted on to scheme).

    Thanks for your help
  • Eric1
    Eric1 Posts: 490 Forumite
    The mortgage provider will weigh the chances of getting their money back if you default.
    Look at recent open market sold prices of similar properties in the area. Are they close to £110,000?
  • MrsJT_2
    MrsJT_2 Posts: 102 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    For the same size there between 105,000 and 135,000
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    New build flats are not top of lender's wish lists and shared equity schemes will make it even more difficult.

    Without knowing the full details it is impossible to say but it is certainly not straight forward by any stretch.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MrsJT_2
    MrsJT_2 Posts: 102 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    :( ok thanks for your advice
  • Eric1
    Eric1 Posts: 490 Forumite
    Seems low risk for the lender. Now it will depend how nervous your valuation surveyor is about the housing market :)
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    How is this low risk? Bank would have security over 60% of the property.

    No mention of a deposit from the OP.

    Mrs JT how much are you putting in as a deposit?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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