Mortgage Approval Help

dsavvy83

mic200202 wrote: »

The important things are to make sure you are on the voters roll for current address,and that both the lender and product are suitable for you circumstances.Credit balances that are not being paid off on completion should be put in as the lender will treat these as an outgoing to check affordability.Some lenders ask for a total balance for credit cards or a total monthly payment.They will go by the figs they can see on credit check.If you are not totally comfortable with the process then use a broker to assist you.

Hi

Yeah we can definataley afford it, and we have estimated our monthly outgoings on the new place to make sure both our wages cover it, less than 50% of our wages will go towards monthly bills, so we should be ok in that sense, just our credit checks we are are worried about.

And i am going through a broker he has been really helpful.

Dave_Ham

Sorry I have to ask; how has your broker been nice and helpful when you ask on a public forum how to complete your application form?

Maybe I am having a crazy Monday.

You have had good advice on here and confident you will be fine...

dsavvy83

Dave_Ham wrote: »

Sorry I have to ask; how has your broker been nice and helpful when you ask on a public forum how to complete your application form?

Maybe I am having a crazy Monday.

You have had good advice on here and confident you will be fine...

Hi Dave

Good question, I have asked my broker and he said it should be fine, but we won't know for sure until we get the application off to the bank, but he has arranged my mortgage with an underwriter because my wife is not a full uk resident yet, so it that sense he has been good, where others haven't been bothered to get back to me.

But there is no harm in asking for more than one opinion to put me at ease

missgiddypants

We've had issues with getting our mortgage approved due to 2 credit cards with zero balances on which hubby has. They rejected our application due to the possibility that "he may run them up to their limits once the mortgage is approved"!! Said credit cards are now closed & we've had to submit evidence of this before they will reassess our application. :mad:

If you don't need the cards, close the accounts.

EDIT: I don't actually mean they rejected our application - just reduced the amount they will lend us leaving us short by £3k.

dsavvy83

missgiddypants wrote: »

We've had issues with getting our mortgage approved due to 2 credit cards with zero balances on which hubby has. They rejected our application due to the possibility that "he may run them up to their limits once the mortgage is approved"!! Said credit cards are now closed & we've had to submit evidence of this before they will reassess our application. :mad:

If you don't need the cards, close the accounts.

EDIT: I don't actually mean they rejected our application - just reduced the amount they will lend us leaving us short by £3k.

Oh wow really, that's good to know, thank you for sharing, this is the kind of stuff i need to know.

I will cancel most of them.

kingstreet

You needed to close the accounts weeks ago if you wanted to make a difference. IIRC miss gp's application was to Yorkshire BS who are a bit odd sometimes.

Which lender are you applying to?

dsavvy83

im applying to clydesdale bank, i will leave a not in the additional section stating i have cancelled the cards and i will have letters of confirmation within 2 weeks, i'm hoping they will be ok with this.

dsavvy83

time to post the mortgage application off, took longer than i thought to fill it out, thanks for the advice, fingers crossed it will be ok...

dsavvy83

Just an update, My mortgage has been approved wooohoooo

We are waiting on managing agents to send appropriate paperwork, has anyone else experienced long delays on this?

im trying to get in before the stamp duty takes affect!