Northern Rock Mortgage Process

cococoladebt

Wishing everyone a happy and prosperous 2011.

Applied for a northern rock buy to let mortgage just after Christmas and the lady over the phone asked all the questions and did a credit check.

I have an excellent credit history and wanted to remortgage - no existing mortgage - about 35% of the property value but the decision was referred to the underwriters.

The lady over the phone said because I have been self-employed for only 8 months; have little savings and the property is empty at the moment the underwriters will need to review. The underwriters came back 2 days ago and said I need at least 6 months worth of mortgage payments in my bank account because the property is sitting empty and I have been self-employed for 8 months. Fair enough.

I have at least two months mortgage payments in my bank account and should have by the end of the month, all 6 months and I have had a number of prospective tenants look at the house this week and I should have someone signed up by the end of next week: the rent will cover the monthly mortgage payment twice over.

Now, I'm wondering. When the credit check was done, I'm guessing that was for a decision in principle. When I go back to Northern Rock with all the conditions met, I would be granted DIP. Then I'm told I need to fill in an application form and return this to get the ball rolling. Seeing as I have met the underwriters condition, is there a good chance I would get the mortgage or is there a long way to go yet?

cococoladebt

Has any one dealt with Northern Rock?

Thrugelmir

cococoladebt wrote: »

Seeing as I have met the underwriters condition, is there a good chance I would get the mortgage or is there a long way to go yet?

You will meet the underwriters conditions conditions shortly. Until you do little point in applying again.

However the underwriters could raise different or further conditions by the next time you apply.