Nervous About Full Mortgage App

VEGAS2018 · 13 May 2019 at 5:08PM

Hi Everyone

I am looking for advice. I have received an AIP with RBS for my first home. Offer was submitted and was accepted for £207500. I have a £74k deposit, partly a gift from my parents and my savings. AIP is for £133500 and the mortgage advisor says I shouldn't worry about it being accepted. I earn £33500 per year and will be a sole applicant. I am married however my wife isn't credit worthy due to defaults from 3 years ago. The RBS were the only bank that came back to me to say they wouldn't treat my wife as a dependant. I go for my full application appointment on Wednesday.

However I have payday loan use between 2014-2016 and was over my credit card limits a few times within that period. since march 2016 I have made sure to stay within my limits and have no payday loan use. I have a credit card with £14800 limit and have £10k balance at the moment which I am paying off each month (wedding costs). I have a car loan of 200 per month and have never missed a payment on any of my credit agreements.

Basically my question is do I have any chance of getting this approved?

Any info would be great

ScottishSaver14 · 13 May 2019 at 5:58PM

Hey! Disclaimer, I'm not a homeowner, but will be where you are in a couple months.

You have a mortgage advisor, who presumably is confident in your situation and knows about the negative items you mentioned. You have a big deposit and presumably no affordability concerns..

You're doing the best things you can do in the situation,so give yourself a pat on the back. Keep your head, keep things as straightforward and simple as you can.

I feel like we all imagine the worst case scenario haha,but the chances are...it will be absolutely fine. And if not, that's why you have your mortgage advisor o your side.

I'm basically just saying what I'll tell myself in a few months...so take that as you will. You're not alone in worrying when you likely don't have to

amnblog · 14 May 2019 at 1:24PM

If the mortgage adviser says it will be OK it will be in all likelihood.

VEGAS2018 · 17 May 2019 at 1:04PM

Thanks for all the support. I submitted my application on the 15/5 and now waiting to find out. It’s torture. RBS have a tracker and it says they have got the valuation report through and I had a text confirming the amount which is way above our offer price which is good. However I’m concerned they haven’t actually underwrote it yet. Does anyone know if RBS underwrite before valuation or after? Still really concerned based on previous history 3 years ago.