First time buyer - mortgage/underwriter advise

Slothschild

Hello,

First time poster but long time reader here.

I don't know where to start here so I'll start with this. I'm currently waiting for the underwriters decision regarding a mortgage with a high street bank. The mortgage is for a 90% LTV on a £89k house. I have enough money with help from parents for the deposit as well as fees for the conveyancing side.

Now here's where I'm very nervous. The bank couldn't make a decision in the branch, hence why it got referred to the underwriters. I've very unsure why this is as I'm currently paying £350pcm in rent and the mortgage will be £400 pcm. My disposable income with all outgoings taken into account comes to around £250pm but the impression I got from the mortgage manager was that this was too little.

Has anyone else experienced this and have got a positive response back from this? I'm slightly stressed as a result of this!!

Hope someone can help!

ACG

It does not just come down to what your paying at the minute.
The system/underwriters would assess it on a standard rate - typically around 7%. Although I suspect thats probably not the (only) issue.

Dont worry about it, it could be one of 100 things. Wait for them to come back to you. The good news is that its not an automatic decline.