Mortgage application next week, very nervous! Advice please?

Nervousnelly

Hi guys I'm new to this site and have joined to ask for advice on my mortgage application next week. My partner and I are first time buyers so everything is new to us. We are going for a 95% mortgage with RBS. We were planning on getting a mortgage next year but we came across a house for sale that has everything we want. I got a mortgage in principle and so went to see the house and loved it. We put an offer in and to our luck it was accepted :j I have an excellent credit score and my partners is fair at 743 on experian. He doesn't have much credit history, just a store card and mobile contract. I have a good credit history. Our deposit is being gifted to us and I know that I need to get a letter signed by my mother to say that it is a gift. My only worry is that the mortgage will be rejected due to us not watching what we spent the last few months. We booked a holiday earlier this year that we pay monthly, and we have bought clothes and other unnecessary things thst we wouldn't have bought if we knew this house was going to come up we have paid all of our bills on time and have never missed payments. We have also both put away a bit of savings. But I'm so worried that RBS will think we are out of control with spending and reject the application. What do you think? Do we have a good chance of it being accepted?

Nervousnelly

I also meant to add my partner has rented for years and has never missed payments with rent or bills!

amnblog

Recent spending will not be an issue.

If RBS say no, dont worry, consult a good Mortgage Broker.

SG27

amnblog wrote: »

Recent spending will not be an issue.

If RBS say no, dont worry, consult a good Mortgage Broker.

But doesn't that impact affordability? For example we were asked how much we spend on holidays and clothes (and everything else!) During our mortgage application, we spent about an hour analysing our income and expenditure.

amnblog

SG27 wrote: »

But doesn't that impact affordability? For example we were asked how much we spend on holidays and clothes (and everything else!) During our mortgage application, we spent about an hour analysing our income and expenditure.

Sounds like you applied at the wrong place and wasted an hour.

Lenders are interested in income and outgoings but not at a forsenic level.

SG27

amnblog wrote: »

Sounds like you applied at the wrong place and wasted an hour.

Lenders are interested in income and outgoings but not at a forsenic level.

Everywhere is the same sunce 2014.

https://www.moneysavingexpert.com/mortgages/boost-mortgage-chances/

amnblog

If you are referring to Point 10 in the Article you are ready too much in to it.

SG27

amnblog wrote: »

If you are referring to Point 10 in the Article you are ready too much in to it.

Obviously I have only limited experience (of ybs, and a friend with nationwide) both were incredibly in depth with expenditure. YBS even included my regular savings payments as expenditure!?

However I'm sure you are much more experienced being a broker.

FTBlalala

I recently bought a place and our mortgage was with Virgin Money, we have good credit ratings and consistent savings for the deposit. For the full application, VM only requested 3 months of payslips each, proof of H2B ISA savings, normal savings account statements and a P60 for each of us. They didn't even look at our bank statements. We got our formal mortgage offer 7 working days later.