So I am looking for a bit of reassurance here.
We had an agreement in principle with first direct for a mortgage 1.85x our joint salary, 85% LTV. They went through quite a bit of my statements (already have a current account with them) during an hour phone call which they could do as I have been with them for ~3years. Went through my OH details, but they wanted to see 3 month statements, payslip and last P60, to confirm all what I said is true I guess.
So today we have just sent off the formal application form to them and I am worried as hell that for some unknown reason we will be turned down and we will be left to find somewhere else with a now what would be a decline on our credit file.
No adverse credit, never missed a payment. OH 1 credit card with no balance, a mobile phone contract (£10pm). I have 2 credit cards, with £6k on (not my debt ..long story, helped my brother out and he is paying me off, but for mortgage purposes it is my problem) a car loan ~£3k and a mobile phone contract (£15pm). Total debts are about 1-2% of our net annual take-home.
Both FT employed no dependents, not on probation period etc, as safe as most in terms of job security at this moment in time, no foreseeable redundancies coming our ways.
The repayment is <20% our joint monthly take-home. Totaling up all other expenditure, we believe that after everything we are still left with about 50% monthly take-home after living expenses which I feel would compensate any change in rates, however we opted for a 5year fix so crystal ball gazing to whether this would be acceptable in five years is dubious.
The house we are interested in has been valued in a home buyers report about 6 month ago, our offer was accepted of about 5% below that valuation, I was concerned that as they need an uptodate valuation their may be some devaluation, however other sales in the area going at or over the asking price, so no sign of market devaluation. Unlikely that the loan will be rejected on that basis, but who knows.
I am I just being irrational as an FTB and it is just paranoia, or should I be going back to my adviser and arranging something else.
Another thing, how long should I expect to wait for a reply? Anyone have much experience with FD applications and time scales?
I am really nervous about this and I can see a few sleepless nights ahead.
how pathetic am I? oh dear
We had an agreement in principle with first direct for a mortgage 1.85x our joint salary, 85% LTV. They went through quite a bit of my statements (already have a current account with them) during an hour phone call which they could do as I have been with them for ~3years. Went through my OH details, but they wanted to see 3 month statements, payslip and last P60, to confirm all what I said is true I guess.
So today we have just sent off the formal application form to them and I am worried as hell that for some unknown reason we will be turned down and we will be left to find somewhere else with a now what would be a decline on our credit file.
No adverse credit, never missed a payment. OH 1 credit card with no balance, a mobile phone contract (£10pm). I have 2 credit cards, with £6k on (not my debt ..long story, helped my brother out and he is paying me off, but for mortgage purposes it is my problem) a car loan ~£3k and a mobile phone contract (£15pm). Total debts are about 1-2% of our net annual take-home.
Both FT employed no dependents, not on probation period etc, as safe as most in terms of job security at this moment in time, no foreseeable redundancies coming our ways.
The repayment is <20% our joint monthly take-home. Totaling up all other expenditure, we believe that after everything we are still left with about 50% monthly take-home after living expenses which I feel would compensate any change in rates, however we opted for a 5year fix so crystal ball gazing to whether this would be acceptable in five years is dubious.
The house we are interested in has been valued in a home buyers report about 6 month ago, our offer was accepted of about 5% below that valuation, I was concerned that as they need an uptodate valuation their may be some devaluation, however other sales in the area going at or over the asking price, so no sign of market devaluation. Unlikely that the loan will be rejected on that basis, but who knows.
I am I just being irrational as an FTB and it is just paranoia, or should I be going back to my adviser and arranging something else.
Another thing, how long should I expect to wait for a reply? Anyone have much experience with FD applications and time scales?
I am really nervous about this and I can see a few sleepless nights ahead.
how pathetic am I? oh dear