Do you think I'll get accepted?

Bananaandcustard

Could really do with some help.

Last week I got AIP for Leeds Building Society.

I'm looking at a 95% LTV mortgage and I want to borrow £99750.

I earn about £35000 and have three credit cards that I owe about £3000 on. None of these are at the credit limit.

I have checked my credit file and my score was 999 on Experian, yet on Check My File it was 807. I have two late payments back in June 2010 on my credit card when my wife left me. Other than that I have no adverse credit history.

I had a mortgage last year and house was sold in negative equity and I have been renting for a year but now keen to get back on property ladder. Whole idea of mortgage approval terrifies me and I know 95% LTV mortgages want the best of the best.

Basically I'm wondering what you think my chances of acceptance are? Would be grateful of anybody that has any ideas.

Senior_Paper_Monitor

Sounds like a good chance to me - I would always put the c/c split up story on the applicatin in notes or with covering leter.

The notes will cause a refer on an online - but that is usually a chance to talk to the underwriter with Leeds.

Dave_Ham

Not sure I agree and at 95% LTV most lenders will not accept any adverse and I mean any adverse..

Happy to be proven wrong...

mr_flibble

Wow,

Almost exactly like me, right down to the lates on cc's. I too am waiting to hear back from the Leeds as the mortage is with the underwriters now.

It's sad that these days a late payment is regarded as adverse, especially when in my case I chose to pay my mortage on time and pay the cards late after the Ex p****d off leaving me up s*** creek.

I guess it's the harsh reality of living in a post credit crunch world.

I wish you luck.

Kel.

Thrugelmir

mr_flibble wrote: »

It's sad that these days a late payment is regarded as adverse,

The vast majority of mortgage applicants never make a late payment in their lives. Really there's no excuse. Hence why in these difficult times its a way of lenders weeding out poorer risks.

mr_flibble

Really?!?

Never a late payment? Not a overlooked phone bill, utility or credit card?

I made 2 late payments after my spendthrift wife decided to up and leave taking £1100 with her leaving me to pay everything with only my wage.

I have only the lates from that month in my life. No excuse?

I think that most people are like me and never have lates until the unexpected happens.

However by upping and leaving my now Ex did me a huge favour. I now am on track to be debt free apart from a mortgage.

Dave_Ham

mr_flibble wrote: »

Really?!?

Never a late payment? Not a overlooked phone bill, utility or credit card?

I made 2 late payments after my spendthrift wife decided to up and leave taking £1100 with her leaving me to pay everything with only my wage.

I have only the lates from that month in my life. No excuse?

I think that most people are like me and never have lates until the unexpected happens.

However by upping and leaving my now Ex did me a huge favour. I now am on track to be debt free apart from a mortgage.

Not sure where that was aimed, but for the sake of argument my personal opinion is that over a 6 year period 2,3 or even 5 missed payments here and there should not be an issue. It is sloppy or indicative of a situation (as yours) or something outside of the norm.

That said, I do not make the rules (I adhere and apply them) and no adverse at 95% typically means no adverse.

Good luck though and I have no client experience with Leeds at 95% so talking generally rather than specifically...

mr_flibble

Well as it turns out the Leeds are happy to lend to me.

BUT ....

.... Only just over half of the 120k in my acceptance in principle. I went for a 105k house and therefore a 100k mortgage in the belief that wiggle room of 20k would be enough allowance for the scrutiny of the underwriting. But no. They say that they can only offer 75k advance. Why? Because I use the childcare vouchers which are paid before tax but make my p60 look a lot lower than my basic salary and because I have a lease car again from the NHS and I pay no tax, servicing or insurance as it is included in the lease. So from earning 23k + 8k last year (p60) I can only borrow 75k. Not only that but they then go on to calculate childcare in my affordability.

So it seems that by saving a lot of money on childcare I am penalised. This is dispite the fact that the mortage will be less than my rent and I will save on council tax too as the house I wanted to buy is two bands lower than the one I rent.

oh well.

Rent for a few more years it seems.

Big sigh.

Can I have a hug please?