Mortgage help please, very stressed!

aml-123

Hi, I really need some advise regarding my recent mortgage application. I've agreed to buy a home which is a private sale, change of circumstances has prompted a quick sale for the vendor. The vendor purchased the property for 235k in 2010 and is willing to accept 175k for a quick sale without the furniture and fixtures it came with on his sale.

We have gone through a mortgage broker who recommended Accord mortgages, who have agreed a mortgage in principle. The reason for this chosen lender was because i have changed my trading style from self employed to director so don't have 2 years worth of accounts in one trading style.

I'm 27 and my partner is 25 who Is wanting to buy the home with me. She is full time employed. Together we have 15% deposit, mine has come from my business and hers from savings and parents. We have chosen a 35 year mortgage.

The problem is before this house came along i took out a 15k loan to purchase a car and applied for a American Express card which has taken my Experian score from a consistent 980 down to 880. Now this loan could be easily repaid but i've told it wont make a difference now because the damage has been done. From the lenders point of view it would of been taken out to put down a deposit on the house. My deposit has come from my business account and i have shown this.

We have provided the lender with all requested information regarding my business projections, business bank statements etc but still haven't received an offer.

My main worry is being declined over the loan but Its affordable with a mortgage for me and my partner, what do you guys think?

If Accord decline me, who would be best suited for my circumstances?

How long until Accord declining me could i try for another mortgage?

Thank you in advance for all your advise, I've really got my heart set on this house and its killing me not knowing where i really stand:(


Ash

Thrugelmir

aml-123 wrote: »

From the lenders point of view it would of been taken out to put down a deposit on the house.

Why would the lender take that view?

Did you use part of the money received from the loan advance to clear unsecured debts?

aml-123

Hi and thanks for your reply. The 15k loan 10k went towards a car and 2k cleared my credit card debts and 3k I have sat in my account as I didn't need it in the end. Now the deposit is 26.5k and my share of that is 12.5k - 12k has come from my business and 500 fro
Another savings account. So the only debt I have is the 15k loan no credit cards.

The mortgage company hasn't said anything yet regarding this but my mortgage lender thinks the loan may cause a problem as it was literally 2 weeks before we put our mortgage application through.

Were a first time buyer and this total experience is very frustrating especially after reading the reviews from Accord.

Thrugelmir

aml-123 wrote: »

The mortgage company hasn't said anything yet regarding this but my mortgage lender thinks the loan may cause a problem as it was literally 2 weeks before we put our mortgage application through.

Never a good idea to take on additional credit shortly before applying for a mortgage. As may well influence an underwriters decision in some way.

aml-123

What do I do if I get declined? My accounts are 1year partnership accounts, 1 year self employed and 1 year as a director. So 3 different trading styles, how would they take to that?

aml-123

Just checked my Experian and have a full credit check done by Accord. Could this be a good sign?

Experian_company_representative

Well it shows they have carried out a credit check. Now they will be looking at your current and past credit commitments. The loan could be an issue, so you might benefit from contacting them to explain what it was for, to avoid any misunderstandings.

James Jones

aml-123

Thanks for your reply, really appreciate it.

Accord are aware I have 3 sets of accounts but all in different trading styles, last one being for a LTD company that I own. Knowing this there asking for more information which i have provided them with. This is building my hopes up as the underwriters have seen everything and haven't yet declined me.

Would they have declined me instantly when they realised i dont have enough accounts in one trading style?

Sorry to keep bugging you guys but my mortgage advisor is never available and I feel now he's been paid he doesn't want to know!

Bufger

aml-123 wrote: »

Thanks for your reply, really appreciate it.

Accord are aware I have 3 sets of accounts but all in different trading styles, last one being for a LTD company that I own. Knowing this there asking for more information which i have provided them with. This is building my hopes up as the underwriters have seen everything and haven't yet declined me.

Would they have declined me instantly when they realised i dont have enough accounts in one trading style?

Sorry to keep bugging you guys but my mortgage advisor is never available and I feel now he's been paid he doesn't want to know!

You're just worrying and anxious awaiting a big decision, its perfectly normal. You have done all you can do and they can either accept or decline you. We cant guess what that decision will be based on the information given as you havent said what both incomes are, how stretched it will leave you, what rate the mortgage is at, what type it is etc.

just chill and await the decision!

Dave_Ham

I am happy to make an informed guess, Accord will have issues with this case, in my opinion.

Accord have pretty much market leading products and therefore will typically take the cream cases.

There will be lenders that will accept this, unfortunately not on Accord rates..

Hopefully I am wrong and you can update with a successful offer...

All the best