Worried - Appointment with Mortgage Advisor this weekend

Crashy_Time

saxo_appeal wrote: »

Hi all

We have an appointment with the Mortgage advisor this weekend which is when they will submit our application to Halifax for a mortgage...and I'm very worried

Us going for a Mortgage was a spur of the moment decision as we were going to wait till next year. The new houses up our way have just started being built so we went in just to ask how much to reserve we needed, next thing we were in again later placing the £99 reservation fee for a Persimmons home.

Now I've had no time to get my account running extremely well before applying and I'm now getting very anxious every day! I have a £5k overdraft but have never been above £1000 (June -600, July -800 and August -600) , and it's only, at the most been for 6-8 days then my wages go in and it's in credit again. I end up having a planned charge of about £6-£8 pound every month, although this time we have kept the account above and at present (after calling BOS) I'm only going to be charged £1 in October. The account will never go into the OD again after this.

I'm very worried that if the underwriter sees the account going into a planned overdraft they will immediately decline this. I also have one default which was satisfied and falls off next October, this was why we were waiting till next year.

When I spoke to BOS on the phone the lady said she used to work for Mortgages and she didn't think it would be an issue and the account usage wasn't bad, as long as you explain that you've changed your spending habits and as you can see for September it's been above £1500 still. Would the underwriters take the change of budgeting that fast into consideration or would they think, they have just started budgeting for a mortgage and could go back to their old ways?

We both don't have any loans, the only CC I have is sitting at £5k which gets paid £500 a month off, so end of September it will be £4500. We also pay rent at £500 a month and have done for the past 4 years, we so want to get out of this renting rut and I just feel Saturday (or during the 2 weeks wait) will be a let down.

See this is me down to a tea, over thinking things and really worried

Any help or advise would be great

"Renting Rut"...?? at 500p.m? If you are both working you should be saving/investing about 1k a month, not stretching yourself for a new-build at the lowest interest rates in history!

saxo_appeal

Nope the repayments, depending on interest, will be between £7-800

Let’s get this straight, I am not living from payslip to payslip, I’ve just never bothered getting myself out of that OD, I work Offshore so it’s just never bothered me getting out of it as I know the next pay will bring me fully out of it anyway. It’s just one of those, yeh I’ll get around to it, type things that has just never happened (holds hands up)

Our meeting is tomorrow so will see how it goes

Crashy_Time

saxo_appeal wrote: »

Nope the repayments, depending on interest, will be between £7-800

Let’s get this straight, I am not living from payslip to payslip, I’ve just never bothered getting myself out of that OD, I work Offshore so it’s just never bothered me getting out of it as I know the next pay will bring me fully out of it anyway. It’s just one of those, yeh I’ll get around to it, type things that has just never happened (holds hands up)

Our meeting is tomorrow so will see how it goes

Working offshore? As in North Sea oil?

saxo_appeal

Crashy_Time wrote: »

not stretching yourself for a new-build at the lowest interest rates in history!

Why would we be stretching ourselves at the lowest rates?

Crashy_Time

saxo_appeal wrote: »

Why would we be stretching ourselves at the lowest rates?

Because when rates rise you will be even more stretched?

saxo_appeal

Nope, not a chance, as mentioned we have just been too frivolous with money and have totally clamped down

I think we worked out after doing the budget sheet the surplus was £2,014

SuboJvR

saxo_appeal wrote: »

What....?

I’ve came to this forum to seek advise due to applying for a mortgage and questioning will going into a planned overdraft stop/delay the application

Honestly though, I came here for advice but didn’t realise it would be questioned

If you generally don’t want to help then please refrain from questioning why I would want to seek help on a forum website, it helps no one!

Isn't it a bit early to be applying for a mortgage anyway, so you should have plenty of time to tidy things up?

You said they've only just starting building. A mortgage offer usually only lasts somewhere between 3-6 months, perhaps 9 at a push for a new build. Our offer on a new build is valid for 5.5 months.

When will you be looking to exchange?

Will your house be completed within 6 months?

If not, I'd suggest you just book in to talk to a mortgage advisor, or a broker, but potentially not actually look to apply just yet. Although hopefully the MA you see at your bank will suggest this also.

Don't panic yet; it's a marathon not a sprint. Until you exchange, you can always change your mind.

saxo_appeal

Yep correct mate, the build should be completed by Feb-March next year so have plenty time, which is why we’re pushing as much savings in as possible

The Mortgage application offer I think lasts 6 months, and if the house still isn’t ready you can push for a bit longer, or what I’ve been told

Time2go

I'd hop on over to the mortgage forum. The posters on there are more positive more helpful and generally less rude and obnoxious.

indianabones

I didn't have to visit my mortgage advisor. I did it all over the phone and email. If I had to go in to see anyone, I would have been unhappy. I guess the mortgage advisor will only get a fee if you take out a mortgage through them?


I really think there's no point in worrying because the outcome is based on facts and nothing else. I know it sounds incredibly harsh, but sometimes all the worrying in the world isn't going to help you here. Try (if possible) to just take your mind of the matter.