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Waiting for a mortgage decision, what next
MissusPotter
Posts: 7 Forumite
Hi All,
I have been reading back through lots of old mortgage posts, apologies if this is a repeat...
My husband and I have seen the house we would like to buy. We currently own a house in Warwickshire, this is now rented out and we are on a buy to let mortgage, the house has been successfully rented out for the past 3 years and we make a very very very small income off it. The reason its rented out is because we bought in 2007 just before the market crashed and we don't want to sell it until we at least get back what we paid for it, even if we lose the deposit.
Anyway, we have applied for a new mortgage for a house that we would like to live in as our main residence. We have a credit card we owe money on and also a loan and we also both use our overdraft facility.
We have been for an appointment with the Cumberland building society, all details have been taken including what debts we have, after all the info was put into the calculator we were told 'it shouldn't be a problem' as its all based on affordability.
According to the advisor we are just waiting on references, one from our previous landlord (which I understand, they want to check we paid our rent and on time) another reference has been sent to my previous employer (I finished working there over a year ago so I don't see the relevance?).
Well I suppose I am just asking what now? If the references are ok will we get an offer? Is it more complicated? I assume it goes on risk, will our other property be an issue? Will our debts be an issue? I'm a bag of nerves and have so many questions. Help!
Thank you
I have been reading back through lots of old mortgage posts, apologies if this is a repeat...
My husband and I have seen the house we would like to buy. We currently own a house in Warwickshire, this is now rented out and we are on a buy to let mortgage, the house has been successfully rented out for the past 3 years and we make a very very very small income off it. The reason its rented out is because we bought in 2007 just before the market crashed and we don't want to sell it until we at least get back what we paid for it, even if we lose the deposit.
Anyway, we have applied for a new mortgage for a house that we would like to live in as our main residence. We have a credit card we owe money on and also a loan and we also both use our overdraft facility.
We have been for an appointment with the Cumberland building society, all details have been taken including what debts we have, after all the info was put into the calculator we were told 'it shouldn't be a problem' as its all based on affordability.
According to the advisor we are just waiting on references, one from our previous landlord (which I understand, they want to check we paid our rent and on time) another reference has been sent to my previous employer (I finished working there over a year ago so I don't see the relevance?).
Well I suppose I am just asking what now? If the references are ok will we get an offer? Is it more complicated? I assume it goes on risk, will our other property be an issue? Will our debts be an issue? I'm a bag of nerves and have so many questions. Help!
Thank you
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