New home and mortgage nearly cleared.

kingstreet

They have no way of knowing that you would do what you said, nor do they have any legal way to force you to reduce the mortgage next year.

TBH if you strip away all the issues surrounding your application, you are left with the simple fact - you want a mortgage which is higher than any income multiple currently available in the UK lending market.

jacobjohn7

I've just got in the post my key facts and info on application subect to me providing evidence of earnings as previously stated to them... so would assume this was a step further..?

kingstreet

Can't say one way or the other TBH.

Presumably, they'll get all their documentation together, then an Underwriter will look at it all and make a decision.

Better than nothing though.

jacobjohn7

yeah, guess it is... what other options do I have? if they turn down the porting at current levels... pay part of it off and accept part of the charges? bit worried about the uncertainty of it all.

jacobjohn7

any other ideas? I might have to increase deposit..? Realise I thinking of problems before they arise.. but at least I will be prepared for them.. ;o)

kingstreet

Wait and see what they come back with. If they say they'll lend £x, you have a decision to make on putting more of the equity into the purchase and paying a proportionate penalty on the extra bit you'll pay off.

jacobjohn7

Thanks for your advise on this KS> cheers
have a good weekend

jacobjohn7

still waiting on underwriters on this.. apparently on monday it was in next three working days... its was three working days last week, and then underwriters were understaffed and it was then 7 working days.. but based on truth being told by santander then should have a decision today/tomorrow... doing my head in though this.. is there any negatives in hedging my situation and approaching other lenders like tesco etc in meantime? thanks
John

jacobjohn7

Had confirmation that my full mortgage porting has been approved today.. finally!!! subject to valuation survey. ;o)
result. Its been a very long drawn out frustrating experience though, but one of the biggest pieces of the jigsaw slots into place! Saved myself over £2k in penalties... phew. ;o)

jacobjohn7

got the full mortgage offer.. should be moving next friday.. back to the boxing up.. excited.. but gonna be hard work on my own!