What are the chances of us being accepted?

JJMayer

*** WE HAVE BEEN ACCEPTED!!***

I am looking for a bit of advice as to whether you think our application may be accepted or declined...

My husband and I are trying to buy our first home using shared ownership. We were initially going to do this solely in his name as he is on a permanent contract and i am on a temporary contract (to go perm soon. We are currently privately renting and will be leaving in September to hopefully buy our own home. The house we are applying for has the full value of £250,000 and we are apply for a 35% share of £87,500. Because of shared ownership the lender needed to take into account the rent and service charge total of £543 a month. As this took my husband just over the threshold for borrowing on his own we were not able to get the DIP. Our MA said we would be able to go to the underwriters of the lender to plead our case and have both myself and my husband on the mortgage. As there is such a minimal amount of money needed a month (£260 for the entire mortgage) he said that we could have a strong case. So far we have provided all of our bank statements etc... I am just waiting on my 3rd month payslip, which i will get on Thursday this week. Once we have all of this our case will go to the under writer to apply for a full mortgage application and not a DIP.

I am very nervous as this is obviously going to be a hard search on our credit file and if we get declined we will have to rent for another year and pay someone else's mortgage .

Do you think we have a case?

JJMayer

So we have had our DIP accepted on 28/06/18.
Just waiting on the financial assessment to come through from metro to see if we passed, once i have this Information we will instruct our mortgage broker to send our full application to the lender.

04/07/18 - our Financial assessment/affordability assessment passed with the housing association! (baby steps) we will be sending our application to the underwriters hopefully today, so for now just sit back hope and pray and lots of thumb twiddling.

JJMayer

06/07/18 Text received by Santander today to confirm application has been received.

Sophyanne

Is the property your buying off plan? I’m going to hopefully reserve a property tomorrow with plum life after all assessments with metro & AIP being passed and sent over to them!

I wouldn’t see why your application wouldn’t get accepted unless you have adverse credit history?

Fingers crossed for you!!

JJMayer

Hiya, sorry didn't see your reply. No adverse credit but i do have a loan from our wedding which will be paid off net year.

Found out yesterday they have instructed the valuation to happen for today so if all goes well, we should either find out today or next week.

JJMayer

We were accepted!!!!