FTB mortgage query

wobbo99

Hi,

My wife and I are looking to buy or first property and have settled on a new build well inside our budget we are currently renting but have been told to leave as landlord is selling property and we need to be out by end of jan 2012. First issue arose when applying for an AIP as my wife's credit check shows a late payment on a current account with Barclays, long story short....opened to transfer her account as I bank with Barclays but forgot and account had a £5 per month charge. I am going to contest this but for the meantime I will do the mortgage on my own as time is against us.

AIP was given on me alone at 200k, my base salary is £49k with bonuses of up to £45k per annum but I have looked to budget on base salary only. One loan at £355 per month and CC with £3k on...my last p60 was £60k but with a different employer, same industry though. only blip is a default on my account from 2006 (6 months until 6 years) however I have had no issue with gaining credit in past 3 years.

we have agreed a house price with 5% builders deposit, 5% from us and have £20k in bank, we want to keep some back for other reasons. Current rent is £750 per month and mortgage for £177000, is £893 via Santander.

So will had full application submitted last weds and still no news, does it normally take this long? far as I am aware it as not even been reviewed by Santander.....broker seems to be in the dark too, although Santander have taken the booking fee already. I am now being chased by vendors as have not instructed solicitors yet as do not want to spend more money if mortgage will not be approved. Can anyone offer any advice on how long this should take and the chances of being successful? As this is first time any insight into the process and timeframes will be greatly appreciated.

Thanks

BoGoF

How much did you negotiate of the 'list price'......please don't tell me you paid full whack?

wobbo99

10k off list plus fully fitted kitchen and carpets.....5% deposit on top.

Not hung up on the whole new build thing as it works for us plus fed up of wasting money renting at least this gets us on the ladder and paying our mortgage not someone else's

ACG

You should be alright.

Santander arnt the quickest with the limited experience ive had, ive known about 2-3 weeks.