advice and thoughts

Ashley0210

hi everyone,


im after some info and or advice/thoughts on my chances of getting my mortgage offer accepted.
I currently have an AIP/DIP from Platform mortgages, through my mortgage advisor. Im applying on my own.
Salary is £33800, current debt is £7140 on 2 credit cards, with a further 2 with no balance on them. Im using 35% credit. I have a loan and car at a cost of £390 per month for both. (loan will be paid off next January)
Im on the electoral role, have zero missed payments over all 3 of my credit reports.
I have had an offer of £117,000 accepted with a 5% deposit.
Again I have the AIP/DIP but just waiting on Platform to get back with a decision.
Any advice and thoughts are welcome.


Thank you

chunkytfg

What advice do you want?

Could you afford all your repayments including the Mortgage and bills plus some savings for those unexpected issues like a boiler breakdown or large maintenance bill from the management company if its Leasehold?

Does the £117k +5% get you what you want or are you compromising?

Would stepping onto the housing ladder not be best with a little debt as possible?

How much do you currently save for this house purchase each month?

If it was me i'd be spending between now and Jan clearing those CC's paying off the loan and seeing if you can get that 5% to 10%.

Ashley0210

Thoughts on peoples experiences on if the mortgage offer would be offered or declined. I know that's a vague thing to ask, but just a few thoughts would help.
Currently putting away £800-1000 a moth for this, and the £117,00 includes my 5% deposit.
thank you

chunkytfg

Ashley0210 wrote: »

Thoughts on peoples experiences on if the mortgage offer would be offered or declined. I know that's a vague thing to ask, but just a few thoughts would help.

Not a Mortgage broker so wouldn't like to comment other than to say the AIP will give you a reasonable indication as to your likelihood of being accepted

Currently putting away £800-1000 a month for this, and the £117,00 includes my 5% deposit.
thank you

Why not clear the CC? It'll be gone by august and that will almost certainly make life far easier as it's a monthly cost you no longer need to worry about.

Ashley0210

need to move out ASAP really.
Id hope that even with the CC, being offered enough for this property with an AIP is a good thing, but you never know with the full application

chunkytfg

Ashley0210 wrote: »

need to move out ASAP really.
Id hope that even with the CC, being offered enough for this property with an AIP is a good thing, but you never know with the full application

Fair enough. Not everyone has the luxury of sitting back and just saving and has to move asap.


Like I said the AIP is a good sign but if your unsure seek the help of a broker who you'll be paying to make sure the odd are in your favour. You have debt yes but with no defaults etc i'd think you'll be a fairly straight forward application to deal with:beer:

Ashley0210

thank you, appreciate the replies. and heres hoping it is straightforward!!

chunkytfg

Ashley0210 wrote: »

thank you, appreciate the replies. and heres hoping it is straightforward!!

For what it's worth you never apply for a mortgage without a worry about getting a 'computer says No!'

I not long got my application approved with virtually no debt, a near perfect history and only borrowing about 75% of what they claimed I could borrow up to and I was still S**ting myself about they coming back with a big fat NO.

It's all part of the process:beer:

Ashley0210

It’s with the underwriter as of yesterday. So now the worry starts more for me. I’ve got 2 £5 skybet transactions on my statement. I’m hoping that won’t affect it. There’s no other like that but it’s worried me after reading some things v

chunkytfg

Ashley0210 wrote: »

It’s with the underwriter as of yesterday. So now the worry starts more for me. I’ve got 2 £5 skybet transactions on my statement. I’m hoping that won’t affect it. There’s no other like that but it’s worried me after reading some things v

I have random amounts paid to the National lottery too.

The odd payment here and there is not a problem. a history of spending large consistent sums of money to gambling sites would be.:o


Deep breath, think calming thoughts and failing that open a bottle of wine and eat a large bar of chocolate :rotfl::rotfl::beer::beer: