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Panicking FTB!!
snowmaid
Posts: 3,494 Forumite
I have posted elsewhere that we have applied for a mortgage through Northern Rock, they gave us an 'agreement in principle'. We have found a house and our details have once again been faxed to them. We are under the amount they agreed to lend, but we have asked for more than the cost of the house as we are adding paying off a loan and adding that to the mortgage. It is a 100% mortgage.
Northern Rock came back asking what repayment vehicle we would be using and I have sent them an email stating that we will use an ISA, (we also intend to make lump sum payments into the mortgage but never told them that as its basically talk to them and no proof, but that is our intention).
They have instructed a surveyor to go and do a home buyer survey.
Is this a good sign? I know ultimately that the loan will depend on the house etc, but is it safe to assume that they are happy with our personal circumstances, i.e. that hubby and I will be able to make the payments, that they are happy with our credit history etc?? I am worried that they will do the survey and THEN turn around and say sorry, your credit scoring isn't good enough!! :eek: Would they check all this FIRST?
It should be fine, but I am really worried about paying all these costs and then them saying no because of our personal circumstances etc. I accept that they could say they are not prepared to mortgage that house after a survey.
I am worried because I read elsewhere that someone had a survey etc done, all those costs, for the mortgage company to say to them afterwards that their personal circumstances were not up to scratch!
Am I making sense?!?!?
Northern Rock came back asking what repayment vehicle we would be using and I have sent them an email stating that we will use an ISA, (we also intend to make lump sum payments into the mortgage but never told them that as its basically talk to them and no proof, but that is our intention).
They have instructed a surveyor to go and do a home buyer survey.
Is this a good sign? I know ultimately that the loan will depend on the house etc, but is it safe to assume that they are happy with our personal circumstances, i.e. that hubby and I will be able to make the payments, that they are happy with our credit history etc?? I am worried that they will do the survey and THEN turn around and say sorry, your credit scoring isn't good enough!! :eek: Would they check all this FIRST?
It should be fine, but I am really worried about paying all these costs and then them saying no because of our personal circumstances etc. I accept that they could say they are not prepared to mortgage that house after a survey.
I am worried because I read elsewhere that someone had a survey etc done, all those costs, for the mortgage company to say to them afterwards that their personal circumstances were not up to scratch!
Am I making sense?!?!?
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Comments
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If they have instructed a surveyor to take a valuation of your home, then this is a good sign.
They won't offer you a mortgage until they are satisfied that the property is worth what you have offered on it, and also that your credit is okay.
Do you think they would have any reason to say that your credit wasn't okay?Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Melissa177 wrote: »If they have instructed a surveyor to take a valuation of your home, then this is a good sign.
They won't offer you a mortgage until they are satisfied that the property is worth what you have offered on it, and also that your credit is okay.
Do you think they would have any reason to say that your credit wasn't okay?
We don't have any judgements etc, but we had 2 unpaid debits because of insufficient funds, but the funds were sitting in the other account but we hadn't moved it over because our internet was on the blink!!! The money was transferred as soon as I had access to the internet and when they presented the payment again the money was there.
They did do a credit check for the 'agreement in principle' which was fine.
We do have 2 loans, but have stated we want this included into the mortgage.
Since the 'agreement in principle' hubby has had a promotion and his salary has increased by over £4k per annum. We did fax this letter through to them as he has only just started in this position, so hopefully this is also a good thing?!?!?
Panic...panic....panic.....:eek: :rotfl: hysterical.... 0 -
Wish you all the best but in my opinion they won't lend you more than the purchase price on a 100% mortgage. Regardless of the sum that you are able to borrow they won't lend more than the purchase price unless you move to a 100%+ (eg 125%) mortgage.
Either way I dont think you'll have any problem getting a mortgage for the house, just not enough to include the loan.
All the best0 -
Wish you all the best but in my opinion they won't lend you more than the purchase price on a 100% mortgage. Regardless of the sum that you are able to borrow they won't lend more than the purchase price unless you move to a 100%+ (eg 125%) mortgage.
Either way I dont think you'll have any problem getting a mortgage for the house, just not enough to include the loan.
All the best
Well, as long as they give the mortgage for the house that is fine!
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