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Mortgage in Principle approved but worried about not getting mortgage approved

sinkquick
sinkquick Posts: 13 Forumite
Ninth Anniversary First Post Combo Breaker
in House buying, renting & selling
Hi all,

I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

I'm on a good wage and the property I'm interested in is 2.4 my current salary.

I'm just wondering if you think I have a good chance of getting the mortgage approved.

Thanks all!

Comments

  • WellKnownSid
    WellKnownSid Posts: 2,225 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    sinkquick said:
    Hi all,

    I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

    I'm on a good wage and the property I'm interested in is 2.4 my current salary.
    History of debt... never missed a payment... good wage... asking for 2.4x salary

    These all sound like good things when it comes to a mortgage.
  • sinkquick
    sinkquick Posts: 13 Forumite
    Ninth Anniversary First Post Combo Breaker
    WellKnownSid said:
    sinkquick said:
    Hi all,

    I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

    I'm on a good wage and the property I'm interested in is 2.4 my current salary.
    History of debt... never missed a payment... good wage... asking for 2.4x salary

    These all sound like good things when it comes to a mortgage.

    Thanks for the reply. So you feel a history of debt isn't necessarily a negative?
  • WellKnownSid
    WellKnownSid Posts: 2,225 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    sinkquick said:
    WellKnownSid said:
    sinkquick said:
    Hi all,

    I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

    I'm on a good wage and the property I'm interested in is 2.4 my current salary.
    History of debt... never missed a payment... good wage... asking for 2.4x salary

    These all sound like good things when it comes to a mortgage.

    Thanks for the reply. So you feel a history of debt isn't necessarily a negative?
    Ask on the mortgages and endowments board - a history of servicing debt is generally a good thing, obviously the devil is in the detail, e.g. payday loans negative and any current debt will impact what they are prepared to lend.
  • sinkquick
    sinkquick Posts: 13 Forumite
    Ninth Anniversary First Post Combo Breaker
    WellKnownSid said:
    sinkquick said:
    WellKnownSid said:
    sinkquick said:
    Hi all,

    I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

    I'm on a good wage and the property I'm interested in is 2.4 my current salary.
    History of debt... never missed a payment... good wage... asking for 2.4x salary

    These all sound like good things when it comes to a mortgage.

    Thanks for the reply. So you feel a history of debt isn't necessarily a negative?
    Ask on the mortgages and endowments board - a history of servicing debt is generally a good thing, obviously the devil is in the detail, e.g. payday loans negative and any current debt will impact what they are prepared to lend.

    Much appreciated, thank you. Still finding my bearings around the forum and what category is best.

    All the best!
  • Schwarzwald
    Schwarzwald Posts: 644 Forumite
    500 Posts Third Anniversary Name Dropper
    sinkquick said:
    WellKnownSid said:
    sinkquick said:
    Hi all,

    I've had my mortgage in principle approved but have a history of debt. Loans over £20,000 and the like. I've never missed a payment but have never been the best at saving.

    I'm on a good wage and the property I'm interested in is 2.4 my current salary.
    History of debt... never missed a payment... good wage... asking for 2.4x salary

    These all sound like good things when it comes to a mortgage.

    Thanks for the reply. So you feel a history of debt isn't necessarily a negative?
    History of REPAYING debt, is good.
    arguably even better than no history of debt at all.
    History of MISSING DEBT PAYMENTS, is definitely bad.

    it's a bit like "successful" business man.
    some have a history of having money.
    some have a history of making money.
    crucial difference.


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