Mortgage accepted 05/12 - trying to complete 14/12

YoungBusinessman

Went with my bank, RBS. The mortgage is less than twice my income. I am trying to remain positive, however i feel i might have been better applying elsewhere....

TIme will tell. What should my next move be, if this doesnt get accepted?

Dave_Ham

Think you may be ok, as you bank with them and have over £50k income - you are measured with them in a different way.

Ensure it is a joint application and OH income keyed as £0

If it does not go anywhere, there are lenders that will definitely accept you although suspect you go to a recommended broker..

Good luck

YoungBusinessman

Ok thanks for reassuarance im sitting worrying, may PM you over here at somepoint tomorrow about further advice.

Worrying but exciting times.

Dave_Ham

I do think you will be ok, although any mucking about by the bank and would go elsewhere..

Good luck

YoungBusinessman

Ok paperwork now on its way to me to be signed and sent off.....

On phone to advisor was told he really cannot see any problems, mortgage is less than twice my income, can easily afford repayments, got more than 10% deposit, all my loan payments made on time + balance of loan coming down more than £500 PCM.

He is saying they may ask for more information on what the loans were taken out for?

I said tools and equipment for my job....what is the best response for this/why are they asking?

Even if it was, which it isnt - if the loans were to fuel a drug habit im hardly going to say that am i!

Wutang_2

Young and fraudulent businessman. That's the way forward chief

CKhalvashi

Wutang wrote: »

Young and fraudulent businessman. That's the way forward chief

Technically not fraudulant, as the business comes into it to an extent.

I (technically) have just over £24000 of 'debt' secured against my car, which would probably sell for nearer £40k at the moment, so things like this will be considered in the lenders decision, especially if you bank with them already.

If I were YBM, I'd go Ltd before thinking about anything, as I know we wouldn't have half the (business) assets we have were our own; the lender would see £xxxm of 'debt' as a severe problem, especially when we were mortgaging our BTL's.

CK

maninthestreet

YoungBusinessman wrote: »

He is saying they may ask for more information on what the loans were taken out for?

I said tools and equipment for my job....what is the best response for this/why are they asking?

Even if it was, which it isnt - if the loans were to fuel a drug habit im hardly going to say that am i!

The best response would be to tell them the TRUTH - what are you trying to hide??

YoungBusinessman

Well no further questions yet. How is it fraud? Prove it.

I cannot go Ltd yet, need to secure mortgage first and with ltd company would need a year or twos accounts! Cheers though CK i value your opinion above most.

YoungBusinessman

52k salary was taken off average of last 3 months payslips...the banks only proof they ask for is my p60...which is April 2011 to 12. Shows £38k as I had 6 weeks off for holidays....hopefully this won't prove to be a problem! Getting excited!