Mortgage worries

Wuvarien

Hi Guys,

Need some advice/support...

Got an offer accepted on a house for 235k, had an DIP with Nationwide for 192k.

Whilst doing all the figures they dropped this down to 187k, which was still acceptable and I could still afford the full 235k with my deposit amount. My credit score according to Experian is Excellent and Equifax state that it is good, I have never failed on a payment in all the years I’ve had credit.

The advisor then realised they forgot to include the service charge for the flat, which then dropped my mortgage offer to 174k due to the affordability. I was livid!

Action was taken and I got rid of my leased vehicle which was £400pm, and the advisor then told me that I now reached the affordability to hit the original 192k mark. I explained that this was a leased vehicle and I was able to return it, cancelling the credit. I will get a letter from BMW in about a weeks time stating this so I can send it to the underwriter if required.

I have another meeting with the advisor tomorrow to resubmit the application, I now know that I can apply for the 192k mark, however I’m still terrified that in the end the underwriter will decline the mortgage for what ever reason.

If I have a completely perfect credit score and I’ve passed the affordability, are they likely to decline the mortgage?

Hutchd97

Hi,

If you have passed the credit score and meet affordability then from experience with Nationwide it should be fine as long as all the income proofs etc are fine when they do their underwriting. The only other hurdle is the valuation of the property itself which is out of everybody's hands (except the valuer).

Now, I know your adviser has all your details and knows a lot more about your case than I do, but did they try a different lender when the original loan amount decreased? Might have been better than getting rid of your car?

Thanks

[Deleted User]

Wuvarien wrote: »

If I have a completely perfect credit score and I’ve passed the affordability, are they likely to decline the mortgage?

It depends on how they score you against their criteria. The CRAs scores are not used for lending, or anything else.

If you don't have anything negative on your files, you should be in good shape.

Wuvarien

The mortgage application has now all gone through to the processing department.

Apparently the application is considered a "clear pass" so won't be put under the scrutiny of an under writer and the application will only be reviewed?

They've taken a payment for an valuation and said that in about 3 weeks I should get my formal offer

Hutchd97

It would still have to go through an underwriter but on some occasions it a cursory check of your pay slips and that's probably about it. If they have taken the valuation fee and instructed the valuation it should be a lot less than 3 weeks but good luck, sounds like its going in the right direction now!

Wuvarien

Just got the confirmation, Valuation booked for the 5th April

Things are moving rather fast now!