Mortgage

han2505

Hey all,

I am in the process of getting a mortgage am hoping i have only a little bit longer to go now (if i have to sign another bit of paper i will SCREAM!)

Basically, we are having to go interest only as we dont have a high enough income, at the time they asked for if we had any loans and we said "yes", we have one each.

Basically, now they want all the information they can on all our credit cards and loans, which is fine as i have one credit card (balance of £1500) and my partner has one (balance of £300), then i have a car loan (£124 month) and my partner has 1 (£100 month).

How much will these affect us, can they now turn round and say well "no" you cant have a mortgage as we never knew they had these (they didnt ask), we have when we have been doing affordability taken these into consideration ourselves, but wondering if when they do it you have to have a certain amount left a month for yourselves if you get me.

When is it safe to relax and know the morgage is yours? i have never been so stressed lol!

We have signed to say we want it, sent off all docs (proof of address and bills etc) to mortgage company and just received another to sign. We have been to the Solicitors with ID, they are doing the survey things now. How much longer do we have to wait? when will we know for sure?
Just want to put my mind at ease

Thanks all x

Badger_Lady

No easy answer - they may just factor the repayments into your affordibility, or they may want these loans to be paid off by the mortgage.

If you're already stretched to the limit to pay an interest-free mortgage, then you could be high risk and the loans could tip you over the edge (in their eyes!).

On the other hand, they may see that you're perfectly in control of these minor debts and will give you the nod without further question.

How are you arranging to repay the mortgage - do you need to provide evidence of savings?

The time to relax is when they finally send you a "mortgage offer" - mine just arrived this week after applying in June!!!

han2505

We dont have to repay it at the end of it, we asked that question as well. We worked out with them that if we had gone for a repayment we would have only paid back at the end of the 2 years £1500.00. So we are going to put money away monthly and then at the end of it just pay it off anyhow.

We are stretching it a bit but when we have done the affordability ourselves we have always included them in it. So we think we will be fine, but what we think could be completly different to what they think, if you get me x

han2505

any more ideas?