FTB-Mistake on application-what happens now?

giselle0201

My partner and I have just submitted our application through a broker following a successful mortgage in principal. However, I was unsure of the meaning of 'variable income' and did not provide the details of a 2nd income totaling £256.00 after tax during the last tax year. Will this mean our mortgage application is declined? Will we be able to reapply straightaway as I hear that this can be a problem? Can we cancel the application and submit again? Please help, very worried.

MortgageMamma

Hi Giselle

It depends largely on how much you are relying on that extra bit of income in terms of affordability of the mortgage, its only a small amount but you'd best check with your broker.

amnblog

This is not a problem and won't harm your application. Talk to your broker tomorrow and let them clear it up.