Nervous... help!

Dfazx

Hello,

I have a DIP with Accord and about to submit a full application and I am so nervous about it.

A bit of background, I am currently a homeowner and have a lot of unsecured debt between loans and credit cards that racked up whilst I was in a previous relationship and I had a missed payment back in September however I have around 58k equity in my current home so will be using this to clear my debt to £0. A lot of the debt was used for home improvements however I was also a bit of an idiot with money. I am looking to put down 10% deposit when I move in with my partner who is debt free and has no issues on his credit report - so joint mortgage application. 

The original DIP was for 180k but we are only looking to borrow 140k. 

I was wondering if anyone has been in a similar position. How did it go? What questions is the underwriter likely to come back with?  

K_S

@dfazx I wouldn't stress too much. Accord is really good for the situation described in your post and as you're using a broker and it's got past the DIP stage, I wouldn't worry too much.

Typically, they may ask for the reason for the accumulation of debt (to confirm that it's a one-off due to a life event for example) and the reason for any recent missed payments showing on your Equifax report. I would imagine the broker already has the required information to respond to those queries if they arise.

Dfazx

Good news so far! We originally got offered a cascade product and with our new DIP (old one expired) it is offering us their standard product range. Do they tend to ask as many questions or scrutinise as much with the standard product?

Dfazx

K_S said:

@dfazx I wouldn't stress too much. Accord is really good for the situation described in your post and as you're using a broker and it's got past the DIP stage, I wouldn't worry too much.

Typically, they may ask for the reason for the accumulation of debt (to confirm that it's a one-off due to a life event for example) and the reason for any recent missed payments showing on your Equifax report. I would imagine the broker already has the required information to respond to those queries if they arise.

Ok so full application is moving along. Documents have came back as satisfactory. No questions were asked. Broker has advised that valuation report just to come back then I should get an offer. I'm in scotland so the valuation was already done by an approved surveyor from accord. Can I breathe now or is it still likely that final underwriting will come back with questions? Thanks!