Mortgage Broker Has Me Worried

Jones80 · 9 October 2016 at 6:33PM

Hi,

I'll try keep this basic...

My mortgage broker has sourced a mortgage and after some confusions around being able to use my partners wage towards it (we cant apparently), the lender has said they will very probably lend me 162k.

I need 161k. Aside from this being freakishly close, I am now very worried.

In my opinion this is too close and one slight thing, will mean I am rejected.

But the mortgage broker is telling me it will be fine and to stop worrying :huh:

I have said I can scrape a bit more and add another 4k on top of the 32k deposit. He said this will not be needed.... don't worry about it all.

Am I missing something here, or is the broker missing my point of 162 is way too close to the 161 I need, and seems a huge risk??

Thanks for any advice, i'm currently pulling my hair out.

muhandis · 9 October 2016 at 6:44PM

The amount that lenders are willing to lend is adjusted downwards based on some of the following -

1. Outstanding credit card debt.
2. Outgoings that service other kinds of debt - car loans, personal loans, etc
3. Dependants
4. This isn't an exhaustive list, but you get the idea.

So assuming that the broker is half decent and has considered all the details pertaining to your current financial situation accurately while calculating affordability and sourcing the mortgage, you *should* be fine.

Jones80 wrote: »

Hi,

I'll try keep this basic...

My mortgage broker has sourced a mortgage and after some confusions around being able to use my partners wage towards it (we cant apparently), the lender has said they will very probably lend me 162k.

I need 161k. Aside from this being freakishly close, I am now very worried.

In my opinion this is too close and one slight thing, will mean I am rejected.

But the mortgage broker is telling me it will be fine and to stop worrying :huh:

I have said I can scrape a bit more and add another 4k on top of the 32k deposit. He said this will not be needed.... don't worry about it all.

Am I missing something here, or is the broker missing my point of 162 is way too close to the 161 I need, and seems a huge risk??

Thanks for any advice, i'm currently pulling my hair out.

ACG · 9 October 2016 at 6:59PM

It is very rare that a loan would get reduced assuming everything has been covered off and declared correctly.

It is close but I have 2 enquiries to research tomorrow where the clients want me to find the maximums they can get. I am like you, I do not like doing things so close to the knuckle but sometimes it is needed. Stop worrying, trust your broker and crack on. If it comes back lower than expected after underwriting, you are in the same position as not applying in the first place.

Jones80 · 9 October 2016 at 7:18PM

Thanks for the replies.

If if goes though full application and fails. Will this then mean I cannot really apply elsewhere straight after? (due to check on credit report).

ACG · 9 October 2016 at 7:29PM

It depends on the finer details but one application declined should not be a deal breaker for a future application.

copperjar · 9 October 2016 at 9:21PM

Surely they wouldn't reject you outright but might offer you a bit less (if something came up) and then you could just put the extra £4K towards it then. So long as offer wasn't more than £5k less than you've asked for of course!

Mortgage Broker Has Me Worried

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