Leeds BS application

282820

I have applied to Leeds Building society for a £37500 mortgage, I have 10% deposit, it is a shared ownership property of which I would be buying 25%.
I got an AIP from Leeds and have submitted my full application.
They seem to have been very slow and quite disorganised, asking for documents that they have already acknowledged receipt of etc. They did say that I would get a full offer within 7 days but 10 days on and they have only just submitted to underwriters today, they have also assured me that once the sales support team submit the application there isn't any reason it would be declined, does anyone know if this is correct.
I seem to get a different story every time I speak to them.
I have paid an application fee and also a reservation fee against the property, I have yet to pay legal fees as I have read so many horror stories of people having the mortgage declined after submitting the full application.

282820

If anyone has any experience with Leeds I would be so grateful of a reply as I am getting quite concerned.

282820

I forgot to add that the valuation has been carried out and came back fine.

282820

Anyone able to help at all??

Thrugelmir

282820 wrote: »

they have also assured me that once the sales support team submit the application there isn't any reason it would be declined, does anyone know if this is correct.

Sales sell. Underwriters approve.

Possibly they could have hit their lending quota for June and are proceeding slowly to push the offer (if made) into July.

282820

Thanks, I was beginning to wonder if my post was invisible

The only concern I have is that I have a large ish overdraft and I use it although I never go over it and I haven't had any missed payments on anything. The sales support team did say it wouldn't pose a problem but having read some posts on here I have worried myself a bit.

Thrugelmir

The overdraft could pose an issue. As it could be viewed as that is how you've funded the deposit. Also how would you cope with an unexpected bill to pay.

So in any event you need to learn to live without using your overdraft facility. Learn to budget for your money.

282820

The only reason I use my overdraft is because it is considerably more affordable than my credit cards, but I agree I must make a concious effort to reduce it.

Thrugelmir

There's more to owning a house than just paying the mortgage.

Suggest you start recording every penny you spend. You may be shocked at where your money goes without realising it. Then see where you can cut back on or cut out expenditure.

Plenty of advice and support on the Debt Free Wannabe board.

282820

Thanks for the advice, I agree totally.

GMS

282820 wrote: »

The only reason I use my overdraft is because it is considerably more affordable than my credit cards, but I agree I must make a concious effort to reduce it.

Both are forms of borrowing and as a result the use of both where it looks to have become a reliance will have an affect on an underwriters decision on whether to approve a mortgage. If it looks like you 'live' in your overdraft then it could be viewed that your monthly wage is insufficient to support your lifestyle, similarly with an increasing credit card balance which could be taken as an inability to support a mortgage.

Underwriters want to see an ability to afford the mortgage