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

DevCoder

As mentioned, banks will tend to ignore any overtime or bonus figures so you need to bear this in mind.

leveller2911

YoungBusinessman wrote: »

Looks like we are getting declined on the "affordabillity" part of the underwritters assesments!

Find out for definite, on Wednesday, 9 days before we are due to complete! This is a shocking set up and can run upto 5 moves in the chain if we disrupt it! So 5 different purchases might be set on getting done by xmas then we ruin it for them all.

Look on the bright side, if your income is indeed £52k and GF £24k then you can pay off your debts and save a decent deposit in a couple of years.

Job done

YoungBusinessman

Well if its turned down I think we will save another £12k or so between us by JUne then she has a years accounts so her salary will come into it. I'm taking £3k a month net, minus debt payments at £800 I'v still £2200. That is very affordable on the face of it. It is not overtime that's making up my pay though, I work 45 hours a week, less in winter as its dark when arrive at work and leave and frost,snow or rain means I can't work. We have work held back for this. My pay is made up until end of January already.

I am taking on more work so getting Payrise in January. So if we get mortgage next month, I still think can pay off debts and add to emergency fund by 2013.

Just lost all faith about getting mortgage from my bank.

trumpton

It's tough when you set your heart on a house and it falls through. It has happened to most of us at one time or another though.

If this mortgage doesn't come through and you lose the house, I would seriously think about living frugally for a year or so and paying off as much debt as possible. I think you said you are only 21, so no need to rush onto the property ladder at the moment.

House prices aren't going up in most areas for the forseeable future imo, and it will put you in a much stronger position next time you apply. You will have a wider choice of lenders and chance of a better rate.

As another poster said, the lenders can be very choosy at the moment and they will usually pick someone with £52k pa 'guaranteed', rather than someone whose basic salary looks like it is boosted by overtime.

Save like mad, pay off debt, look for a house that you can add value to. Good luck.

YoungBusinessman

Thank you, trunpton, wise words. It costs more to end debts early so it wasnt something I planned on doing. I have a few plans for the future, buying a house with gf is one of many but it is a priority.

I am not too set on the house, I have almost admitted defeat and the fact we most likely will not get this place. To me it is a good size location and price. We can add some value to it with a couple of improvements but it is ready to move into.

We are waiting till Wednesday before making our next move. If it goes through we should be overpaying from the off.

Dave_Ham

Ok, try and remain pragmatic and either go for the house or call it a day, as it will drive you mad..

I am a tad confused though, initially I assumed you were employed but then you are talking about piece work and getting invoices in??

Maybe I misread, but this may be the issue.

If you approach the right lender tomorrow, you could still potentially get the mortgage offer by Friday if everyone in the process plays the game.

I would be pushing the lender tomorrow, as I would imagine the Estate Agents are now all over you...

Best of luck

maninthestreet

Time to start saving and pay off some of your debts...

Thrugelmir

YoungBusinessman wrote: »

I am not too set on the house,

Then is it worth the expense? Buying and selling costs mount up.

Improvements often do not add as much value as expected either.

YoungBusinessman

I am employed, on price work. By putting in invoices as I called them I mean just a list of things we are claiming for that pay. I will pester the bank tomorrow and try to get things pushed on. I am hoping they say a definite answer tomorrow even if its a no so I can go elsewhere and get the wheels in motion elsewhere. Just seems to be dragging on, application was made ages ago!

We got given completion date from seller through his solicitor to ours upon the verbal acceptance of our offer. We have not signed anything except mortgage agreement for the bank. Seems an utter waste of time to gather all this paperwork for them to then say no.

We are quite set on this place as somewhere cheap to live a few years and pay down mortgage then change it to a buy to let and move on.

Getting way ahead of myself there though. Fingers crossed about this mortgage. If they have the last form, surely they can tell me yes or no tomorrow.

YoungBusinessman

I have been trying to tell myself I am not too set on the house but to be honest, I really want it!!

There's no selling costs for us, moving from parents so is gf. Have just about everything we need except a sofa toaster and kettle....just need this confirmed to buy the rest and reassure everyone infront of us in chain we can definitely get a mortgage!