I'm so worried :(

shortcrust

agurung wrote: »

Don't be sad but be positive.

I'll try to remember that next time I'm sad.

Nikkinakkinoo2017

Try not to stress yourself. Nationwide referred our DIP and then 2 days later we had an acceptance come through via email and when we applied for the mortgage it went through smoothly within a week. Good luck and I hope you aren't waiting too long to find out.

Notaker

Thanks all for the kind words of encouragement. It's actually made me feel a little better.

In regards to the person asking what if they assess at 7%? Well, in that respect the online affordability would be useless and with all due respect nobody would ever be approved because they could assess people based on 7, 10 and even 20% should the worst happen.

I suppose, ultimately, there's nothing at all I can do. It's either keep the house or sell the house isn't it.

Problem is house prices have risen in my area and go get something even remotely similar to what I have now is impossible due to inflated prices.

Notaker

I've re worked out my finances using MSE, my bank statements and MAS.

The house and bills is 60% of my total income based on current costs but this could reduce once I have the property as I intend on increasing the mortgage term by seven years. This would reduce my mortgage payment by £100

FIRSTTIMER

First Direct refer every case to underwriter as do HSBC I believe

Thrugelmir

Notaker wrote: »

In regards to the person asking what if they assess at 7%? Well, in that respect the online affordability would be useless and with all due respect nobody would ever be approved because they could assess people based on 7, 10 and even 20% should the worst happen.

Lenders under regulatory guidance currently use 7% for assessing affordability on residential mortgages. In essence it's a form of stress testing. As the future is uncertain. Though the one certainty in the longer term is that rates will normalise. Over time the props that provide cheap money will be removed. Online calculators can only ever be a guide. Borrowers are naturally optimistic and tend to underestimate their total outgoings .

Notaker

Well then in that case that's not good news at all. ��

glosoli

In regards to stress testing, you may find if you apply for a five year fixed product or longer, with some lenders their stress test will be at their Standard Variable Rate, rather than at 7%.

Notaker

I'm currently on year 1 of a 3 year FT

Notaker

@3.44% rate