Mmr

lifeissocomplicated

Good luck to anyone applying for a mortgage.

Its taken us three months just to get to valuation stage.

Major mistake using an estate agent mortgage advisor- never again, totally incompetent. Really should have gone with a whole of market broker, lesson learnt!.

We have been offered a maximum of 2.5 our joint salaries. This is despite, squeaky clean credit histories and zero debt and plenty of disposable income. Fortunately its enough for the house but half the amount the mortgage calculator said and less than the original DIP, although nothing has changed.

Wondered what other peoples experiences have been, I can see this grinding the market to a halt, and with possible interest
rate rises looming prices dropping again.

Thrugelmir

lifeissocomplicated wrote: »

We have been offered a maximum of 2.5 our joint salaries. This is despite, squeaky clean credit histories and zero debt and plenty of disposable income. Fortunately its enough for the house but half the amount the mortgage calculator said and less than the original DIP, although nothing has changed.

Something in your personal circumstances will have influenced the outcome.

lifeissocomplicated

Thrugelmir wrote: »

Something in your personal circumstances will have influenced the outcome.

Possibly, but no idea what. Stable incomes, never been refused
a credit. Have one credit card each, used sparingly and paid off
in full each month. Nothing adverse, no late payments on Equifax.
Experian or noddle.

Funny_old_game

lifeissocomplicated wrote: »

Possibly, but no idea what. Stable incomes, never been refused
a credit. Have one credit card each, used sparingly and paid off
in full each month. Nothing adverse, no late payments on Equifax.
Experian or noddle.

It's the interest rate they apply behind the scenes more so than your own outgoings.

Stable incomes, knowing I can afford the payments drop way down the pecking order now.

TowerTom

Made application to Principality via Mortgage Broker on 1st May. May 12th valuation took place and if it wasn't for a cheeky bidder on Thurs last week, mortgage offer would have been in the post on Friday.

I'm not sure what discussions may have gone on between MB and lender (if any) but we've had no questions fired our way and MB reckoned it's gone without a hitch. Our DIP was for 20k more than the purchase price of house though and monthly mortgage payments on it even at 8% would still be lower than our rent. We've fixed for 5 years too, so figure it had something to do with all that.

PS - Everyone should do some research before jumping in. All I did for weeks was read these forums, read up online and the biggest thing I learnt? Don't EVER use Estate Agent mortage advisors, no matter how much they push you. When doing our viewings we lost count how many times the agent mentioned the advisors name and "oh, you should nip in to see Xxxx".

marlot

We (in theory) lost our new house today, as our 28 days are up for exchange.

Fortunately the builder seems to be sensible, and we'll get a little longer.

The offer is 21k less than the AIP - they claim they've uncovered some credit we've not told them about. Fortunately we have some other savings, so we've had to dip into them. We've no idea what the credit issue is. The only thing we can think of is we each put £300 a month into a first direct regular saving account, which is due to mature about the same time as we complete.

Its taken ages to get to this point, but we hope the survey will be commissioned on Monday.

ACG

Who was the lender?

Do you have any loans or HP?

Ive not come across anything that bad myself since mmr, but its interesting to hear peoples stories.

marlot

ACG wrote: »

Who was the lender?

Do you have any loans or HP?

Ive not come across anything that bad myself since mmr, but its interesting to hear peoples stories.

Lender is Abbey.

No loans or HP. We did buy a car last summer on HP, but settled it within the 14 days, so it should show on credit records as settled.

ACG

There will be a reason for it, nobody im aware of is limiting themselves to 2.5x income. As you dont need anymore it doesnt matter so you have not had to dig deeper but I would put money on their being a reason (even if it is just a mistake on their side).

GMS

Have you recently cleared unsecured debt?

Have you checked the application form has been completed properly?

kingstreet

lifeissocomplicated wrote: »

Its taken us three months just to get to valuation stage

... and at that point I would be finding something else to do with my life.

Our builders would have sacked us and our clients would have zero confidence in us.