Mortgage declined due to “Affordability” even though we had a Mortgage in Principle

silviu_2

Thanks Holly Hobby,

I'll get my employer to write me a letter just in case I need it and come Monday I'll send my own letter to the lender explaining my peculiar role and remuneration. My job is not very common, I give you that, but I think there are more people like myself working offshore with similar problems. Therefore one might be forgiven for thinking that the UW/lenders however big or small would have dealt with something similar in the past and at least ask for more info before abruptly declining a mortgage. After all the buyers are far and fewer in between these days. I appreciate the ever-more stringent lending criteria imposed by current financial affairs, still I do hope there's some common sense left in this crazy world we live in.
We know we can afford it since the monthly rate is almost 25% less than what we’re currently paying on rent, yet will we be able to prove it?
[FONT=&quot]Remains to be seen...
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holly_hobby

The more info you can give the UW in support of your application the better.

If a negative decision does come back, you can always ask for this to be referred to the Snr Underwriter. (to be honest if the uw assessing the app, is unsure they will probably refer anyway, so I am hoping that all will be well).

Hope this helps

Holly

silviu_2

Thanks Holly for your positive vibe. Much obliged...

silviu_2

:T
It is done, got accepted.
Thanks to all of you and this fantastic forum.
Holly was absolutely right in her advice. Thank you Holly!

maria777_2

Yay! Very please for you - hope you are very happy in your new home!

holly_hobby

Thanks for the PM.

It is my pleasure to have been able to assist .... and that it all worked out as planned !

Enjoy your new home .... make sure its a big bottle of Champers you pop the cork on .... :beer:

H x