Nervously waiting... what do you think?

tenacious

The paperwork for my mortgage application is hopefully going in today. I’m a contractor so am using a specialist contractor mortgage broker.
There are few things worrying me about the application and I know we just have to wait for the decision but to pass the time I thought I would ask on here and see what you think our chances are.
We have a 15% deposit. The application is going through Clydesdale who had said they would lend us up to £488K. We are asking to borrow £288K so considerably less. The things I am worried about are:
My husband has never ever missed a payment on anything in his life and would you believe it, on the day we had our offer accepted he forgot to pay the balance of his credit card!! He paid it the next day but was given a late charge. (always pays the full balance every month) We did his Equifax last night and it isn’t showing up on there – does it take a while to come on?
On my credit report, there are 3 late payments (all 1’s) back in 2006.
Also, we do dip in and out of overdrafts but not due to lack of money, just planning more than anything, and not more than £100 here and there.
I only started contracting in March but have good accounts and a solid income from it. Clydesdale were aware of this when they gave the AIP. They wanted at least 1 month left on my contract at point of application and I currently have 2 months left and probably extension.
Some of the deposit is gifted from parents, we have provided letters from them to confirm they have no financial interest in the property and don’t want the money back.
We have another property which is rented and the rent is 140% of the mortgage payment so no probs there. There is about £62K (23%) equity in the property.
So what do you think… is it bad? I am so impatient and hate the waiting. Also, I’ve heard Clydesdale are pretty slow, does anyone have experience of them – especially if a contractor?

Senior_Paper_Monitor

Clydesdale are slow - nothing you can do about that.

The credit card will show up in the subsequent month - not great timing but I would expect it to be OK with Clydesdale.

tenacious

Ah ok, so it was only 2 weeks ago so it may not show up when they search anyway?
Thanks!

tenacious

p.s. How slow is slow?

Thrugelmir

Your application isn't straightforward and will be processed by an underwriter. So how long is a piece of string......

I suspect that they wanted 1 month left at point of application as they will require confirmation from the Company you contract for that you will receive a contract extension.

tenacious

Thanks Thrugelmir, I dont think the time left on my contract will be an issue as I am above what they had asked for. The broker does put the application directly to he underwriter and not via an advisor at all due to me being a contractor. She told me this morning that it would probably be 4 to 5 days for the valuer to be instructed so not too bad.... we will see though!

Thrugelmir

tenacious wrote: »

T underwriter and not via an advisor

Underwriters will have a team that does the basic processing.

Has been the holiday season something a lot of people overlook. So workflow does slow down.

tenacious

Ah I get you now. For us to be honest we arent too worried how long it takes as the longer it takes, the more money we can get together for everything else we need to buy. (we are in rented at the moment) I just wish they could tell you quickly if you are fine for the mortgage other than waiting for the valuation to come back.