Worried about Mortgage Application

madwullie

Hi

I've recently applied for a mortgage through Accord - approx 3 weeks ago. I'm not a first time buyer as I have previously owned a house but sold it a couple of years ago and I'm now renting.

I've had an offer accepted on the house I want, and the moving date is 17th October, but I'm getting more and more worried as time passes. I don't want to sign missives until mortgage is in place so getting really worried now.

I have 15% deposit, salary is 34k and mortgage loan amount is 78k. I survived the "first dip" as my advisor called it and have paid £90 up front fee, the rrest of which is going on the mortgage. I have no outstanding loans and one credit card with 1600 limit.

On my credit check my flatmate flagged up i assume because he has an appalling credit history, and I was asked who he was. I've informed them that he's my flatmate and he won't be coming with me to the new house.

Unfortunately, my broker is away on holiday till Tuesday so I have no-one to ask about this - I've been in contact with a girl in his office who informed me that it went to underwriters either late yesterday or today. She doesn't seem to know much about the process though so it's causing me some concern having no-one to ask these questions to

I really want to know how likely it is I'll get an acceptance, and how long it will take at the underwriters. In fact, what does it even mean that it's gone to the underwriters? Is this a bad sign? Also, if I was to be refused, what are my options? Will I have time to apply for another mortgage.

Thanks in advance for any advice or answers.

Graeme

Rafter

Graeme,

As long as the valuation on the property is OK and your mortgage broker knows his stuff in relation to Accords lending criteria, you should be fine. Just takes time for all the various checks to be done and I wouldn't panic yet.

Don't exchange contracts until you have your mortgage offer - hopefully your solicitor wouldn't let you anyway - otherwise you could lose your deposit.

Good luck

R.