Mortgage First Time Buyer

25Tlangtons

Good Afternoon,

I am new to posting to this thread, so I apologies in advance if any of these questions sound silly.

Me (25) and my girlfriend (25) have just had an AIP with Santander agreed.

But I am worried about my credit rating and what factors the lender will use and if we are going to get rejected when the full application comes around.

We have a 30% deposit whith 5% being gifted and are looking at a property around £247,500.00. Our salaries are £27000 & £33000 a year and we both have credit cards which are paid in full at the end of each month and no overdrafts.

My issue is previously when I was younger I used to go away all the times and not worry to much about credit rating not realising how this would affect me.

I was constantly in my overdraft until June last year when since then I have paid it off all year. I was also for a few months about 22 months ago was over the agreed limit on my credit card, I have also reguarly used Credit Cash Advances over the years again up until June 2012.

I have never missed any payments had any CCJ's, Bankruptcy or Defaults

Since June 2012 I have completley cleaned up my act, closed down one of my credit cards, paid off overdraft and don't even get close to my credit limit on my other credit card. So for the last 6/7 months I have been completley clean. I have also had three loans two personal and one car which have always been paid on time and again never missed a payment.

What are the chances of us getting this mortgage agreed?

kingstreet

If you've been credit scored and have an agreement in principle, you should be fine. Underwriters check the documentation attached to your application, such as bank statements when the application ends up on their desk. As long as there's nothing untoward on there, the case should proceed.

25Tlangtons

I have some questions in regards to my bank statment. I have had a constant flow of money in over the last few months from my mates in regards to events I have been organising. Like a stag do for my mate where were going to the races for the day, so there are £30 from 12 mates.

Secondly for my mates birthday we went to Hamburg and I have three lots of £115 into my acccount

I also have about 25 transactions over 3 months from sportingbet (spending no more than £100 a month totally disposable) I don't have an overdraft and haven't been charged any bank charges for about 8 months.

Will any of the above affect my application?

Dave_Ham

Unlikely to be an issue to be honest, but will depend upon an underwriter view.

Stag do monies will not be an issue for sure, the gambling will just have a view taken by the underwriter...

Good luck

25Tlangtons

Thanks for the above post much appreciated. As I am sure your aware this is a daunting time, and I am very worried about the whole thing.

Can someone please explain to me what happens within the underwriting process after the AIP?

kingstreet

You submit a full app with supporting docs. The valuation is done and the report and supporting docs are checked and as long as they tally with the application information, a mortgage offer is issued.