what are my chances of my mortgage being approved?

fedup1982

I cuurently have a joint mortgage but have started an application for it to be a sole mortgage.

The mortgage was £135k i have reduced it to £95.9k to be in line with my income £21.4k.

I have previously had a mortgage with the same bank in question on my own about 3 years ago. It was £80k. I had a sole mortgage 2008-2011 which then in 2011 got converted into a joint mortgage and there was an increase in the borrowings from £80k to £135k. I have never missed a mortgage payment. I did however accidentally have a late payment on my car loan which does show on experian. my experian rating is 980 and 'excellent'. I dont have any loans or credit card debts.

I am desperate for my agreement in principle to be approved but am also worried after reading online many people are rejected after an agreement in princple for small things.

what do you think my chances are?

_Andy_

I know this isn't what you want to hear but there really is zero point in anyone speculating on the outcome.

Firstly there are many factors involved in a mortgage being approved or not.

Secondly anyone's opinions aren't going to do you any favours - if people go "it will be declined" you're going to be stressing, possibly without reason.
Conversely, if people go "it will be fine" it might not be and you may have your hopes up for nothing.

Better to sit it out and see what actually happens.

Goldiegirl

Don't read too much into your Experian rating, it's the lenders credit scoring system that you need to get a pass mark on.

I imagine you are applying for a transfer of equity, to change the name on the existing mortgage.

As the mortgage has already been reduced, there should be no need for a revaluation of the property, so the underwriting aspects all relate to you.

As I mentioned, you'll need to pass their credit scoring system, and your income will need to be enough to support the mortgage on your own. They may need to get confirmation of your income.

I'm not sure if you have been paying the mortgage from your sole account. This could be helpful the credit scoring is 'dragged down' by the late car payment. If you could give them the reason for the late payment, and illustrate that you have been paying the mortgage by yourself, this could be grounds for over-riding a credit score fail.

But that's all speculation. The best thing to do is put in the formal application, and see what happens

fedup1982

How do the bank do their credit scoring? I have already given them my wage slips and bank statements but they can't proccess my application yet as its waiting on the overpayment facility to be closed on the account.

Abu-Dina

fedup1982 wrote: »

How do the bank do their credit scoring?

That's something lenders would not share with us I'm afraid! Even Experian won't know this information. The CRA merely provide their customers with the raw data. How the lenders use this information and how they calculate the credit score is a closely guarded secret.

Goldiegirl

It's such a closely guarded secret, even the people processing the application won't know for sure.

The credit scoring method is kept confidential, to avoid the risk of the people processing the information manipulating it to get a false pass.