Mortgage referred?

hyposmurf

I applied for a mortgage back in May and the process all went through,credit history was fine and they sent out foms for me to fill in.My buyer then dropped out so I didnt go ahead with the mortgage.I've gone back to the same lender and applied for a similar mortgage with a slightly different rate.The mortgage Im borrwing is just slightly higher to.LTV is not much different over 75%.
The mortgage aplication has been referred and theyll get back to me.I have since checked the affordability calculator on their website and I'm applying for an amount which is just over what they say I can afford.This is literally a few 100 pounds.
I think this maybe the problem,if I contact the lender and notify them that I can put more deposit down as have savings,didnt realise it was over my affordability are they likely to take this on board or will I have to run through the entire process again?
Other problems I had is that the phone line kept echoing and I couldnt understand the operator on occasions due to their accent.

Thrugelmir

hyposmurf wrote: »

I have since checked the affordability calculator on their website and I'm applying for an amount which is just over what they say I can afford.

This is only a guide. Actual mortgage offers can vary considerably.

Wait and see what the lender has to say before deciding on course of action.

hyposmurf

Thrugelmir wrote: »

This is only a guide. Actual mortgage offers can vary considerably.

Wait and see what the lender has to say before deciding on course of action.

You mean hang fire?Wouldnt it best to notify them of this extra information before the under writer starts sifting through it all?If am able to lower the mortgage loan slghtly that may rectify the situation.

Thrugelmir

hyposmurf wrote: »

You mean hang fire?Wouldnt it best to notify them of this extra information before the under writer starts sifting through it all?If am able to lower the mortgage loan slghtly that may rectify the situation.

An underwriter will review your file in any event in some form. As all applications require signing off. Possibly yours has merely been pulled out for random audit and thorough review.

hyposmurf

Im just wondering if I supply the information that I would like to borrow slightly less by increasing my deposit then hopefully that would supply them with more info when deciding on the application?Otherwise they are likely to just look at the application and find that its above my affordibilty and right me off with a no.

Thrugelmir

hyposmurf wrote: »

Otherwise they are likely to just look at the application and find that its above my affordibilty and right me off with a no.

The lender will most likely will advise you the maximum they will advance. If the lender is happy with your application. As they have no idea as how to much savings you may or may not have. They are unlikely to decline your business outright.

hyposmurf

I hink the problem may have been that I initially had an affordibility calculation carried out on my first application but the lender didnt do it on my second application, she said that you had it carried out before.

hyposmurf

Wil I jepoardise my case by ringing up with further information?I think I got the date I have lived at my current address slightly wrong to,was out by 9 months.

hyposmurf

Jut to give feedback on the thread.I rang next mronin and then gave them the extra details I could change the amount I was borrowing to a lower figure,without needing another credit check.As son as the new firgure was pu on their system the mortgage application was approved and was no longer reffered.

Thrugelmir

hyposmurf wrote: »

Jut to give feedback on the thread.I rang next mronin and then gave them the extra details I could change the amount I was borrowing to a lower figure,without needing another credit check.As son as the new firgure was pu on their system the mortgage application was approved and was no longer reffered.

There will still be a credit check done as part of the application process. .

hyposmurf

Thrugelmir wrote: »

There will still be a credit check done as part of the application process. .

Yes I had one done duing the application process.I have since rung upper the mortgage lender and they have told me that although it rang through on the system, it will now still go to an underwriter who will check hrough it all.So wil have to sweat it out until then.

The thing Im pretty concerned about is that I hav a buyer who wants to move fast and if I get refused this mortgage surely that will hamper my chaces of getting a mortgage with another provider?

Would I need to wait another period of time before applying for another mortgage?How long?

I also have the solicitor now asking for me to fill out the information for the properties,the further this proceeds the more theyll charge if my buyer pulls out due to not being able to get a mortgage etc.