Yorkshire bank mortgage

mas500

Hi everyone,

Forgive me for any stupid questions, I've never posted on here before.

We sold our house recently and have moved in with parents- we decided to pay off any debt we had with the equity from our house sale (a virgin money loan for a car and 2 credit card balances) so we are now debt free  and have since had an offer accepted on a property we love for £171,450.

 In terms of affordability, after our outgoings including absolutely everything; Household bills, mortgage (overestimating at 1k per month) , fuel, food, hobbies, savings, insurances, subscriptions, car maintenence costs etc  we would have around £700-800 completely disposable income per month.

 We have a 10% deposit from our equity of £17,145, and also have £5,000 in savings, as well as around £2,500 to cover buying fees / surveys etc. 

 We both work full time, I earn £30,900 and my wife earns £29,500, we have 2 children.

We both have credit scores of excellent on experian, in terms of our credit history we have no missed payments, no late payments etc.

 Our previous mortgage was with Yorkshire bank, ar around £550 per month, which was cleared when we sold our house in February, we paid a £3k early repayment fee  but have been told that if we complete another mortgage with them within 6 months we will get this back   minus a £499 'porting' charge.

 We have lived to our means a little when in our old house, but always paid everything on time with no issues.

 We had an agreement in principle approved online a few weeks ago, we've uploaded our payslips etc as requested and had our first telephone appointment with YB yesterday, she ran credit checks etc, discussed some affordability stuff and called us back to say it all looked OK and she'd booked us another appointment with a mortgage and protection advisor on Monday to discuss affordability and products. We have been sent a monthly outgoings sheet to complete which has been done and uploaded. 

We received a text today to say that a valuation has been booked on the property we'd like to buy, I'm not sure why that has come before the full mortgage appointment on Monday, is that a good sign? 

 I apologise if this has been asked loads of times, I'm just looking for some reassurance really, I'm not good with this sort of thing and I'm worried sick, for some reason, we won't get our mortgage for our new house - I really can't put my finger on why I am so worried as on paper I think it looks fine, if anyone has any similar experiences, YB timelines or any words of encouragement for me, it would be greatly appreciated.

 As we are porting our old mortgage, even though this gas been paid off, does this change the process at all with YB, Given we have a history with our mortgage with the same bank etc and we also bank with Virgin money (previously with YB until they switched us over)

Thanks in advance for anyone's help or advice!

Nailer99

I wouldn't worry. Yours sounds like a straight-forward case. 

The Monday meeting sounds more like the meeting where they try to sell you life insurance than anything major. These days the affordability checks they do are light touch and if you've already passed the agreement in principle (where presumably you already told them about your finances) I can't see much that can go wrong.

The fact that they've booked the valuation is a good sign, as that costs them money.

mas500

Nailer99 said:

I wouldn't worry. Yours sounds like a straight-forward case. 

The Monday meeting sounds more like the meeting where they try to sell you life insurance than anything major. These days the affordability checks they do are light touch and if you've already passed the agreement in principle (where presumably you already told them about your finances) I can't see much that can go wrong.

The fact that they've booked the valuation is a good sign, as that costs them money.

Thanks a lot for this. Yes we went through our salaries / pay / expenses etc in the appointment the other day, she also ended the call whilst she checked our credit file and called us back to discuss what we had paid off which weren't showing as cleared on our credit file, but just asked us to upload evidence that we have paid the  which we have since uploaded.

Heard from the buyers today that a surveyor has been in touch to arrange going to the property. Hopefully all good signs 🙏 

mas500

mas500 said:

Nailer99 said:

I wouldn't worry. Yours sounds like a straight-forward case. 

The Monday meeting sounds more like the meeting where they try to sell you life insurance than anything major. These days the affordability checks they do are light touch and if you've already passed the agreement in principle (where presumably you already told them about your finances) I can't see much that can go wrong.

The fact that they've booked the valuation is a good sign, as that costs them money.

Thanks a lot for this. Yes we went through our salaries / pay / expenses etc in the appointment the other day, she also ended the call whilst she checked our credit file and called us back to discuss what we had paid off which weren't showing as cleared on our credit file, but just asked us to upload evidence that we have paid the  which we have since uploaded.

Heard from the buyers today that a surveyor has been in touch to arrange going to the property. Hopefully all good signs 🙏 

Sorry, heard from the sellers I meant.