Mortgage passed to an underwriter to see if we can borrow more ?

[Hubbabubba2135]

Been having a few issues with mortage application to cut a long story short

Gave all into to my mortgage advisor last week for her to pass into the underwriter . We have had a few different amount that we can borrow put out to us.

When the mortgage adviser gave us our amount a few weeks ago, it was way below what we needed, but she did say they on her side it was showing we could potentially borrow more, hence why it's been passed to underwriter

Getting really stressed about it now!! We've accepted an offer on our house but can't go and further till we know how much we can definitely borrow

What are the chances of the underwriter saying we can borrow more ?

The mortage advisor seemed quite positive, we have plenty of disposable income every month, no credit cards, no store cards , no loans, no car finance etc

We've never really had any issues with our mortgages before

Any advise much appreciated if anyone has been throgub something

How much are you being offered, and how much do you want

We are after around £ 29000-30000 and are being offered around £26500, although mortgage in principle gave a much higher result

The mortgage advisor said on her system it said we could potentially borrow upto £295000 (I think) although I'm not really sure what she was referring to but the other day when we were going through everything she gave me all the detail and monthly costs , and all that information as if we were borrowing the £300000 , but then said that is was needed to be passed to the underwriter to confirm that amount?

Finding it much more confusing and stressful than the last time!

Are there some missing zeros in that latest post?
Because if you are being offered £26,500 you aren't going to get a £300,000 mortgage.

Sorry yes I am absolutely missing a zero thank you! 🤣🤦‍♀️ I mean £265000 not £26500 @DoublePeonies @SapphireSlippers

Is there childcare or other expenditures they are taking into consideration? Or by the opposite token, are they not considering annual bonus, child benefits, or other income in the calculation? It might be a more complicated application than the basic computer checks can do without a person looking it over. Hopefully all is well for you.

All mortgages are under written, the simple point is whether they can be automatically approved using rules and robots or if a human person needs a sense check on your risk position.

It will all boil down to your credit history and your affordability. With out this detail, no-one on here can say much different to your advisor. If on paper it should pass through, then probability says it will.

Relax and wait.

@therejustbarely we don't have any child care costs (very fortunate with this) and they have taken child benefits into consideration

First person we used as the mortgage advisor wouldn't even take my work over time into consideration!! Although the recent person we have been using haa very helpful as said they will absolutely take in my over time

@StealthMama thank you for your advise! We are hoping for the best outcome but also trying not to get my hopes up! As far as we are aware we have a very good credit history etc, and can definitely afford the new monthly payments that have been put forward to us