Worried FTB
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ConcernedFTB
Posts: 2 Newbie
Hello all,
I'm a FTB looking to purchase a property at £165000,
We've viewed the property a few times, weighed up the numbers, did an offer, first did not get accepted. (I got an AIP via their mortgage advisor). Viewed some of the properties next to it, as they are 5 new builds. Decided to up our offer after with an AIP for the higher amount and was accepted.
The AIP was for 145000 with £20000 deposit.
I decided to use the EA's mortgage broker after going over with my manager at work, she advised to do so to take the stress away from me. (I know EA's brokers usually aren't great, but EA themselves have been good so far, hence figured, why not)
Had to provide proof of bonus - provided letter to outline bonus and any information I had relating to it. Was advised as it was not guaranteed it would not count, nontheless, I decided to up my deposit accordingly, said with £23500 I could manage as I could get AIP based on salary of £29841. I called the MA as I had not heard back and she advised she calculated my income at 30681 or something along the line with my latest payslip (this one had raise and backpay of raise, hence higher supposed income), advised this is not correct and my income was £29841
MA advised AIP agreed with Principality for 142000 and deposit of 23000. I am worried she used incorrect income, even though I said I was happy to proceed with application in assumption that income used was £29841.
She has informed me yesterday that Principality booked valuation for 2nd of July.
In addition, I am applying as a sole applicant, because my partner has had some unfortunate issues with his credit and would most likely fail.
On a credit history level myself, I have never missed a payment, have about £480 of outstanding CC Balance, and am able to save a decent chunk of money each month.
As a worrisome person, this feels like torture, and would appreciate some input and feedback. Am I paranoid or should I be okay?
I'm a FTB looking to purchase a property at £165000,
We've viewed the property a few times, weighed up the numbers, did an offer, first did not get accepted. (I got an AIP via their mortgage advisor). Viewed some of the properties next to it, as they are 5 new builds. Decided to up our offer after with an AIP for the higher amount and was accepted.
The AIP was for 145000 with £20000 deposit.
I decided to use the EA's mortgage broker after going over with my manager at work, she advised to do so to take the stress away from me. (I know EA's brokers usually aren't great, but EA themselves have been good so far, hence figured, why not)
Had to provide proof of bonus - provided letter to outline bonus and any information I had relating to it. Was advised as it was not guaranteed it would not count, nontheless, I decided to up my deposit accordingly, said with £23500 I could manage as I could get AIP based on salary of £29841. I called the MA as I had not heard back and she advised she calculated my income at 30681 or something along the line with my latest payslip (this one had raise and backpay of raise, hence higher supposed income), advised this is not correct and my income was £29841
MA advised AIP agreed with Principality for 142000 and deposit of 23000. I am worried she used incorrect income, even though I said I was happy to proceed with application in assumption that income used was £29841.
She has informed me yesterday that Principality booked valuation for 2nd of July.
In addition, I am applying as a sole applicant, because my partner has had some unfortunate issues with his credit and would most likely fail.
On a credit history level myself, I have never missed a payment, have about £480 of outstanding CC Balance, and am able to save a decent chunk of money each month.
As a worrisome person, this feels like torture, and would appreciate some input and feedback. Am I paranoid or should I be okay?
0
Comments
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You have entrusted your situation to the advisor at the estate agency who now has a better understanding of your case than any of us here.
You now need to trust them to do their job.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Is your partner contributing to the deposit?0
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My partner is not contributing no,
We have worked to get his debts paid off last few years, but foolish before he met me I guess.
2 items were not due to his fault.
I am using my own savings for deposit and a gift from my mother.0 -
good luck with the EA broker, generally the advice on here is not to do so due to the service or lack of and the width of market they cover.
Don't think about using their surveying services or conveyancers either, you have been warned"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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