Awaiting Approval from Danske Bank - How Long?

GBNI

My OH and I have put a holding fee down on a new build. We have applied for a mortgage with Danske Bank. During the meetings, the woman said affordability wasn't an option but put on the application that OH had to be out of probation in his new job by drawdown of funds and credit cards had to be totally paid off by this date.

Currently panicking in case we get declined as I do use my overdraft. (Limit is £400, I'm never more than £200 in it, but I still use it more as I'm trying to save too much and don't realise!)

Property is £116,500.00. We are putting down a 5% deposit, although OH now has a job earning much more and if we manage a 10% by drawdown it can be altered.

Has anyone got a mortgage with Danske? How long did approval take?

kingstreet

They are doing 95% on newbuild?

They are going to be popular! :eek:

GBNI

Yep, they didn't have an issue. A broker told us very few offer 95% on new builds, but Danske said they didn't have an issue. (Previously known as Northern Bank. I don't know if they are on the mainland?)

I just hope the application doesn't get declined and they let us know as soon as possible. This house buying lark is stresful

kingstreet

In England, no-one offers 95% on newbuild, unless it's part of the NewBuy scheme, where the builder pays 3.5% of the purchase price into the indemnity fund and the Government guarantees the fund if it ends up in shortfall.

Best LTV for a standard newbuild is 90%, with many lenders offering no more than 80% or 85%, less on newbuild flats.