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Reassure me re mortgage if you can!!

(16 Posts)
HappyGirlNow Mon 22-Oct-12 14:26:35

We've had a mortgage in principle agreed and we've now put an offer in on house which has been accepted and IFA has submitted the full mortgage application.

We've taken months to get to this point (couldn't get mortgage as self-employed/no credit history as just returned from abroad a couple of years ago) so I'm desperate for it all to go through ok..

As far as I can tell, the main reasons for it to fail after mortgage in principle agreed is
1. Paperwork doesn't tie in with application (it does!) or
2. House is valued at less than off or has problems (this will definitely be fine) or
3.mortgage provider changes their criteria (we've acted quickly to reduce this risk)

Only thing I think may happen is that they reduce affordability but we can go a few thousand more on deposit so that should be ok.

We should hear later this week. But does this all sound ok? You just hear so many horror stories and I just want it all to go through then I can relax and get excited!

lalalonglegs Mon 22-Oct-12 14:43:15

It sounds as if you have done everything right - a decent broker won't generally go through the faff of doing the paperwork unless s/he is pretty certain you'll get the mortgage. Good luck.

HappyGirlNow Mon 22-Oct-12 14:47:14

Thanks lala - they do security checks for mortgage in principle (we got turned down for three earlier in year) so they're not easy to get. On that basis I think we should be ok now we've got to this stage. I'm just worried it all goes tits up! Desperate for this house..

KatoPotato Tue 23-Oct-12 15:15:40

Joining you HappyGirl as this is an identical situation to me!

Offer accepted on Friday, Mortgage application being submitted (by broker) to Nat West as we speak...

I've no reason to be terrified really, but I just am!!!

HappyGirlNow Tue 23-Oct-12 15:22:32

Hi Kato! grin am glad you're here! Hopefully just paranoid but I'm worried - we've waited so long to get to this stage.. IFA says we should hear re affordability by end of this week then they'll go into valuation.. Fingers crossed all ok for us!! grin

KatoPotato Tue 23-Oct-12 19:04:09

Fingers crossed and holding hands!

HappyGirlNow Tue 23-Oct-12 20:12:41

Def holding hands grin

KatoPotato Tue 23-Oct-12 20:51:04

We are also in a self-employed situ, and just constantly worried! Spending too much time on Martin Lewis forum reading about other people's declines!

HappyGirlNow Tue 23-Oct-12 21:58:21

Oh god, so have I been! [Blush] Google is my enemy! It's like I love torturing myself!

Hey ho. I know from previous experience that getting the mortgage in principle itself is more than just a formality. And everything seems fine.. So... Lets relax... And think positive grin

KatoPotato Tue 23-Oct-12 22:27:45

Yes, let's concentrate on the nice stuff... Have you seen houzz.com yet? Get an idea book going!

HappyGirlNow Tue 23-Oct-12 22:36:21

Oh my goodness - are you my twin??? grin
I've been spending half my life on Houzz.com - compiling my ideabook! We're planning on extending next year too so been drawing (scribbling) plans for that..
Are you letting yourself get excited at all? I'm trying to! Should hear this week re affordability - I think if that goes ok we should be home and dry. Can't see house itself being an issue.. When do you,expect to hear back?

maggiethecat Wed 24-Oct-12 12:33:18

Keep your chin up! we were in same position recently and there were issues after d.i.p. But then dh's salary has various components to it and lender needed to get its head around all that.

In the end it turned out fine but it was hair raising.

angelinterceptor Wed 24-Oct-12 13:45:45

which mortgages are you getting,
I am in similar situation and got turned down before on affordability, which is annoying since my rent for the past 2 years has been higher than the mortgage would be!

HappyGirlNow Wed 24-Oct-12 14:11:15

Hi maggie grin I'm glad it all worked out in the end! Everything is straightforward with us I think it will be ok! I hope so!

HappyGirlNow Wed 24-Oct-12 14:14:00

Hi angel, not sure what you mean? It's a 84.9% mortgage with NatWest. Did you get turned down at the Mortgage in Principle stage or did you get Mortgage in Principle agreed and submitted a full application then get that turned down?

HappyGirlNow Wed 31-Oct-12 10:45:32

kato have you heard anything yet??

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