First time buyer! Help!!

bethan03

I recently used a broker to sort my mortgage. My mortgage provider had an initial meeting with me where he advised me on what the bank were willing to offer based on my income.

I proceeded in finding a home which was below the maximum lending amount. I put in an offer and it was accepted. I have now paid for searches and conveyancing as well as the broker to proceed with the application.

I am now awaiting my previous 3 bank statements and I am concerned that I won't be accepted due to my 'social spending' being high. I live at home and have hardly any outgoings - I have never missed a payment(car etc.) and I put away money for savings each month. However whenever I wanted something I always bought it as long as I paid my bills sometimes leaving me with 50 at the end of each month.

I have planned out my spending/outgoings with a mortgage etc based on my income and completely understand the changes I will have to make with additional mortgage commitments. I am worried as to whether the bank will understand this? I also went over one month by £10 because i forgot to transfer money from my savings before 1.00pm, causing a emergency overdraft (which i paid the fee for the next month)

Any advice would be brill as I am panicking and really don't want to lose on my house!

Thanks,

Beth

csgohan4

Perhaps waiting for a mortgage offer before spending money would have been prudent.


Are you living within your means? 50 pounds left at the end of the last 3 months doesn't look good. However Lenders generally look at ONS figures, does your broker know what their doing if they have seen your statements?

bethan03

My broker advised me to find a house within my limit and then go forth with the application.

I have no issue with budgeting, I did not need to as I placed money into savings and paid for monthly outgoings. I didn't realise their would be an emphasis on 'social expenditure'.

RTC87

If you are saving a consistant amount each month you should be OK as lenders will take that into account.

My partner and I recently got accepted on our first mortgage application and have been renting for the past 5 years. Very often we have ended the months with £30 - £90 left in our current accounts but each and every month we were transferring £500 - £850 into a savings account. Our broker was always confident the regular saving would make things fine and it did.

Best of look.