Mortgage declined after offer accepted

Comms69

Wolfe_Moon said:

Good point! I know nothing is guaranteed but we're both in a very secure employment position. 

Fair enough but most pilots thought the same thing 12 months ago

Wolfe_Moon

The default has now been removed so hopefully things will move smoothly from here. 

iwb100

Comms69 said:

Wolfe_Moon said:

Thanks everyone. Yes, it does seem very harsh to decline over something so minor and so long ago. Mortgages have really tightened up recently and we're limited to ones offering 90% now, a lot are only offering 85% since Covid19. 

The offer was only made and accepted this BH weekend, so it's early days yet. Our first house purchase, hence the panic. We've only just scraped together 10% deposit and at our borrowing limit, so fingers crossed! Oh, and no we didn't get a mortgage in principle as our advisor said it's not necessary as criteria changes with each property 🤷‍♀️

Is it sensible to be borrowing the maximum amount you can at times of mass unemployment? 

Depends on your circumstances doesn’t it? Low rates. If you are for example a teacher or a doctor or a nurse it’s the best time. Loads of people won’t be under any greater risk of redundancy than at any other time.