Waiting for mortgage decision...

Happy_McOutsource

Hi all.
This forum has been really helpful over the many years I’ve been snooping around, so I
had the urge to post this evening
again.

Made an application for a mortgage for a sole mortgage recently, and for some reason I’m super nervous.  I’m a FTB, deposit 10%, offer made and agreed of £215,000.

No adverse credit, Experian shows “Good”, equifax shows “excellent”.
I have a few debts outstanding that are in good standing and that my mortgage broker says aren’t an issue, I owe £7,700 with a utilisation of around 45% I think. I don’t have any car finance or anything like that, it’s 3 credit cards and an Argos card, I’ve stipulated that the Argos card and one credit card will be paid off before the mortgage is paid out; ~£1,200.

 I bring home £50k pa with a bonus of 15% for the last three years.

Is there anything for me to worry about? The broker hasn’t gone mainstream as he got a good deal with a building society.

Happy_McOutsource

Sorry forgot to add, I sometimes check what I’m eligible for on MSE checkers, and for example, for a balance transfer card it comes back to say I’m eligible ls for a Fluid card (extorniate), but everyone else is 0%? Never known why this is, occasionally it’ll show me an MBNA but never a mainstream.

Irishpearce26

Everything you've told us says nothing to worry about but what about outgoings? The affordability is usually the killer. Who have you applied with?

Happy_McOutsource

Outgoings; no rent to pay, no car, pay out for cards around £300pm (I pay over minimum). Then general living, around £300pm on food shopping, £30pm on takeaways/coffees, then it’s just bits and bobs from Amazon maybe, no other large expenditures.

I currently live with my father after my mum passed away and he won’t Take any rent/Bills help whilst I looked for a house and got my savings in order

Happy_McOutsource

Trigger happy again sorry!

Loughborough BS is who I’ve applied with.

Irishpearce26

Sounds like you will have no bother and get a good rate. Have they said how long their process takes? Usually around 10-14 days.

Happy_McOutsource

Irishpearce26 said:

Sounds like you will have no bother and get a good rate. Have they said how long their process takes? Usually around 10-14 days.

They haven’t Irish no, but I was told the same as you’ve advised, around 2 weeks.

Thanks for that, I’m a FTB so I’m all new to this!

Happy_McOutsource

Evening all

I am just pulling together my proof of deposit for my application to Loughborough BS, my broker states they need to see incremental savings showing the deposit. 

Now I’ve just realised I can only go back 18 months online but this shows my balance moving from ~£9k to ~£20k (I’ll have £4K paid in next week from settlement of a CRAs, plus £1250 from monies owed by a family member) which is essentially my buffer for when I (if??) complete on a property, and of course my general income until then (clear ~£3k pm).

Will this suffice as proof of funds?

Slithery

Happy_McOutsource said:

Will this suffice as proof of funds?

Only your solicitor can answer that, there are no standard requirements.

Happy_McOutsource

Slithery said:

Happy_McOutsource said:

Will this suffice as proof of funds?

Only your solicitor can answer that, there are no standard requirements.

Ah really? Ok thanks for that, I assumed there was a set standard