Affordability

Confused789

The mortgage company have satisfied everything except the affordability. They keep asking if we can afford it. We have cash left from the move to pay off credit cards. I've done a budget based on the new mortgage etc and we will still have over 2. 3k spare each month! My mortgage broker thinks it's crazy that they are questioning it, although we did have adverse credit about 5yrs ago. The new mortgage is only 300 a month more than we currently pay. Anyone got any ideas how we can persuade them? 

ontheedgeofmyseat

Confused789 said:

The mortgage company have satisfied everything except the affordability. They keep asking if we can afford it. We have cash left from the move to pay off credit cards. I've done a budget based on the new mortgage etc and we will still have over 2. 3k spare each month! My mortgage broker thinks it's crazy that they are questioning it, although we did have adverse credit about 5yrs ago. The new mortgage is only 300 a month more than we currently pay. Anyone got any ideas how we can persuade them? 

Who is this with?

ddonq1412

can you not try and pay off some of the credit debt now so it looks better.

amnblog

It's the Broker's job to sort this.

jamielutz1987

amnblog said:

It's the Broker's job to sort this.

Exactly. He/she should have done these checks prior to recommending and applying for a product and should be guiding you on how to get past this (assuming that they placed you with the right lender for your circumstances!)

Confused789

It's with pepper. Broker said we sailed through their affordability test which is why it's so frustrating. 

jamielutz1987

If I'm not wrong, Pepper specialises in non-standard cases and does fully manual underwriting, so it isn't unusual that there will be some (or a lot!) to-and-fro during underwriting.

Not sure what the broker means by "affordability test"? If he means the affordability calculator, that is only to be taken as a guide and only as good as the information fed to it.

Good luck!

Confused789

jamielutz1987 said:

If I'm not wrong, Pepper specialises in non-standard cases and does fully manual underwriting, so it isn't unusual that there will be some (or a lot!) to-and-fro during underwriting.

Not sure what the broker means by "affordability test"? If he means the affordability calculator, that is only to be taken as a guide and only as good as the information fed to it.

Good luck!

Yes they are. I'm sick of it all now! Had mortgage agreed pre lockdown which got pulled. I'm past caring now!!