Worried about Mortgage Referred

James131994

Hi, still very knew to this forum so hopefully I am posting in the correct place.

We have applied for a shared ownership mortgage using a mortgage advisor and the agreement in principle has been referred. Our broker says he can’t give any more info than that at this stage.

Based on an affordability assessment we did, the mortgage is very affordable. We have never missed any payments on anything we owe. We are in our early 20’s so haven’t built up amazing scores but Noddle says we are both Fair / Good.

I am now concerned as the broker said there should be no issues so I just wondered if anyone has been in this situation and what your experience was? What was the outcome? Our lender is Nationwide.

One thing I feel it could be, this week before applying we paid of a large amount of car finance and maybe this isn’t showing up to them as paid off yet, not sure how quick these things update but it is still showing as outstanding on Noddle. Obviously in our application we said zero debt.

We absolutely love the house so fingers crossed everything is okay. Apparently this could take a week before we hear anything from Nationwide which is frustrating.

Thanks everyone!

Pixie5740

James131994 wrote: »

Hi, still very knew to this forum so hopefully I am posting in the correct place.

We have applied for a shared ownership mortgage using a mortgage advisor and the agreement in principle has been referred. Our broker says he can’t give any more info than that at this stage.

Based on an affordability assessment we did, the mortgage is very affordable. We have never missed any payments on anything we owe. We are in our early 20’s so haven’t built up amazing scores but Noddle says we are both Fair / Good.

I am now concerned as the broker said there should be no issues so I just wondered if anyone has been in this situation and what your experience was? What was the outcome? Our lender is Nationwide.

One thing I feel it could be, this week before applying we paid of a large amount of car finance and maybe this isn’t showing up to them as paid off yet, not sure how quick these things update but it is still showing as outstanding on Noddle. Obviously in our application we said zero debt.

We absolutely love the house so fingers crossed everything is okay. Apparently this could take a week before we hear anything from Nationwide which is frustrating.

Thanks everyone!

There's a board on the forum specifically for Mortgage & Endowments.

Webmeister

Hi James131994,

I wouldn't worry so much about the referred decision from Nationwide. The exact same thing happened to me during my application back in August and we were approved and subsequently completing this Friday.

When my broker processed the application he stated that I had car finance as a committed outgoing but this was due to be finished prior to completion as I decided to hand the car back after the agreement ended. Nationwide picked up the large balance on my credit report and wanted to know how I was clearing the balance and at the same time, able to put deposit down on a house.

Looking back on it now, I did worry like yourself, but I would trust your broker not to have bothered putting in an application if he felt it wasn't likely to be approved!

Hope this helps, and good luck!

ACG

99% of the refers we get go on to offer/complete.
In fact, some of the declines we get we manage to get overturned and go on to complete.

Some refers are completely expected. I am doing a DIP tomorrow and I know 100% it will refer.

A refer is not a problem as such, it is more to do with how/why it has referred. It could just be you have scraped credit score and they want to manually assess it. It could be that no credit score was carried out (this can happen if you live in a flat). It could be just random, it could be anything.

Try not to worry unless you get bad news.