How likely is this?

lincsboy_2

Hi all. Me and my wife have seen a property were very keen on at 215000. It looks like the offer of the asking price will be accepted. We have been told by a MA that she can get us the 125000 we need to go along with our 90000 deposit.

Sounds great but like many other people I'm worried we won't get accepted or offer may be reduced. I'm self employed over a 3 year period my earnings annually have always went up. My latest is 16000 this is topped up to around 26000 with working tax and child tax credit and child benefit. We have two kids and no debt whatsoever. Our credit scores are also very good 999 and 872 experian.

What do you guys in the know think.

Many thanks

lincsboy_2

Any ideas anyone?

ACG

Why are you not doing it in joint names?

MortgageMamma

Has your mortgage adviser got you a decision in principle yet? as that will tell you how much you can borrow subject to valuation and underwriting - i.e, proof of income minus outgoing

JimmyTheWig

Does your wife work?

Sounds unlikely to me on the figures you've given.
But your MA is an expert and I'm not, so you're probably best listening to her rather than me. What makes you think that she's wrong?

Incidentally, Experian don't lend money. And mortgage companies don't see Experian's credit scores.
The mortgage company will see the information that Experian hold about you and will make up their own minds. If your credit files are clean then brilliant. If they're not but Experian are giving you high scores for some unknown reason (it happens) then you may have problems.
Have you shown your credit reports (not the scores, the actual information) to your mortgage advisor?

lincsboy_2

It's is going to be in both our names.

MA told us she can get that figure she has credit checked us. Going to see her on Tuesday then hopefully get go ahead on Friday from vendor.

lincsboy_2

Well today we have been accepted with a DIP, for the amount we need to borrow from the Nat West. So far so good. What's Nat West like to deal with? Hopefully we have no issues.

JimmyTheWig

Great news, OP.
Have never dealt with them for a mortgage so can't comment on that.

csgohan4

I hope your not using an Estate agent Mortgage advisor, if you are, good luck

lincsboy_2

Yes we are. Why would that be a problem? It's Countrywide.

csgohan4

lincsboy wrote: »

Yes we are. Why would that be a problem? It's Countrywide.

:eek: I guess it's to late since you have applied.

But a quick search of the forums here:

https://forums.moneysavingexpert.com/discussion/5412005

is just one link, have a look yourself on other's. Noone here will recommend EA services if they are sane

Generally, they are commission based, will more likely choose products which will net them more money

They get recommended via EA and they pay the EA. Guess who pays for this?

They are not all Whole of the market

They are an EA service

did I mention they are an estate agent service?