Abbey Mortgage

Skinto_7

Hi Folks,

I have just recieved my mortgage in principal from Abbey for a 90%LTV mortgage.

I have now sent the back up info they required (wage slips, bank statements, utility bils etc) however have noticed that my last 3 bank statements (the ones sent to abbey) curently show me spending pretty much every penny that gets paid in to my account (this has been due to paying my car insurance in full one month, holiday the next and football season book the first month) My account still shows a postive balance of £2-3K, however i am now worried they will look at this and re-evaluate the affordibility side of the mortgage offer ( i have done the figures and i am more than comfortable we can sustain the mortgage)

Can anyone advise if this is likely to negatively affect getting the unqualified mortgage offer?

It would also be helpfull if anyone could advise how long it is likely to take abbey to ruber stamp any decsion they make?

Thanks in advance

mij544

I wouldn't worry about this at all, they are looking for an audit trail from your payslip to a uk account and will use this info together with the details of your application to process your affordability for the income multiples.

If they do turn you down, it won't be for this.

Skinto_7

mij544 wrote: »

I wouldn't worry about this at all, they are looking for an audit trail from your payslip to a uk account and will use this info together with the details of your application to process your affordability for the income multiples.

If they do turn you down, it won't be for this.

Thanks mij, dont suppose you have an idea of how long abbey's process is likely to take? or is that kind of like asking how long is a piece of string!!!

Leon_W

How long is a piece of string ?


They blow hot and cold, one minute very quick, the next painfully slow. It does stand to reason though that they will take longer at 90%LTV than 50%LTV as there are more thorough checks to make.

mij544

Leon is right, Abbey processing time is somewhere between meteoric and glacial....