mortgage application

jurgen19

I’m really nervous about my mortgage application that’s coming up fast! Anyone got any ideas what questions I will be asked? I want to be as prepared as I can with answers to any question they ask me

MBJUK

They'll ask you questions about your income and expenditure, how much you're going to borrow, and how much the house is worth. They'll ask to see copies of your bank statements and payslips (most likely) going back a few months (or if you're self-employed, your sole trader/Ltd. company accounts going back a few years).

They'll ask you about current dependents, and whether you expect any new dependents in the future. They'll ask about what age you plan to retire at.
They'll ask you about how long you've been in your job and whether you're still in your probation period.
They'll ask do you want flexibility to make overpayments or are happy just making fixed payments. They'll ask you if you want an interest only mortgage or a repayment one.

You can't prepare for all questions, as you can't see the future - but this should give you a good idea. Don't worry too much, if you don't know the answer you can always get back to them.

jurgen19

Thanks for the reply, we are first time buyers and have never done anything like this and are very nervous about the outcome as we really want to get this over the line as this is our dream house 😩

MBJUK

jurgen19 said:

Thanks for the reply, we are first time buyers and have never done anything like this and are very nervous about the outcome as we really want to get this over the line as this is our dream house 😩

No worries - we're also FTBuyers going through it at the moment. Give it time, the process will take a while and it will be stressful. All I can say is keep reminding yourself that there will always be another house if you need to find one, as otherwise you are going to be putting a lot of pressure on yourself to move things along when they are out of your control. We're constantly chasing the useless broker at L&C, constantly calling the bank for updates (once a day roughly for each), etc. If we didn't we'd have got nowhere so far. Every third party involved in the process will slow you down. Don't let the process stress you out overly - you'll make yourself ill. Far better to remind yourself the world keeps turning no matter what happens.

jurgen19

MBJUK said:

jurgen19 said:

Thanks for the reply, we are first time buyers and have never done anything like this and are very nervous about the outcome as we really want to get this over the line as this is our dream house 😩

No worries - we're also FTBuyers going through it at the moment. Give it time, the process will take a while and it will be stressful. All I can say is keep reminding yourself that there will always be another house if you need to find one, as otherwise you are going to be putting a lot of pressure on yourself to move things along when they are out of your control. We're constantly chasing the useless broker at L&C, constantly calling the bank for updates (once a day roughly for each), etc. If we didn't we'd have got nowhere so far. Every third party involved in the process will slow you down. Don't let the process stress you out overly - you'll make yourself ill. Far better to remind yourself the world keeps turning no matter what happens.

Hope it all works out for you and it’s sooner rather than later 👍🏼