Just started my mortgage application

Martin8870

So this is the most nerve racking time of my life so far

Me and my girlfriend (soon to be Fianc! but sush) have so far had our mortgage in principle, found the new build we both like, put down a reservation fee and over the weekend sent both of our bank statements off (4 months) and wage slips (3 months) to the broker, however my statements are a little concerning to me in confidence of my application approval with 3 returned direct debits over the 4 month period. My credit score’s adverage according to clear scores stats, (no ccj’s no defaults and no bankruptcy, the money I borrow ie finance and credit card get paid on time every time and my rent is on time every time) where as my partners score is 999 on Experian her statements are better than mine but she has a lot less outgoings than me... clearly I’m the weak link in our joint mortgage application. In regards to this can anyone relate and give us some confidence to put our minds at rest, mainly mine.

Also at what stage should I appoint a solicitor, our broker said to wait out for a mortgage offer first but I thought the offer couldn’t be offered until conveyancing has been done? Could some one please explain the steps as I’m abit confused and very worried about it all.

Sorry for the long questions

Thanks in advance

amnblog

Returned direct debits in recent months?

Did the broker see these bank statements prior to the offer in principle?

Who is the lender?

Recent returned payments are never good. Your best hope is that the broker is managing this appropriately.

Wait to engage the solicitor as recommended.

Martin8870

Im not sure on the lender at the moment he says theres a dew he can pick from and get back to me with the best deal

He didnt see my statements prior to OIP no

And yes ive had 1 returned paymant a month for the past 3 months, not good i know but im hoping there could be a way around this like lenders that dont check statements, im still waiting on up dates feom the broker, its only been 2 days since i sent the statements and payslips ofd so i dont want to keep badgering him.

Im expect to get declined a mortgage offer but we will see

Verix

HI Martin

It's definitely not great but I would have thought you could still get a mortgage. If you are buying new build I would have thought your exchange deadline would be within 4-6 weeks so I would suggest getting a solicitor instructed otherwise you are likely to miss this deadline.

Good luck

Martin8870

Thanks for your reply we reserved on friday the 8th and was given till the 25th of jan to exchange due to christmas closures, not sure if this is right but we could soonput another £500 down if it looked asif we where foing to run out of time, not sure if this is allowed but its off plan and wont be ready till mid march anyways so it shouldnt be an issue id of thought but thanks for your advice if i dont here back from the broker by friday il find out whats happening and apoint a solicitor. We are planning on using watson ramsbottom solistors if you have heard of these

Thanks again

Dolly123

Im surprised that the developer didn't need the solicitors details at reservation, I work for a big developer and we need their details on the reservation form

Littleladie

I'm the weaker applicant and had to give a little more info than my husband, so maybe they will do the same for you.

I'm just a little bit further than you in the process it would seem. However, ours may be a little different as we reserved off plot .. so have no house yet .. aha.

Once we got the decision in principle and passed all financial checks, we were then advised of solicitors and chose then.

Martin8870

Dolly123, yes they did ask for our solisitors name but that was it we just said we hadnt sorted one yet but i went back the next day with a nameof who we will be using.

Littleladie, what made you the weaker applicant if you dont mind me asking (if its too personal its fine) i just want to see if my application was as bad as im thinking or if there are people out there in simular situations. Also, ours is off plot/off plan too.

Our advisor just phoned to say the documents are now with the underwriter and should hear back from them by next friday and that he just needs us to sign something now.

Martin8870

Maybe our broker knows we wont get an offer so doing us a favour by telling us not to waste money on solicitors... who knows ��

R.o

I am perfect for this answer as I'm in the exact same boat as you and I managed to get a mortgage offer within the last month. Follow the below.


Immediately speak to your broker about the charges on your statements. If he/she is experienced they will know which lender will NOT ask for statements in your case. You will need to judge them to ascertain if they know what they are doing, this is key. The first broker we used we had numerous issues with and we ended up being declined due to bounced DD's when the lender asked for our statements even though we were advised the lender would not ask for them. We then found a good broker who knew what they was doing and got us a offer without them needing our statements and we are exchanging on a new build next week. The main goal is NOT having to supply those statements. As a precaution start managing your money right now ensuring no more bounced DD's in the future.


Lastly, we reserved our new build on the Saturday and instructed our solicitors on the Monday so they could crack on with the searches as you never know what could come up. We had to seek approval from our local council regarding an issue which took a week to sort. But that was our case and all cases our different.


I was extremely nervous about bounced DD's on my statement but you will get there trust me.

GKpopcorn

we are going through a mortgage application atm. i am very suprised just how many lender out there dont use a computer says no system. you may get asked some awkward and intrusive questions but all you have to do is be honest. i would say that getting the AIP is easy, but getting the full offer can be pretty stressful. i have/had defaults when we applied and we have still got the AIP. once you have that its then up to you to back up what you put on the form. as long as everything is as you initially declared then there should be no problems.