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Affordability
Confused789
Posts: 54 Forumite
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?
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Who is this with?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?0 -
can you not try and pay off some of the credit debt now so it looks better.0
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It's the Broker's job to sort this.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
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!)amnblog said:It's the Broker's job to sort this.0 -
It's with pepper. Broker said we sailed through their affordability test which is why it's so frustrating.0
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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!0 -
Yes they are. I'm sick of it all now! Had mortgage agreed pre lockdown which got pulled. I'm past caring now!!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!0
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