whats the likliehood of a decline?

pamelab21

We are applying to port our mortgage to a new property we have had an offer accepted on.
I've had the 1st phone interview, basic details, salary, what we want to pay and why, what deal we want and why, what we do with savings etc. She said she would then call me with her recommendations.
2nd call she phone to say she was recommending the product (that I had been looking at anyway) and it was over 22 years as we had discussed sent me the key fact illustrations and would call next week to ogo over employment details and would then ask for 3 months banks statements and wage slips.
3rd call was 1 hour later when she said that they would have to make the term 25 years and 6 months to make the monthly payment affordable (only £80.00 more than we pay now even though we are currently overpaying up to £400 per month, she said she had to look at it over the WHOLE term).Then she sent me a new Key Facts doc.
4th call due tomorrow where she wants employers details, estate agent details and porting fee, then she will want bank stats and payslips.


I guess I am just nervous about a decline but are we through the worst part or is there more to come, could we still get a decline?
We have no adverse credit, no HP, loans, have not lied about anything.


Misspelt title, sorry!

amnblog

Which lender - have they run credit score yet?

pamelab21

Its with Britannia. Unsure if they have run credit check yet. I assumed not as we got the AIP 2 weeks ago and then started the phone process mentioned above last Thursday.
I checked our credit files a couple of months ago and they are both perfect, cant check again to see if they have run anything as I just signed up to the free month and then cancelled.

Thrugelmir

pamelab21 wrote: »

3rd call was 1 hour later when she said that they would have to make the term 25 years and 6 months to make the monthly payment affordable (only £80.00 more than we pay now even though we are currently overpaying up to £400 per month, she said she had to look at it over the WHOLE term).

Lenders under regulatory guidance have to assess affordability at 7.5% interest rates. There's no certainty that current low interest rates will last another 2 decades.

I checked our credit files a couple of months ago and they are both perfect,

Do you owe any money on loans, credit cards etc?

pamelab21

We owe nothing apart from our current mortgage. I use an asda MasterCard to get cashback on everyday spending and clear it every month in full.