Proceeding with full mortgage application

Simba-ali34

Hello.

So 3 days ago my financial advisor proceeded with the full mortgage application. I have a mortgage in principle, I have handed over recent payslips, bank statements also My partner sent her self employment documents as requested. My question is what is the likelihood / chances of getting declined at this stage? I've got a decent credit rating, only ever had one credit card to prove I can manage debt etc. No outstanding balances or loans either.

I am Just trying to get a feel for some kind of ratio for decline / accepted at the stage I am at.

Regards

Keezing

I would say your chances are 50/50. Either you get approved or you don't ;-)

In all seriousness this question is impossible for us to answer, you should check with your financial advisor that knows all your info.

BJV

Agreed in principle normally means, that providing you have put down the whole truth and that everything checks out there should be no problem. But there is always a chance the decision can be over turned as it will normally mean that a human being will have to look at the details.

I know that this is a very stressful time and it can put a strain on you but honestly please try and relax and enjoy ( where possible )buying your new home.

Simba-ali34

I understand it's very difficult because no one knows statistics etc, just thought someone might know from experience.

BJV

Keezing wrote: »

I would say your chances are 50/50. Either you get approved or you don't ;-)

In all seriousness this question is impossible for us to answer, you should check with your financial advisor that knows all your info.

A little harsh, yes it is an obvious question to you and I but for some people perhaps not. After all it is only a silly question if you already no the answer. The Op is buying a new home and is I think reading between the lines getting a little stressed over it.

Simba-ali34

Yes it is stressful! Lol. It should all check out as I'm quite a boring person financially.

kingstreet

I would be mortified if I came on here and found one of our clients asking what their chances are. Anyone using a broker should understand the broker has to be 100% certain of acceptance by the lender before submitting an application. The broker getting paid for providing the service should be making this clear.

The only thing which should cause an issue is the valuation of the property.

Keezing

kingstreet wrote: »

I would be mortified if I came on here and found one of our clients asking what their chances are. Anyone using a broker should understand the broker has to be 100% certain of acceptance by the lender before submitting an application. The broker getting paid for providing the service should be making this clear.

The only thing which should cause an issue is the valuation of the property.

Very true. But the number of people posting on here about being declined after applying through a broker is disappointing.

kingstreet

Frankly it's pathetic.

I'd expect levels of decline among direct applicants as they can't be expected to pore over lender criteria to establish if their application is realistic.

Don't get me wrong, we make mistakes but there is no way we submit an application if we had the slightest doubt it wouldn't get to offer.

My biggest concern is lack of communication though. Brokers should be explaining each stage and under-promising and over-delivering in terms of what will happen and when.

BJV

kingstreet wrote: »

Frankly it's pathetic.

I'd expect levels of decline among direct applicants as they can't be expected to pore over lender criteria to establish if their application is realistic.

Don't get me wrong, we make mistakes but there is no way we submit an application if we had the slightest doubt it wouldn't get to offer.

My biggest concern is lack of communication though. Brokers should be explaining each stage and under-promising and over-delivering in terms of what will happen and when.

I think that the problem is that not all mortgage brokers are as up front and ethical as you. Either that or the customers applying are embellishing the facts which don't check out under examination.