can you wait if you need to?

phil22

Im just wondering we have had a mortgage offer in principal, and may be reserving a house tommorow but our advisor will visit us next week and were a bit unsure about my partners previous bank statements for the past few months, say we put some money down, and she visits us next week and sees his statements, if she thinks we wont be approved can she advise us not to go through or if we say we dont want to, will the mortgage in principal still be there and could we then re do that in a few months time when the statements may be better? i know we would loose the deposit or some of it but aslong as a application doesent go through or were not declined at that point so we could still pull out if need be and just put it through while the mortgage is still valid in principal in a few months? Is that the case?

thanks

amnblog

The mortgage in principle will have a time limit on it after which it will need to be re-scored (typically one to three months depending on the Lender).


If you pay all your debts on time and keep your noses clean, a 'yes', rarely turns into a 'no'.


Don't get too hung up on the MIP. No Lender gives your money without a full application anyway.

What is wrong with the bank statements?

cahillg81

There are some lenders who wont want to see bank statements.

phil22

Iv been told we have to send 3 months off and it is precise so think they will.
Well my idiot partner has a few times only had a couple of £ in his bank and i said thats not living within your means so we will be declined. Theres also occasions where for about a hour he has been into the minus as he has a dd come out the day he gets paid but there is no bank charges which i was told thats what they look for.

Thrugelmir

phil22 wrote: »

Iv been told we have to send 3 months off and it is precise so think they will.
Well my idiot partner has a few times only had a couple of £ in his bank and i said thats not living within your means so we will be declined. Theres also occasions where for about a hour he has been into the minus as he has a dd come out the day he gets paid but there is no bank charges which i was told thats what they look for.

They'll be more interested in the activity than the balance. Not normal day to day activity but anything else.

phil22

Yeah there is activity but he has £200 to the isa a month and some living costs eg holiday, so even if the balance has been right down to 0 are they ok with that more looking at whats spedn, defently no gambling , no payday loans.

amnblog

phil22 wrote: »

Iv been told we have to send 3 months off and it is precise so think they will.
Well my idiot partner has a few times only had a couple of £ in his bank and i said thats not living within your means so we will be declined. Theres also occasions where for about a hour he has been into the minus as he has a dd come out the day he gets paid but there is no bank charges which i was told thats what they look for.

You don't want him going out of his OD limit and particularly you don't want unpaid/returned items on the statement.


Perhaps if your partner stopped lavishing cash on you, he would have a few more £'s in the Bank!

phil22

Excuse me nosey hes not lavishing cash on me i never said that at all!!!! Theres nothing unpaid or returned

amnblog

..and he has kept within overdraft limits

phil22

Yeah he had a payment go out a few hours before his wages went in but didnt incur bank charges

amnblog

Does it show in the statement as going beyond the OD limit.