What Are my Chances?

FTBNewbie_2

Hi All

I have been trying to do my research on MSE and see if I could answer my own question but can't seem to find anything suitable.

Made an application for a mortgage but the advisor stated that computer says the amount to lend is 121k but my available deposit means I need to borrow 126k. Credit check went perfectly fine no defaults or anything of that sort - (Experian 950 score) deposit is 16%, term is 35 years.

What are the chances of the application being accepted, advisor stated that as the application is for more than is 100% acceptable it will go into audit/a further scrutiny queue to see if the risk of lending more is minimal.

What are the chances of the request to borrow a bit more being accepted?

ACG

There is nowhere near enough information.

It will come down to the lender, underwriter and your circumstances.

I have never known a lender to go above and beyond what the system offers - reason being is that they have to be able to justify it to the FCA if they came in and picked up your file.

Personally i would not be holding my breath but as i have never had to request it and we do not know who the lender is and the rest of your situation its a difficult question to answer.

FTBNewbie_2

Thanks for the quick response. The reason I ask is because I have had friends who received greater mortgages via a broker but from a mainstream bank than going direct to the very same bank. So wondered if even though computer says unlikely if there is some leeway by actually submitting an application. If that makes sense.

GMS

With a 35 year term it seems you are stretching the income boundaries to the maximum.

Lenders differ so if one won't lend enough it doesn't necessarily mean others wouldn't.

Which lender is it?

What is your income?

FTBNewbie_2

Lender is Santander and income is 28500. 35 year mortgage was because of my age 24.

Dave_Ham

Potentially you could achieve what you are after, although depends upon the specifics.

Any remaining unsecured credit and/or dependents will reduce the limit you can borrow. If any of your income is bonus, overtime etc. this could again reduce the amount you can borrow..

FTBNewbie_2

Hi all

Just wanted to say mortgage application was accepted and hard copy received in the post last week.

I must admit had many sleepless nights up until last week as I knew asking for a bit more than on offer was unheard of.

Thanks

ethank

FTBNewbie wrote: »

35 year mortgage was because of my age 24.

Some lenders consider the longer the mortgage - that it is a problem with affordability, not your age.

Dave_Ham

FTBNewbie wrote: »

Hi all

Just wanted to say mortgage application was accepted and hard copy received in the post last week.

I must admit had many sleepless nights up until last week as I knew asking for a bit more than on offer was unheard of.

Thanks

It pretty much is unheard of so your broker/adviser was telling porkies or they just changed the application a bit to make it fit. On your salary the amount you wanted should have been fine.

At least you got the end result you wanted - all the best