Anyone want to join me? Awaiting Mortgage decision...

fairyloveheart

Will keep everything crossed..... I am trying to get our debt down in the meantime too. Ours looks similar to yours with the addition of another loan of 4k!

On our AIP the broker said 330K for halifax and then with our debt of 25K it went down to 207k! Don't get it!!!!

Fingers crossed yours comes though really soon xxx

kirtsypoos

That's the part that worries me if I'm honest, I've paid off £5000 since July but it hasn't shown on my credit reports yet, so my experian report shows even more significant debts than I actually have - explained all this to advisor though so hopefully he passed that on!

ouch 330k to 207k?! that's quite a jump, I don't know how their calculators work!

Fingers crossed for both of us xx

mrsh86

Have you rang broker again kirts? Surely they must be wanting to chase it too?!

GrantySpurs

Hi, if you're waiting to hear from Nationwide, don't. Ring them ! They have a ridiculous policy whereby if they have an issue with your application they wont tell you, they will wait for you to call them.

kingstreet

fairyloveheart wrote: »

Will keep everything crossed..... I am trying to get our debt down in the meantime too. Ours looks similar to yours with the addition of another loan of 4k!

On our AIP the broker said 330K for halifax and then with our debt of 25K it went down to 207k! Don't get it!!!!

Fingers crossed yours comes though really soon xxx

Debt of £25k taking 5% as the monthly cost is £1,250 per month. If you assume a mortgage costs around £10 per month per £1,000 based on a rate of perhaps 7%, £1,250 per month is the cost of a £125,000 mortgage.

£330k - £207k = £123k.

You can't afford to spend it on a mortgage if you are spending it on another form of credit.

DebtFree2012

Our valuation is now booked for next week so fingers crossed that comes back ok. We rang them direct at Colley's for Halifax updates so I'd try that.

Our solicitors have issued our searches today and they've sent back the title deeds and draft contract for the purchase already. There's a lot to digest in the covenants and titles, of which I really don't understand so I think I will have to spend time reading it over and over and putting it in to google. I know the solicitor will explain when we see her but I'd like to figure as much out before hand so I don't have to take it all in, in one short meeting with her.

Does anyone know if there's anyone on here that's able to "translate" these types of documents?

kirtsypoos

I've rung and left a message MrsH, so hopefully will hear back from him today.

That does make sense kingstreet. Is it true the credit card and loan debts are looked at differently?

kingstreet

Loan = loan payment.

Card = 5% of balance.

Both will see what you can borrow reduced.

mrsh86

Got fingers and toes crossed for you!

mrsh86

Kirtsy I'm chomping at the bit for you!!!