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tsb mortgage
usedtobeblue
Posts: 58 Forumite
HI all, I am new to this so please bare with me.
We have just sold our house and have sale agreed on another property. The mortgage amount will remain the same (relocating closer to town ). We have a mortgage promise from tsb (porting our old rate)and have progressed to full application yesterday. I paid the valuer fee of £275 and they already been confirmed to visit the property on Friday. Is this a good sign?
We have a combined debt of £23k. My salary is £17000 pa and my husbands is £18500 with approx £2k per year overtime. We also received £1600 in child benefit but no tax credits.
The house we have sale agreed is £84k, we have a deposit of £16k. The mortgage advisor with tsb said we had a 'B' score and we are only required to send 3 months payslips. I have checked our credit reports and my husbands is excellent and mine is good. we have never defaulted on any payments.
I am just so nervous that something will go wrong. I have been completely honest on my application. Do you think this will go through?
We have just sold our house and have sale agreed on another property. The mortgage amount will remain the same (relocating closer to town ). We have a mortgage promise from tsb (porting our old rate)and have progressed to full application yesterday. I paid the valuer fee of £275 and they already been confirmed to visit the property on Friday. Is this a good sign?
We have a combined debt of £23k. My salary is £17000 pa and my husbands is £18500 with approx £2k per year overtime. We also received £1600 in child benefit but no tax credits.
The house we have sale agreed is £84k, we have a deposit of £16k. The mortgage advisor with tsb said we had a 'B' score and we are only required to send 3 months payslips. I have checked our credit reports and my husbands is excellent and mine is good. we have never defaulted on any payments.
I am just so nervous that something will go wrong. I have been completely honest on my application. Do you think this will go through?
learning to live again, slowly but determined £30k in debt, but dealing with it and proud
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Comments
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A good sign is the formal mortgage offer popping through the letter box.
Anything else is just speculation.
Nervous you may be - but that is how it is for everyone.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
PS. The main concern for my worry is that the people buying our house are 4 weeks ahead as it took us some time to find the right property and i am very relucant to sign a contract until i am sure of a mortgage offer. Thank you in advance.learning to live again, slowly but determined £30k in debt, but dealing with it and proud0
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You do not exchange contracts until you have a formal mortgage offer - period.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
usedtobeblue wrote: »PS. The main concern for my worry is that the people buying our house are 4 weeks ahead as it took us some time to find the right property and i am very relucant to sign a contract until i am sure of a mortgage offer. Thank you in advance.
You want be able to sign a contract until your mortgage offer is agreed."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Foxy-Stoat wrote: »You want be able to sign a contract until your mortgage offer is agreed.
You can - but you should not.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Foxy-Stoat wrote: »If the solicitor doesn't advise you not to sign the contract before your mortgage offer is confirmed, they should be sacked !
Hopefully the solicitor won't even start work until the mortgage offer is confirmed.
The £23k of debt suggests a referral to the underwriters is on the cards.0 -
Sorry for being a pest but but will underwriters delay the application by much?
its all so alien to me. I cant understand when im not asking for any additinal funds and if they dont accept me, im going to pull out of my house sale and owe them the money anyway. Strange concept to me lol!learning to live again, slowly but determined £30k in debt, but dealing with it and proud0 -
This is a regulated business and the Lender is not in a position to make snap judgements to make it easy for them, or for you.
They have to process and review every application in full.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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