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mortgage worries
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SJS5
Posts: 16 Forumite
Hi.
Im looking for some sound advice before my daughter drives herself mad with worry
Her and her fiance put an offer in on a house which was accepted.
They had a mortgage in principal .
and mortgage payment monthly is within their budget.
Their mortgage advisor has now stated that the fact that her partner had one months pay slip with no overtime on it has 'buggered it up.' and the mortgage in principal is no longer accurate.
She has written that she has still managed to find them a deal though with HSBC.
The deal is an intermediary mortgage offer.
My daughter is very concerned that if they apply for this they will get rejected which will then show up on their credit history.
Her partners job involves regular working at weekends. It just so happens that May was a rare month.
His P60 has details of overtime
( £1600 )
She is now considering pulling out due to the possible risks involved
My questions are.
what is an intermediary mortgage ?
Is the fact that the broker has found a deal mean it is a viable option despite the overtime issue.
Is the fact there was less overtime on his May pay slip likely to scupper any other mortgage application ?
she has had no success in contacting the mortgage broker for last 2 days and is worried that asolicitor will now be getting involved and she will end up paying for searches and then mortgage will be rejected.
many thanks for advice
Im looking for some sound advice before my daughter drives herself mad with worry
Her and her fiance put an offer in on a house which was accepted.
They had a mortgage in principal .
and mortgage payment monthly is within their budget.
Their mortgage advisor has now stated that the fact that her partner had one months pay slip with no overtime on it has 'buggered it up.' and the mortgage in principal is no longer accurate.
She has written that she has still managed to find them a deal though with HSBC.
The deal is an intermediary mortgage offer.
My daughter is very concerned that if they apply for this they will get rejected which will then show up on their credit history.
Her partners job involves regular working at weekends. It just so happens that May was a rare month.
His P60 has details of overtime
( £1600 )
She is now considering pulling out due to the possible risks involved
My questions are.
what is an intermediary mortgage ?
Is the fact that the broker has found a deal mean it is a viable option despite the overtime issue.
Is the fact there was less overtime on his May pay slip likely to scupper any other mortgage application ?
she has had no success in contacting the mortgage broker for last 2 days and is worried that asolicitor will now be getting involved and she will end up paying for searches and then mortgage will be rejected.
many thanks for advice
0
Comments
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@sjs5 Quick thoughts -1. Unless the broker is charging a large fee upfront or on application, there is nothing for them to gain by suggesting a product that doesn't stand a reasonable chance of success.2. If they do charge a large free upfront, then try find another broker who only charges on receipt of mortgage offer, that way the broker is also invested in getting the case to offer.3. To avoid sunks costs - instruct the solicitors to not spend any money till a mortgage offer is received, if you have a choice go for a mortgage product that charged no valuation fee.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
0 -
K_S
Thanks for that advice
The broker is not charging any fee.0
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