Waiting for a decision Mortgage application

tripleE

Hi all, I am absolutely loosing my mind waiting for a decision on my mortgage application. It was submitted on Monday then on Thursday the broker advised that the underwriter had concerns about affordability. Lender also queried a few transactions which I answered straight away one was a debt not declared found on my credit file. I submitted a screenshot that the debt had been cleared. 

I haven’t heard from the lender since their queries. Shall I go with the assumption no news is good news? Will they let me know if a valuation is to go ahead. Please help

Kiwistrawb1990

Who was the lender? 

tripleE

Loughborough Building Society 

ACG

It is taking about 3-4 working days to assess paperwork with them at the minute so probably best to assume it will be Tuesday/Wednesday before you get an update.

Their affordability calculator is a spreadsheet and very thorough compared to many. If it is failing affordability then it suggests either you gave the wrong figures to your broker or they have used the wrong figures from your bank statements. Applications should not really be failing on affordability as it is the one thing that can be checked upfront.  The only person who can answer your concerns though is the broker. 

The positive thing is that they have not declined it, negative sounds like they may reduce the loan amount. 

tripleE

ACG said:

It is taking about 3-4 working days to assess paperwork with them at the minute so probably best to assume it will be Tuesday/Wednesday before you get an update.

Their affordability calculator is a spreadsheet and very thorough compared to many. If it is failing affordability then it suggests either you gave the wrong figures to your broker or they have used the wrong figures from your bank statements. Applications should not really be failing on affordability as it is the one thing that can be checked upfront.  The only person who can answer your concerns though is the broker. 

The positive thing is that they have not declined it, negative sounds like they may reduce the loan amount. 

Thank you thank you, honestly I would be happy with either of your +ve and -ve predictions 👍. Will wait the few days and hope for the best