Mortgage Appointment

Slayerx

So tomorrow I have my first ever mortgage appointment.

I have all the documents they have asked for:

3 months pay slips

Bank statement showing my last salary going in.

Last 3 months bank statements to show that I have an overdraft but don't use it.

Credit card statements. (Only unsecured debt)

Savings account statements to show I have saved up 3.5k since April this year.

Staff ID (Work for the lender)

Passport for Photo ID.

I know when MMR was introduced people were not happy, since the dust has settled are things still doom and gloom?

I understand they stress test you and that they will also want to know about future plans.

Is there anything I should prepare myself for ?

I understand there going to go through my bank statement with a fine tooth comb, I have never let my current account fall below £500 and that's with saving about £400 a month.

This has been due to me doing overtime for the last 9 months, they will be taking into account overtime and bonuses I understand from a discussion with underwriting.

Thrugelmir

Slayerx wrote: »

I know when MMR was introduced people were not happy, since the dust has settled are things still doom and gloom?

Majority of people obtain a mortgage in a straightforward manner, always have done. There's nothing to concern yourself with.

The tightening of the rules was always going to have teething problems. Not least that everything had become overly lax. Lenders had become like more supermarkets selling tins of baked beans i.e. volume. Rather than lending in a responsible manner.

Loopy28

I applied via a broker and had to take in most of the evidence you mentioned.

The lender we went with only asked for our latest payslips and nothing else. Noone went through any of our outgoings at all, the broker just estimated them without much input from us and our mortgage offer came in after a couple of days.

I worried for ages about the new MMR but to be honest it really didn't affect us.

kingstreet

Most lenders take little notice of normal outgoings, their calculators basing expenditure on ONS figures.

Regular outgoings such as credit commitments, childcare, maintenance and the costs of a leasehold property, such as ground rent and service charges are the things they are mostly interested in as these are often personal to the individual borrower.

Slayerx

Have my mortgage in principal can borrow a few more k than passed credit check phew.

amnblog

...and how long was the appointment?

Slayerx

About an hour overall.

tvfreek

About an hour?

Possibly the shortest lender interview I've heard of recently hope everything goes through Ok.

Slayerx

Still have to go to full app once I've found a property and as I'm going for the staff product no real need to look at all our products.

Did credit search and also quoted for critical illness etc.

amnblog

Was your appointment with a lender or a broker.

kingstreet

OP is borrowing from employer.