Mortgage Application Concern

prtraxa

Hello,

My partner and I have a mortgage accepted in principle for £190,000. We are looking at a property worth £330,000. We will be putting down a deposit of £150,000.

My partner will be the main applicant on the mortgage and has squeaky clean finances but is the lowest earner (£28k). I however, have outstanding debts but have the highest earnings (£48k).

I currently owe £8,700 on my credit card and have been in my overdraft for £1,800 for the past 3 months. We both have 2 cars on finance that cost £520 a month for both. I have never missed a payment for anything and pay well over the minimum payments each month on my credit card and have very little other outgoings at all.

My main concern is that my situation is likely to mean we won't get the mortgage accepted after I have a credit check (currently 820 or 'Fair' on Experian). I have been completely honest with my mortgage advisor and wanted to know how much knowledge they have before proceeding with the full application? Would they still try and progress a full application even if the risk is higher? They suggested we could borrow up to £320k which seems too high given my circumstances. Given that amount and the fact that I am only asking for 60% of that. Is there any glaringly obvious reason my application would fail? I am unnecessarily getting stressed about what I can do if it does fail?

kingstreet

prtraxa wrote: »

Is there any glaringly obvious reason my application would fail?

No.

I am unnecessarily getting stressed about what I can do if it does fail?

You are. Your broker will find another lender.

It's always helpful in such threads to name the lender concerned.

prtraxa

kingstreet wrote: »

No.

You are. Your broker will find another lender.

It's always helpful in such threads to name the lender concerned.

Thanks. My partner and I have gone directly to Yorkshire Builder Society to discuss the mortgage. It will be our first mortgage hence the added worry about getting the mortgage.

Is it advisable to go elsewhere as well? We only went to Yorkshire as they had the rates we were looking for online.

YHM

It would make sense to sit down with a mortgage broker as they would review the market for you to ensure you are getting the best rate available to you.

YBS have some attractive rates at the moment, but don't have an intermediary (broker) service, as they have a separate business (Accord) for this.

On the face of it, your finances all seem in order, so I wouldn't see a reason why your application would fail, unless you have some other skeletons in the closet....