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Original poster

Any mortgage advisors out there - please put my mind at rest so I can enjoy rest of my holiday.

7 replies

fruitandbarley · 16/08/2023 16:11

Just sold our house and has offer accepted on one we really wanted, all whilst on holiday!
I have AIP ( borrowing way less than I could), and mortgage application appointment for day after we get home.
They want 3 months bank statements, which is fine, but after paying all my bills I do tend to have spent the rest bar maybe £100 by payday.

I do have savings and we're not struggling ( no debts or credit cards) but I'm wondering if the fact my current account does drop down towards payday will count against me?
Writing this now I'm wondering if I'm over thinking and it's a bit ridiculous, but we've been hoping to get this house for months now, and now we have I'm worried something will go wrong.
I'm sat on holiday and can't stop thinking about it.
Help please!!

OP posts:
xnalaks · 16/08/2023 16:16

fruitandbarley · 16/08/2023 16:11

Just sold our house and has offer accepted on one we really wanted, all whilst on holiday!
I have AIP ( borrowing way less than I could), and mortgage application appointment for day after we get home.
They want 3 months bank statements, which is fine, but after paying all my bills I do tend to have spent the rest bar maybe £100 by payday.

I do have savings and we're not struggling ( no debts or credit cards) but I'm wondering if the fact my current account does drop down towards payday will count against me?
Writing this now I'm wondering if I'm over thinking and it's a bit ridiculous, but we've been hoping to get this house for months now, and now we have I'm worried something will go wrong.
I'm sat on holiday and can't stop thinking about it.
Help please!!

Your overthinking, nothing shocking in spending the money you earn.

Whataretheodds · 16/08/2023 16:16

Everyone's current account drops between paydays, surely?

Do you have £100 left after essentials, commitments (childcare, school fees, loan repayments), discretionary and regular savings?

They will look at affordability of repayments and at current interest rates that's more likely to be the limiting factor for people than salary x 4 or whatever.

You can't do anything about the numbers now, so enjoy your holiday and talk it through with the mortgage advisor in your appointment. Worth speaking to a broker too.

Fallulah · 16/08/2023 16:18

I too had this worry - the mortgage advisor said they’re looking to check you’re not livi mg in your overdraft and don’t have numerous payments for things like gambling or regular payments you haven’t mentioned. Mortgage application went through fine.

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Original poster
fruitandbarley · 16/08/2023 16:19

Sorry, just to add, I'd be paying £400 a month more in payments, which we currently spend on other non essentials, stuff were just going to stop doing which will be the case anyway due to moving rurally. We always put mortgage and bills first then spend what's left.

But will this go against me?

OP posts:
Original poster
fruitandbarley · 16/08/2023 16:21

Fallulah · 16/08/2023 16:18

I too had this worry - the mortgage advisor said they’re looking to check you’re not livi mg in your overdraft and don’t have numerous payments for things like gambling or regular payments you haven’t mentioned. Mortgage application went through fine.

Thank you

OP posts:
Whataretheodds · 16/08/2023 16:28

Have you worked out the numbers for how you'll afford the extra £400? Much more powerful than just saying to the adviser 'we'll cut down when we move'

Original poster
fruitandbarley · 16/08/2023 17:19

Whataretheodds · 16/08/2023 16:28

Have you worked out the numbers for how you'll afford the extra £400? Much more powerful than just saying to the adviser 'we'll cut down when we move'

Yes, we're doing the mortgage just in my name as husband has a ccj from 5 years ago, he's an electrician and his wage easily covers the extra, but they I don't believe can take that into account.

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