We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FTB advice, please.
Options
CBR600F_2
Posts: 107 Forumite
Hey everybody.
Natwest has given me an agreement in principle for a sum (£79,000) six times my base gross salary. When my FA was on the phone to their mortgage people she quoted a salary which included some over time. Then she passed the guy on to me, so I could talk to him, and he seemed to think the salary she'd quoted was my base salary. I promptly told him it wasn't and he said something along the lines of, 'Then I'll have to recalculate that figure (£79,000).' Then, after a few moments of what sounded like frantic typing he said 'Oh, it's still £79,000.'
One thing he told her was that it'd be referred to the underwriters. This and the fact that the figure is the same with or without overtime set my hackles up, I'll tell you what.
So I told her there and then that I wasn't too confident and she sort of shrugged it off and gave me the, 'There's no guarantees in mortgage applications' routine. I would've pressed my point further, but the car was on the meter, and I had to get the funk out of there.
A few days later, sure enough, I got my agreement in principle letter through the post. Seeing it in writing sort of allayed my fears a touch, and so I've been looking at places.
And now I'm at the putting-in-an-offer stage. I've got an AIP for 79k, a deposit of 40k, and about 4k for expenses.
My FA told me to get in touch with her when I was at this point. But my confidence in being successful has taken a dive again. I'm naturally pessimistic and sort of unlucky anyway, so maybe I'm being over-cautious. But really, I'm expecting the application to fail.
Can anyone reassure me? Any ex-underwriters for instance?
Thank you.
Natwest has given me an agreement in principle for a sum (£79,000) six times my base gross salary. When my FA was on the phone to their mortgage people she quoted a salary which included some over time. Then she passed the guy on to me, so I could talk to him, and he seemed to think the salary she'd quoted was my base salary. I promptly told him it wasn't and he said something along the lines of, 'Then I'll have to recalculate that figure (£79,000).' Then, after a few moments of what sounded like frantic typing he said 'Oh, it's still £79,000.'
One thing he told her was that it'd be referred to the underwriters. This and the fact that the figure is the same with or without overtime set my hackles up, I'll tell you what.
So I told her there and then that I wasn't too confident and she sort of shrugged it off and gave me the, 'There's no guarantees in mortgage applications' routine. I would've pressed my point further, but the car was on the meter, and I had to get the funk out of there.
A few days later, sure enough, I got my agreement in principle letter through the post. Seeing it in writing sort of allayed my fears a touch, and so I've been looking at places.
And now I'm at the putting-in-an-offer stage. I've got an AIP for 79k, a deposit of 40k, and about 4k for expenses.
My FA told me to get in touch with her when I was at this point. But my confidence in being successful has taken a dive again. I'm naturally pessimistic and sort of unlucky anyway, so maybe I'm being over-cautious. But really, I'm expecting the application to fail.
Can anyone reassure me? Any ex-underwriters for instance?
Thank you.
0
Comments
-
Is your overtime guaranteed?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
No, it isn't. Not in any official way any way.
Incidentally, I've been asked that question by a broker and the FA at Natwest. I gave them both the same answer I've given you, and they both have apparently given me figures based off it any way. (The broker one was £85,000, but we didn't go ahead with the AIP because my credit score was low.)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards