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Nervous about mortgage application
MadSebW
Posts: 34 Forumite
Hi, this is my first time posting, so hope it's in the correct place.
My husband and I have been trying for the last 2 years to get settled in our own home and last month found the perfect 3 bed through shared ownership.
The mortgage required at 50% share was 70k.. We were accepted in principle by one lender, but decided the repayments were to high so went to the housing association for a lower share of 44%. We managed to get a mortgage accepted through leads on principle for the 62k and then had to wait for an interview with the housing assosication before going ahead.
They instantly approved us and we have paid our reserve fee.
Our official application is being sent on Tuesday and i've been reassured that it will all be ok providing the correct information was given etc.
We don't have the best credit score so even though they did the credit check and we passed, i'm still convinced that it won't be good enough on the official application.
I'm also scared with the way things are with lenders not lending much right now and convinced that Leeds are going to stop lending for shared ownership before the applcation is processed.
Our mortgage advisor has told me to relax but i'm just a nervous wreck right now. What reasons could possibly stop this from being ok?
Thank you for reading
My husband and I have been trying for the last 2 years to get settled in our own home and last month found the perfect 3 bed through shared ownership.
The mortgage required at 50% share was 70k.. We were accepted in principle by one lender, but decided the repayments were to high so went to the housing association for a lower share of 44%. We managed to get a mortgage accepted through leads on principle for the 62k and then had to wait for an interview with the housing assosication before going ahead.
They instantly approved us and we have paid our reserve fee.
Our official application is being sent on Tuesday and i've been reassured that it will all be ok providing the correct information was given etc.
We don't have the best credit score so even though they did the credit check and we passed, i'm still convinced that it won't be good enough on the official application.
I'm also scared with the way things are with lenders not lending much right now and convinced that Leeds are going to stop lending for shared ownership before the applcation is processed.
Our mortgage advisor has told me to relax but i'm just a nervous wreck right now. What reasons could possibly stop this from being ok?
Thank you for reading
0
Comments
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Do you have a deposit?poppy100
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We have a good credit score, and we're nervous about ours. Hang in there, it sounds like you've done all the hard work. Especially if the credit check is already done.Our mortgage advisor has told me to relax but i'm just a nervous wreck right now. What reasons could possibly stop this from being ok?
The whole process weighs heavy on your mind (or at least it does with us!), and it all seems to take so loooong. Hang on in there, I'm sure you'll be fine.
A good piece of advice for anybody though, is try not to get too excited yet - you're not there until you have the keys...Andy
The older I get, the better I was...0 -
I was convinced that I wouldn't be accepted for my first mortgage.
I'm sure everything will be fine
Everything that is supposed to be in heaven is already here on earth.
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